Charter Savings Bank

25_Years_On

SeeMe wrote: »

Reading the jargon below, not too sure what this bit means.



"you can only make deposits into the Account for up to 14 days,
beginning on the day you apply for your Fixed Rate Bond provided the product has
not been closed to new deposits."

It means it they withdraw the bond so it's no longer available you wouldn't be able to add any new money into your bond. So if they remove it on Wednesday they won't accept any of your money after then. Many of these bonds are only available for a few weeks, some go after a week. So don't hang around getting the money in.

SeeMe

25_Years_On wrote: »

It means it they withdraw the bond so it's no longer available you wouldn't be able to add any new money into your bond. So if they remove it on Wednesday they won't accept any of your money after then. Many of these bonds are only available for a few weeks, some go after a week. So don't hang around getting the money in.

Thanks again.


So as its weekend there is no advantage of adding more today, as it will only go through tomorrow? so may as well make a faster payment on monday.

ColdIron

The bank will no doubt have a cut off time as I suspect there is some manual processing involved. Why not do it now so it's ready for the bright and bushy tailed staff at 9:00AM?

25_Years_On

SeeMe wrote: »

Thanks again.


So as its weekend there is no advantage of adding more today, as it will only go through tomorrow? so may as well make a faster payment on monday.

As long as you do it early on Monday. I'd do it now just to make sure. I did open a second bond and the payment was made in the early afternoon and I didn't get an email that they had recieved it until the following day. The payment goes into their general account and they then have to move it to your actual account.

Malchester

Have recently opened 2 bonds with Charter. Very easy to open and fund. Initial deposit paid in immediately using info in thier email confirmation (no need to wait for user id etc). After initial deposit account can be added to for 14 days after date of application

SeeMe

ColdIron wrote: »

The bank will no doubt have a cut off time as I suspect there is some manual processing involved. Why not do it now so it's ready for the bright and bushy tailed staff at 9:00AM?

So in theory if i sent it now should it start its journey straight after midnight with faster payments.

2010

If you pay money into Charter before 1pm it will show in the account later that day.
If you pay after 1pm it will show the next morning after 9am.

isasmurf

2010 wrote: »

If you pay money into Charter before 1pm it will show in the account later that day.
If you pay after 1pm it will show the next morning after 9am.

4pm

https://s3-eu-west-1.amazonaws.com/pdf.chartersavingsbank.co.uk/01097_general_savings_conditions.pdf

8.7 Subject to paragraphs 5.8 (Opening an Account with us), 8.3 and 8.6 we will credit money to your Account on the Working Day that we receive it provided that we receive it before 4pm on that Working Day. Money paid in by Electronic Transfer is available for payment out of your Account the day it appears on your Account subject to paragraph 11 (Taking money from your Account).

8.8 If interest is payable on your Account, you’ll start to earn interest on money paid in on the same Working Day provided that we receive it before 8pm on that Working Day.

2010

isasmurf wrote: »

4pm

https://s3-eu-west-1.amazonaws.com/pdf.chartersavingsbank.co.uk/01097_general_savings_conditions.pdf

8.7 Subject to paragraphs 5.8 (Opening an Account with us), 8.3 and 8.6 we will credit money to your Account on the Working Day that we receive it provided that we receive it before 4pm on that Working Day. Money paid in by Electronic Transfer is available for payment out of your Account the day it appears on your Account subject to paragraph 11 (Taking money from your Account).

8.8 If interest is payable on your Account, you’ll start to earn interest on money paid in on the same Working Day provided that we receive it before 8pm on that Working Day.

I quoted the send by time.
You`re quoting the receiving time.
FP says it can take up to two hours to arrive and then it goes via Barclays Bank.

So it`s no later than 1pm for sending to see the money in the account on that day.

eskbanker

2010 wrote: »

I quoted the send by time.
You`re quoting the receiving time.
FP says it can take up to two hours to arrive and then it goes via Barclays Bank.

So it`s no later than 1pm for sending to see the money in the account on that day.

That makes no sense - Charter Savings Bank aren't a directly connected participant in the faster payments scheme (as you recognise by referring to the need for Barclays to be in the loop) and therefore sending a payment to them via that means isn't guaranteed to reach them until the end of the next business day.

Hence clause 11.4 in those CSB Ts & Cs explicitly specifying this for outbound FPs ("The payment will reach your Nominated Account no later than the end of the Working Day following the Working Day on which we receive your Payment Instruction").

In other words, a payment initiated from another bank at 1pm may reach CSB by 4pm but realistically it's unlikely, so your self-imposed deadline of 1pm is completely arbitrary.