Deleted Thread

babyblade41

492800 said:

babyblade41 said:

492800 said:

user1977 said:

diego_94 said:

You need to lean on your solicitor to get this sorted, its their mistake after all.

What makes you say that? It was the OP who asked them to send funds by CHAPS to a bank account which doesn't accept CHAPS payments. 

Hmm. Nope. I just supplied a bank account number as requested. I didn't ask for it to be sent via any specific method. 

Normally when there is a surplus you are asked by your solicitor how you want paying . when your solicitor asked for acc details then it would be prudent to expect monies would be sent via chaps .

When you were asked to send your acc number did you ask why they needed it & that your preferred account does not accept electronic transfer 

I'm not sure what you mean by surplus?
I had sold my home, the money had to get to me, and it was either a bank transfer or...cash.

What I meant was any money left over from a sale & solicitor holds the money mine asks what bank acc I want it to go in ..it is then sent electronically .  It did cost about £35 but not sure if it's gone up.

I assure you it will come back just a bit of a !!!!!! up & it's in cyber space .

Bank transfers usually have a limit depending on bank so solicitors use the electronic payment . They won't give you cash as the cash in its physical form does not exist , it's numbers on paper

What I'm trying to say nicely it was up to you to make sure your bank allows this  or not & if not get it put it into another acc first 

GDB2222

492800 said:

I am curious though, is it the duty of the receiving bank to return amounts that they can't receive?
It definitely left HSBC on the 1st day, so it feels like HSBC did their job.. but if a bank can't receive a payment, is it really their fault?

I would like to know precisely  where the money was sent by HSBC. Chase is part of JP Morgan. As Chase does not accept CHAPS payments, it may well have been sent to a different part of JP Morgan. If it’s gone to the investment banking side, they would not notice a really really tiny amount like yours, in amongst the billions they receive every day.

CHAPS has a very large manual element to it, despite the name.

user1977

492800 said:

babyblade41 said:

492800 said:

user1977 said:

diego_94 said:

You need to lean on your solicitor to get this sorted, its their mistake after all.

What makes you say that? It was the OP who asked them to send funds by CHAPS to a bank account which doesn't accept CHAPS payments. 

Hmm. Nope. I just supplied a bank account number as requested. I didn't ask for it to be sent via any specific method. 

Normally when there is a surplus you are asked by your solicitor how you want paying . when your solicitor asked for acc details then it would be prudent to expect monies would be sent via chaps .

When you were asked to send your acc number did you ask why they needed it & that your preferred account does not accept electronic transfer 

I'm not sure what you mean by surplus?
I had sold my home, the money had to get to me, and it was either a bank transfer or...cash.

I presume you mean "cheque"? 

GDB2222

user1977 said:

492800 said:

babyblade41 said:

492800 said:

user1977 said:

diego_94 said:

You need to lean on your solicitor to get this sorted, its their mistake after all.

What makes you say that? It was the OP who asked them to send funds by CHAPS to a bank account which doesn't accept CHAPS payments. 

Hmm. Nope. I just supplied a bank account number as requested. I didn't ask for it to be sent via any specific method. 

Normally when there is a surplus you are asked by your solicitor how you want paying . when your solicitor asked for acc details then it would be prudent to expect monies would be sent via chaps .

When you were asked to send your acc number did you ask why they needed it & that your preferred account does not accept electronic transfer 

I'm not sure what you mean by surplus?
I had sold my home, the money had to get to me, and it was either a bank transfer or...cash.

I presume you mean "cheque"? 

It would be "unusual" to be paid £250k in cash, and quite expensive in terms of security, but I think it’s legal.

user1977

492800 said:

I mentioned ’...cash’ jokingly as it would be ridiculous to think I'd get paid any other way than a bank transfer

Cheque would be a legit option for those who don't want to pay the CHAPS fee - though obviously not a very popular one especially for larger amounts.

SiliconChip

492800 said:

I mentioned ’...cash’ jokingly as it would be ridiculous to think I'd get paid any other way than a bank transfer

Ridiculous or not payment by cheque was offered as an alternative when I recently sold my late mother's house. Of course, I opted for bank transfer, but it's exceedingly unlikely that any solicitor would use anything other than CHAPS as the method for doing this, and it''s almost certain that they would charge you for this (I paid £60) and that you would have had to agree to the charge when you provided your bank account details. I will say that the agreement I signed didn't actually state that CHAPS would be used, so I suppose they could have the option of using Faster Payments if the amount of the transfer is below whatever limit would apply to them.

youth_leader

I am glad you bought this to my attention OP, I've just recommended Chase to my daughter because of the easy access savings rate.  She wants to buy a house later in the year, I'll tell her they cannot accept CHAPS and to put her deposit elsewhere for conveyancing.

user1977

youth_leader said:

I am glad you bought this to my attention OP, I've just recommended Chase to my daughter because of the easy access savings rate.  She wants to buy a house later in the year, I'll tell her they cannot accept CHAPS and to put her deposit elsewhere for conveyancing.

Think you've misunderstood. She can save her deposit there if she wants, what she can't do is direct her solicitor to send money back directly to that account. I thought most of these online savings accounts required you to send funds via your own more conventional current account anyway?

Brie

Keep track of all the time and all the costs including loss of interest.  Names, dates, times of calls made and how long you were on hold.  How much your solicitor is costing you.

Put in a complaint to HSBC and Chase and point out that the error has caused financial detriment and you need it first resolved and that everything to be put right (aka pay your costs plus a good will gesture).  Advise them if it isn't resolved satisfactorily you will be escalating it to the ombudspeople.

NQManchester

I don’t work in a retail bank so apologies that it might not be applicable here (but suspect it will be) but there are rules as to how banks need to treat “client money” and they can’t just hold on to it, it needs to be returned within a reasonable timeframe if not recognised, reasonable being a few days.

They may be in breach of FCA CASS rules so might be worth looking into and mentioning that to them. 

Difficult at this point to know whether that’s HSBC, JPM or chase at this point tho. 

I would suggest putting in an official complaint with HSBC and Chase as there are also FCA rules as to how they have to respond to these and a time limit on investigating/resolving.