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

penners324

Accounts will only get closed if the originating account is dodgy....

mgdavid

penners324 said:

Accounts will only get closed if the originating account is dodgy....

but they will (and do) get suspended with no access if the payment falls outside the parameters set within the bank's system to identify suspicious movements.

Chino

harsh_but_fair said:

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

So, if using the very system designed for transferring funds from one party to another is a no-no, how do you suggest the OP should receive the proceeds from the sale of their car?

[Deleted User]

penners324 said:

Accounts will only get closed if the originating account is dodgy....

Or reports it as fraud after taking delivery of said vehicle

Supersonos

Well, that's a lot of conflicting information, so I have to say I'm none the wiser.

Maybe I should ask the question slightly differently.  When my phone pings with a Monzo notification to tell me £20k has been deposited in my account, is there any way that the payer can get that money back?

I hear stories about people getting paid, releasing the goods and then the money "disappearing" from their account.  Is that actually a thing?  If so, how can I ensure that the money in my account will stay there?

Supersonos

gt94sss2 said:

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

Ah ok, never heard of faster payments.  Having read-up, that makes sense, although I've also read most banks limit faster payments to £10k per day.

harsh_but_fair

Well supersonos there are two risks when the phone goes ping on your monzo account and they are these

1. The next time you go to log on to your monzo account you will find the account is frozen because the money has come from a prospective fraudster or a bank account under suspicion

2. Yes indeed -  a few days after receiving the money into your account you could find the 20K withdrawn with the fraudser claiming to their bank that you have scammed them. You will of course reply no I didn't he took my car but either way you will be into a fight of he said she said

It used to be that paying money by bank transfer or faster payment was a way to do things but unfortunately the world has changed over the last few years as we all know

Even teenagers and children at school are tempted to be money mules in surprisingly large numbers and their accounts are regularly under suspicion

The only safe way annoyingly enough is cash

Supersonos

But cash could be counterfeit.  Plus, for the last couple of years, I've tried as hard as possible to not deal with cash at all.

With scenario 1, I've already asked that they come with two forms of ID which I'll be checking.  I've also checked out their address.

Scenario 2, there might be a fight, but I'd win as I'd have the evidence.

Supersonos

I should probably also add the buyer paid a £500 deposit on Monday, so that would surely cause option 1 to trigger sooner than this weekend?

ARH_2

To actually address the question the OP asked:

On most internet banking statement you can find this information within some fairly cryptic abbreviations. You'll see things like FPI (Faster Payment In) CHP (Chaps Payment) etc. on your bank statement. 

This information is a bit harder to find in the Monzo app, as these cryptic abbreviations aren't very user friendly. I found a  statement in the Monzo app by going to help>search for statement>getting a bank statement>download a bank statement>

I don't receive money by anything other than faster payments to Monzo, but I see things like 'John Smith (Faster Payments) +5.00'. This clearly identifies the payment as a faster payment rather than BACS or CHAPS. Take a look at your statement. 

If I send myself a pound, it immediately appears on the current statement, so I can immediately identify it as a faster payment.

On the rest of the discussion, there are no risk free options for receiving a big chunk of money, but it has to be done. A faster payment or CHAPS payment should be prefered as you'll want to see it cleared. Some banks have a higher faster payment limit and some have the £10,000 limit per transaction (e.g. nationwide) rather than by day, so you can just make multiple transfers. Some (e.g. Monzo) are amenable to giving you a one off higher limit up to £100,000.