best time for a chaps?

MarcoM

ejones,

can i request a copy of the fax they send to their department?

just as a backup in case they mess it up

Mikeyorks

MarcoM wrote: »

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....

Don't understand this. A cheque does not represent cleared funds - a CHAPS payment does.

Who are you paying? The funds for a house purchase normally needs to be cleared funds with your Solicitor in order they can complete. And normally they will stipulate how / when you need to fund them?

jonesMUFCforever

MarcoM wrote: »

ejones,

can i request a copy of the fax they send to their department?

just as a backup in case they mess it up

No because you should get a copy of the CHAPS instruction from your branch.
Once you leave the branch that same form is faxed once the relevant security checks have been carried out.

MarcoM

Mike,

with a chaps you have several dept involved and also you are relying on a clerk putting using the right numbers on a key boards, it is easy to press 1 rather than 2 etc etc

Mikeyorks

MarcoM wrote: »

Mike,

with a chaps you have several dept involved ....etc

Marco - more than a trifle confused which post you are replying to there. But fairly convinced it's not mine!

Don't like to tell you that a cheque is equally 'keyed by a clerk' if not sent to one of the large cheque processing operations that use MICR / ICR / image equipment to automate the processing. Very limited risks with CHAPS where the whole essence is on processing large values safely, on the day.

MarcoM

well, let me ask the question direct then.

As I will be dealing with abbey, which is the safer way of sending the money without them making one of their usual mistakes?

PBA

If it's Abbey you'll get a printed copy of the request that gets sent to head office, no faxes to lose or clerks to get things wrong. As long as it's done before 3pm then it can go through same day. The only advice I'd give is that the advisor who inputs the transaction in the branch has to get it authorised by their manager before it goes through - make sure this gets done while you're there to make sure it doesn't get forgotten.

Also, make sure the funds are being sent to your conveyancer at least a day before you complete. Chaps can go through any time until 5pm (even if you've requested it in advance), and you wouldn't want to be sitting outside your new house waiting for the payment to go through...

MarcoM

pba,

thanks for the good advice.
I'll ask the clerk to get it signed when we are there, hopefully they will be helpful. I wish bank staff were as competent as you are.

One last question
Can I expect some sort of after service from the branch on this chaps transaction if something does go wrong or will I be bounced off from call c to call c?

thanks

jonesMUFCforever

MarcoM wrote: »

pba,

thanks for the good advice.
I'll ask the clerk to get it signed when we are there, hopefully they will be helpful. I wish bank staff were as competent as you are.

One last question
Can I expect some sort of after service from the branch on this chaps transaction if something does go wrong or will I be bounced off from call c to call c?

thanks

What kind of after service are you looking for?
If it goes wrong the money will still be sitting in your account.
You do need to check carefully that the information you give your bank is correct.
It will not be their fault for instance if you have reversed two numbers say.

MarcoM

ejones,

Are you telling me mistakes never occur when dealing with requests sent to remote offices?

I once paid in a cheque for 4000 and it was only credited for 40 pounds.