Computershare: Outrageous charges for bacs transfer

starving_artist

My mother has a loan note (arising from shareholdings in a company which was taken over). The loan note is now due for repayment and she was given a choice of either a cheque sent first class ordinary mail (it's for a substantial amount and the registrars told her it would not be replaced if lost) or paying £40 for the money to be transferred to her bank account. Does anyone else think this is outrageous??!

steve_IOW

Regarding bank charges, I have always thought Bacs transfers were free!!
The only charges I have paid were when I transferred my Flat purchase lump sum from my Bank to my Solicitors, this is called a Chaps transfer, and it is transferred the same day, but it costs approx £30, that was with Abbey.
Hope this helps.

Milarky

You say 'BACS' but I assume this is a CHAPs payment for which a fee is normally charged (£20 to £30 at banks) which will ensure the payment would reach her nominated bank or savings account within the day that it was sent. £40 looks a bit expensive but you've got to factor in the interest (4 days minimum, 7days likely) lost using a cheque.

catz1ct

Yeah I think its probably a CHAPs payment & they WILL replace the cheque if it goes missing.

dunstonh

£40 for a chaps payment sounds about right. Around £20 goes to the bank and the rest covers the increased admin and liability and VAT.