House Sale payment Cheque or BACS etc

AskAsk

ask them to pay the money via CHAPS.   you get the money the same day and can start earning interest on it.

Silvertabby

AskAsk said:

ask them to pay the money via CHAPS.   you get the money the same day and can start earning interest on it.

Just be sure that they quote the correct bank account details.  Check, check and check again.  It is so easy to transpose two figures.....

AskAsk

Silvertabby said:

AskAsk said:

ask them to pay the money via CHAPS.   you get the money the same day and can start earning interest on it.

Just be sure that they quote the correct bank account details.  Check, check and check again.  It is so easy to transpose two figures.....

luckily names are now checked when you make bank payments so this will help to eliminate this sort of error.  i don't know why it took so long to introduce the name check as it is not exactly rocket science, but the banking industry insist on ignoring it for so many years.

i think someone's post code should also be part of the check so that you can trace the person that the money was made to in case you need to sue them.

AdrianC

Silvertabby said:

AskAsk said:

ask them to pay the money via CHAPS.   you get the money the same day and can start earning interest on it.

Just be sure that they quote the correct bank account details.  Check, check and check again.  It is so easy to transpose two figures.....

This is one of the big differences between CHAPS and normal FP BACS.

B'sides, you can't just transpose digits - the account number contains a check digit.

quattros

AskAsk said:

ask them to pay the money via CHAPS.   you get the money the same day and can start earning interest on it.

Hi I checked their paperwork and says the money is transferred by CHAPS.

Thrugelmir

Solicitor won't pay the proceeds by BACS.  Too much administration for a one off payment. 

AskAsk

quattros said:

AskAsk said:

ask them to pay the money via CHAPS.   you get the money the same day and can start earning interest on it.

Hi I checked their paperwork and says the money is transferred by CHAPS.

as i had suspected.  BACS can have a daily limit depending on the bank in question.  my natwest one only allows BACS daily limit of £50k.  my husband's first direct one doesn't have a limit but they say it can take up to 3 working days if it is more than 10k as it has to go through their fraud checks before it can be released.

yes, get the money by CHAPS as you know the money is with you straightaway and you can start to move it into a savings account and earn interest.

quattros

So just speaking with my parents,  They will be looking for another property as that will be a better investment,  But for the time being will hold it in their Bank , They are with TSB , I just need to find out they ill be under the FSCS protection for the 200k .

Slithery

quattros said:
They will be looking for another property as that will be a better investment

What gave them that idea?

quattros

Slithery said:

quattros said:
They will be looking for another property as that will be a better investment

What gave them that idea?

Sorry what I meant was somewhere to live than Investment , as they are downsizing from where they currently are. But a home is still worth something than being left in the bank at the moment offering low interest rates . But I said in the meantime until they find something suitable to put it somewhere so gets some interest on the amount as can take some time to find something they like .