Huge delay CHAPS from Santander

Armorica

jonesMUFCforever wrote: »

Sort codes are not checked with bank addresses for CHAPS payments.
The names are checked so was there a problem there?

Sort-codes are used to route payments, including CHAPS to banks. BIC codes are common for international payments, but a domestic payment would tend to use sort-codes.

Names/branch addresses are not used to route payments for the major banks.

Names (but not branch addresses) do matter for anti-money laundering/sanctions checks. This does not take over a week.

Banks have to make payments by 5pm the following day or they are in breach of the Payment Services Directive. I'd maintain that the payment wasn't actually sent (where you shown a confirmation or the page where it is input) until you went to the office.

No_Santander

Santander admitting to you they were checking it, ask for interest!

did you ask for interested for the delayed period? Santander did admit they help your money at compliance department right? You deserve that.

I will go to FOS with solicitor if they refused to pay as it is unwanted delay.

In my case, they simply said two stories. While they told my bank that payment is with compliance department, payee was told there was not money from my bank. Still, up now, it does not add up.

My concern is that, if they are doing this on quite a few transactions now, it is potentially free money for Santander to use, when they release your money, they just make sure they "check" someone else's. So they would be "borrowing" money from people at zero interest all the time.

Given I work in financial industry as well, I can tell you that means they make money on it. Remember there is something called LIBOR also another market you might not heard SONIA (Sterling Over Night Index Average).

Money to completely property purchase.

you got it, I was transferring money to Mr. X for initial exchange on the same day. It got delayed!