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Bank has failed to transfer money before completion date
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BACS was very much alive and well when I bought a house 3 years ago. Any transfers done by me to the solicitor would have taken 2-3 days. As a personal customer, FPS only really came into play for most of my transactions in the last year or so when it was widely implemented and limits were raised. Hence CHAPS was used.
Yes, we made a 'bacs' payment (that's what the bank employees called it) about a month ago...0 -
I cannot see how it would be FPS if for an amount to be transferred to a solicitor for the expense of an house0
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BACS was very much alive and well when I bought a house 3 years ago. Any transfers done by me to the solicitor would have taken 2-3 days. As a persnal customer, FPS only really came into play for most of my transactions in the last year or so when it was widely implemented and limits were raised. Hence CHAPS was used.Yes, we made a 'bacs' payment (that's what the bank employees called it) about a month ago...
Yes, 3 years ago BACS was still in place, but it was discontinued from January 2012, apart from the DC process, which is not available to retail customers but perhaps is to the bank transferring its own money.I cannot see how it would be FPS if for an amount to be transferred to a solicitor for the expense of an house
Well we don't know which bank or how much, if it's a house in an inexpensive area and a bank that has a high FPS limit then it's certainly possible, but I agree that it's more likely that the amount will be above the limit. And of course we also don't know, because the OP hasn't bothered to come back, whether it was the full mortgage amount or the deposit. In fact, we are pretty much in the dark and it's probably wasting all of our time without further clarification.0 -
I find it difficult to believe that after 5 years of operation anyone in a bank would still be referring to FPS as BACS. Without knowing which bank it is and how much money is involved we don't know whether it's within the FPS limits so we have no idea whether it's even an option.
And a CHAPS payment wouldn't have arrived on Friday because it appears the OP and/or their solicitor did nothing about the non-arrival until after 5pm, which would be after the CHAPS cut-off time.
Errr..... The OP said that he'd been told it was done in the 'last Bacs run'. Which implies a FPEarly retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
No.Goldiegirl wrote: »Errr..... The OP said that he'd been told it was done in the 'last Bacs run'. Which implies a FP
As stated it is a Bacs payment.0 -
But a Bacs payment doesn't take three days any moreEarly retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
Whatever the means, it sounds like the OP has confirmation from the bank of when the funds were supposed to arrive with the solicitors. If the bank haven't met their agreement, then they're liable for any extra costs the OP incurs as well as some sort of compensation.Never argue with stupid people, they will drag you down to their level and then beat you with experience.- Mark TwainArguing with idiots is like playing chess with a pigeon: no matter how good you are at chess, its just going to knock over the pieces and strut around like its victorious.0
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Goldiegirl wrote: »But a Bacs payment doesn't take three days any more
The ones I use to pay our suppliers do. If I make a BACS payment today they will get the funds on Wednesday.0 -
Where I work, if a Bacs payment is instigated today, before 4pm, it'll get to its destination tomorrowEarly retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
The computer that invents the money out of thin air might be broken.Be happy...;)0
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