best time for a chaps?

AndyR_3

MarcoM wrote: »

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.

I have worked in banking for 6 years, for 2 different banks. During that time, I have seen lots of mistakes (partly because my current job involves dealing with complaints - so I only speak to customers where something has gone wrong). However, very, very few of the mistakes I have seen have related to CHAPS payments. Because of the value of these payments, every instruction is double checked. In fact, the last complaint I dealt with about a CHAPS going missing, a few weeks ago, was because the customer had put a 3 instead of a 2 on her request. Not our fault.

Bank staff know that if an error is made with a CHAPS payment, the customer is likely to claim a large amount of compensation (if they can't complete on their house purchase for example) and so take extra care.

I would advise you to actually make the payment the day before the money needs to be with the solicitor, however, because as has been said, CHAPS are not guaranteed to arrive at any particular time, so it could credit at 16:55.

MarcoM

andy,

thank you for your reply.

Can i ask you if i can expect my bank to trace the chaps if it is delayed or goes wrong or am i likely to be told to contact the receiving bank directly?

jonesMUFCforever

MarcoM wrote: »

andy,

thank you for your reply.

Can i ask you if i can expect my bank to trace the chaps if it is delayed or goes wrong or am i likely to be told to contact the receiving bank directly?

Yes your own bank will trace it for you.
If you really nervous about your bank cocking the payment up why not do it a week in advance using Internet banking.
You may have to telephone them to authorise the payment as most banks have a daily Internet limit for transactions.
Otherwise get a bank draft and give that to your solicitors (again a week in advance because they will have to clear it through the system just like any other cheque).

MarcoM

i thought bank drafts were cleared funds as such.
I don't like the idea of carrying a bank draft. I've been told that if it is lost you are in big trouble as the money has already been debited.

I guess if a chaps goes wrong the money would remain in my account.

jonesMUFCforever

MarcoM wrote: »

i thought bank drafts were cleared funds as such.
I don't like the idea of carrying a bank draft. I've been told that if it is lost you are in big trouble as the money has already been debited.

I guess if a chaps goes wrong the money would remain in my account.

You are neurotic aren't you.

How do you manage to go out to work - you could be hit by a bus on the way there!

Mikeyorks

MarcoM wrote: »

i thought bank drafts were cleared funds as such.

No - it's a cheque and has to go through Clearing, like any other cheque.

In all of this - have you actually asked your Solicitor / conveyancer how / when they want the funds? They're usually very specific and not generally amenable to forum based polls!

intalex

is CHAPS an instant transfer (matter of seconds) or a same-day transfer (matter of hours)? i can see money debited from my source account, but yet to be credited in my destination account.

jonesMUFCforever

intalex wrote: »

is CHAPS an instant transfer (matter of seconds) or a same-day transfer (matter of hours)? i can see money debited from my source account, but yet to be credited in my destination account.

It is same day.
No bank can guarantee a time when it will be credited to other side.
It could be very soon if it is a quiet day to as late as 5 pm if very busy.

intalex

it's 10 mins to 5pm.... still no sign of it.... if it doesn't show up by 5pm on the dot, does that mean the money's gone somewhere else?

i did fill in the CHAPS form around 3pm yesterday, and was told it'll be dealt with this morning.... should i have expected the credit much earlier?

Mikeyorks

intalex wrote: »

it's 10 mins to 5pm.... still no sign of it.... if it doesn't show up by 5pm on the dot, does that mean the money's gone somewhere else?

Not necessarily .... are you sure the account you are looking at is updated in realtime? Give the Bank helpline a ring - they should have a pretty interactive view of the account.