Sending a deposit. Barclays. CHAPS

sjc93

I've worked for a bank and there's definitely no limits on a CHAPS payment - if it is a large sum of money, that is over your online banking limit, if you want the payment to be immediate then it's £25 usually for them to send the monies over and the solicitors will receive it at the close of business that same day.

davidmcn

Sailtheworld said:

First I've heard of a CHAPS payment limit. No need to go into a branch - you can do it in online banking.

You can send unlimited amounts of money by CHAPS, but banks generally have a security limit of how much you can transfer each day via their website, which in the case of Barclays is £50k. For some (e.g. Santander) the next step is to do more security over the phone, but Barclays seem to insist on you visiting a branch.

Sailtheworld

davidmcn said:

Sailtheworld said:

First I've heard of a CHAPS payment limit. No need to go into a branch - you can do it in online banking.

You can send unlimited amounts of money by CHAPS, but banks generally have a security limit of how much you can transfer each day via their website, which in the case of Barclays is £50k. For some (e.g. Santander) the next step is to do more security over the phone, but Barclays seem to insist on you visiting a branch.

With Nationwide (irrelevant to the OP of course) there's no limit and if you want to avoid the £25 fee you can do as many faster payments of £10k as you like with the only limit being your bank balance.

Surprised there's such a disparity.

homeless9

It's sods law Barclays have such limits. The main bank I have used throughout my life is Santander. But I decided to use Barclays as the bank to pay from.

I will go into the branch on my lunch break tomorrow and pray there is little to no queue as I only have 30 mins to spare.

I hope they don't expect you to have booked an appointment with them? Do you need to book an appointment for sending a CHAPS payment? or do you just go up to the counter and go 'Please send £100,000 to this account, thanks!' and they get it done within 5 minutes?

Thrugelmir

There'll be a cut-off time for the CHAPS to be made that day. Many bank branches are operating shorter hours/fewer staff for obvious reasons. A phone call ahead may be advisable. 

homeless9

Thrugelmir said:

There'll be a cut-off time for the CHAPS to be made that day. Many bank branches are operating shorter hours/fewer staff for obvious reasons. A phone call ahead may be advisable. 

The bank is only going to be open for 2 hours. ahh man.

sjc93

I don't know if it's different Barclays (I worked for Clydesdale/Yorkshire/Virgin Money) and their cut off points for CHAPS payment would be 1pm for the same day, which is what I would expect the same kinda timeframe with other high street banks.

I would probably call ahead to the branch and ask if a staff member can be put aside to help you process the CHAPS if you're short on time - they'll have to fill out a form on their end to send to the CHAPs processing team.

homeless9

sjc93 said:

I don't know if it's different Barclays (I worked for Clydesdale/Yorkshire/Virgin Money) and their cut off points for CHAPS payment would be 1pm for the same day, which is what I would expect the same kinda timeframe with other high street banks.

I would probably call ahead to the branch and ask if a staff member can be put aside to help you process the CHAPS if you're short on time - they'll have to fill out a form on their end to send to the CHAPs processing team.

3.30pm is the cut off time, which is fine as the bank closes at midday.

I just hope there is no queue.

homeless9

Say it's busy at the bank and I don't have time....

Thursday is the day of exchange and completion and I have a day off work. The branch opens at 9am. Would it be that much of an issue if I went to the bank first thing that day, had arranged a CHAPS payment before 10am (which I believe it's likely it would go through more or less instantly?)......

I am only person buying, I am buying a new build. So no chain. Would it cause much of an issue if my solicitor didn't have my payment until, say, 11am on the day of completion?

MovingForwards

Supposing there is an issue and the branch isn't open on the day of completion?
Or their systems are down?

The solicitors ask for the money the day before to make sure everything is received, the admin forms are completed in readiness for their accounting department to process the next day and also getting the money transfer papers countersigned by the partner / nominated person. As everyone are probably working from home, emails will be flying around trying to get it sorted out.

Then on the day there are numerous financial transactions being done by the solicitors accounts department and they have a cut off time too for getting money out that day, miss that and it's game over for the day.