How do I know if I've been paid via CHAPS or BACS?

Supersonos

I'm going to be taking a large payment this weekend (just over £20k for a car), so I'm reading into payment types and any pitfalls.

As I understand it, BACS clears within 3 days.  I'm with Monzo and when someone pays me via BACS, the amount appears immediately.  No mention of "pending clearing" and no mention of it being via BACS. 

So how do I know if the payment is via CHAPS or BACS and how do I know if it's actually cleared? 

eskbanker

The three days for BACS represents the time between initiation and arrival, so once the funds have appeared in the destination account, there's no additional 'clearing' process.

https://www.bacs.co.uk/Services/bacsschemes/gettingstarted/Pages/BacsDirectCredit.aspx

harsh_but_fair

be very careful accepting payments into your account...

1. your bank could suspend access to your account for several weeks if tje sending account us at all suspect

2. the purchaser could claim it back claiming fraud or anything 

harsh_but_fair

sorry, i do not think i was forceful enough in my last post - do not let anyone send 20k to your bank account by any means, bacs or fps.

gt94sss2

Unless the person sending you money is a business, it’s unlikely to be BACS. It could be either CHAPS or via Faster Payments 

Wheres_My_Cashback

harsh_but_fair said:

be very careful accepting payments into your account...

1. your bank could suspend access to your account for several weeks if tje sending account us at all suspect

2. the purchaser could claim it back claiming fraud or anything 

Don't be so ridiculous, £20K is nothing.

born_again

Wheres_My_Cashback said:

harsh_but_fair said:

be very careful accepting payments into your account...

1. your bank could suspend access to your account for several weeks if tje sending account us at all suspect

2. the purchaser could claim it back claiming fraud or anything 

Don't be so ridiculous, £20K is nothing.

Really. Accounts get frozen for far less.
Might even find a contra debit placed on account till checks are run to make sure it is genuine.

harsh_but_fair

It's not the amount accounts have been frozen for £100 sent from a dodgy account and there are numerous examples of threads in this forum you simply have to search

however please feel free to ignore my advice it certainly won't affect me

greyteam1959

How about this for a good idea ??
Contact your bank & tell them you are expecting a large payment into the account.

Wheres_My_Cashback

harsh_but_fair said:

It's not the amount accounts have been frozen for £100 sent from a dodgy account and there are numerous examples of threads in this forum you simply have to search

however please feel free to ignore my advice it certainly won't affect me

Back to School/Uni/College soon.....hopefully

harsh_but_fair

It's not about the amount or informing the bank to expect it or anything like that it is just that you do not know the status of the sending account and if the sending account is flagged then when it hits your account you could be hit by your account being frozen

For example the sending account could be under Suspicion of money laundering and being investigated then they send a payment to you and suddenly you are caught up in the net

also even if that is not happening the sender could be a fraudster who then gets the item you sold and then subsequently contacts their bank and asks for the payment to be withdrawn and refunded to them saying that you have been fraudulent or scammed them or they will claim they have been the subject of an authorised push payment to a scammer anything could happen - and does.

I am surprised that someone with such a large number of posts and thanks such as where's my-cash-back stoop so low as to make comments like that an apology would be acceptable