best time for a chaps?

MarcoM

Hi,

Does anyone know which times are to be avoided in banks for making chaps tranfers?

Is there any part of the month which is busier than others?

thanks

BenL

Not sure where the issue would come from really.

CHAPS transfers are pretty much instant when they are input.

The call centre agents will deal with these and other queries so the usual busy times of the day to be avoided like lunchtime.

In my old bank employer we used to have to get them authorised by either 3pm or 4pm for them to go through correctly on that day for sure.

Ben

Mark7799

The only advice I would give on a CHAPS payment is to get the instruction to the Bank as early as possible in the day.

jonesMUFCforever

Would agree with Mark about getting the application in early.
Friday or any day before a bank holiday are always busy as are last working days of the quarter with people chasing up payments as it means hitting or missing targets which affect bonuses etc.

Mikeyorks

Avoid the 31st July and the 31st Jan (or the working day prior - if a weekend) ...... where a conspiracy of VAT and SA tax due dates puts the systems under real pressure. In particular the Jan date - where significant sums of CGT are due.

Other than that - if you're an ad-hoc user, you just need to get the order in reasonably early during the day. Certainly no later than 1400hrs

Debt_Free_Chick

Last Friday of the month tends to be popular for completion of house sales ....

But I think the system is pretty efficient, even then

MarcoM

Abbey Systems?

BenL

hehe on the current customer service people are getting, same day won't be same day!!

Funnily enough that's where I used to work, I left shortly after the Spanish arrived.

Just get the request in as early as poss on the day, give them time to fax it around and lose it then find it again and send it on to the correct department.

MarcoM

Oh no,
I thought faxes were not involved in this sort of thing. Should I opt for a cheque instead?

They'd better get it right or they'll be paying 4% a day on purchase price on my behalf if house purchase not completed....

peterbaker

Yes make sure you arrange it well before lunchtime. Barclays deadline seems to be 1430 thesedays for example, and don't rely on faxes unless you have absolutely researched the whole procedure with at least three different people at your bank some days in advance.

It is an absolute palava thesedays and makes you wonder if there is anything at all left that banks can do well other than cream off fees and interest while no one is looking.

jonesMUFCforever

Customers are not allowed by most banks to fax requests in.

It is the bank that faxes the instruction to the department dealing with the sending of the CHAPS payments.