£25 to make same day payment online to family member. Do all banks charge this?

littlerock

My son has recently moved house and I wanted to transfer some money into his current account to help with the ongoing expenses of the move. To do this online from my current bank account (Barclays) will cost £25 for a same day payment. Otherwise it will take 24 hours. Do all other banks do this as well?

Herbalus

They've given you the cost of a CHAPS payment, which is guaranteed to be there the same working day. You don't need this type of payment for what you're thinking.

You want what they call a 'Faster Payment'. This is guaranteed to be in the receivers account by the end of the second working day, but in practice is much quicker.

You may experience some delay with this payment if it's the first time you're transferring money to him, or if it's a large amount, as the bank will likely check the transaction to see if it's fraudulent in such cases, but they have to have sent the money by end of second working day. From what you've said, that'll be fine.

All banks offer the same services, CHAPS and Faster Payments, and they all work in the same way.

redux

Faster Payments is free, and most banks offer it now, but this sounds like it might be CHAPS.

I just found this http://ask.barclays.co.uk/help/day2day_banking/bacs_and_chaps

Maybe it's worth asking them about this, and maybe about maximums for each method.

littlerock

This is what it says on the Barclays website.

"Payments to non-Barclays accounts: Where possible, payments to other bank accounts should arrive in 2 hours. However, some payments may not arrive until the end of the following working day. "

When I made the payment I got an automated message saying "Your payment has been delayed to carry out some security checks"..."may not arrive until the end of the following day." I assume this was because he has a different surname and bank from me.

grumbler

This was because it was a big amount (I guess) and, possibly, a new payee.

littlerock

Well I got a confirmation text within the next half hour which I replied to, then got a response saying payment would be made within the next working day. I do appreciate the need for security just that Lloyds (OH) does not seem to do any security checks on him and he has had his card details cloned at least twice. Today he paid a similar amount to me on line to a new business contact and it went through within 2 hours unchallenged. I wish I knew why Barclays Fraud team seem to have a marker on my account, even my personal banker is mystified. Clean as a whistle but stopped on every possible occasion.

Last month they told me I kept getting stopped when I used on Verified by visa to pay on line because I did not use it often enough (use at least once within every 30 days - automatic barclaycard and amazon payments not counting - or change your password.) So first time I used it last month I changed password first and it went through direct. And in fact I used it twice in three days . Seemed to good to be true. Second time, I got stopped and asked not for my VbVpassword, but to confirm a secondary list of personal details before I could proceed. OH who routinely pays out to people not paid before on his Lloyds account, has never been stopped once to verify who he is in however many years he has been a customer.

colsten

Security that behaves always 100% the same is a lot easier to hack than random checks. Just because your OH never got noticeably checked doesn't mean Lloyds don't do the type of checks Barclays does. The committed delivery time for Faster Payments has always been "by the end of the next working day, subject to satisfactory security checks", although the vast number of transactions completes almost instantly.

pinkdalek

You wanted same day payment?

The only guaranteed method is CHAPS, you would normally pay for that service. £25 fee is an average cost charged by a bank.

Faster Payments is an alternative, but most banks have daily limits, and it is not guaranteed to reach the recipient on the same day.

benjus

So you have the choice between paying £25 for a payment that's guaranteed to go through on the same day, or paying nothing for a payment that may be almost instant but could take until the next working day.

I've recently opened a Barclays account and have already had a couple of transfers stopped for security checks, something which I don't think ever happened with my other banks. Different banks just do things differently.

paragon909

Under FSA rules all personal bank accounts must receive funds within 24 hours of sending them.

To make a chaps payment from a personal account you normally need to call the bank or go into branch, They dont normally give you this option online, not for any bank i've been with anyway.

anoncol

paragon909 wrote: »

Under FSA rules all personal bank accounts must receive funds within 24 hours of sending them.

To make a chaps payment from a personal account you normally need to call the bank or go into branch, They dont normally give you this option online, not for any bank i've been with anyway.

Not technically true. Isn't it by the end of the next working day? If you are talking faster payments.