CHAPS

Tiggi22

I made a chaps payment on 11/10 the money left my nationwide account on 12/10 .. the money has failed to show in the account it was sent too. Now 5 days .. Nationwide have put a trace on it but now I am in limbo not knowing what to do next? Has any experienced anything like this. I am worried sick my money has gone and the bank seem to have no urgency in helping .. how long do traces take? All payment info was correct. 

zxspeccy

A CHAPS payment should be same day, and if the beneficiary details are correct I am not sure why the funds would still be in limbo after 5 days.

I am assuming this would have been a large amount of money (the main reason for using CHAPS), so maybe there is some other check that are required by either the paying or beneficiary banks that is holding up these funds.

eskbanker

Where was the money being sent?  Another recent thread (about Chase) highlighted that if the receiving bank isn't set up for CHAPS then it can take weeks to resolve:

https://forums.moneysavingexpert.com/discussion/6392417/advice-sought-money-gone-missing/p1

zxspeccy

eskbanker said:

Where was the money being sent?  Another recent thread (about Chase) highlighted that if the receiving bank isn't set up for CHAPS then it can take weeks to resolve:

https://forums.moneysavingexpert.com/discussion/6392417/advice-sought-money-gone-missing/p1

That is a good point.

There are some sort code checkers online that you can use to see if the sort code your were sending the money to can accept CHAPS. If not then that will be the problem.

dunstonh

In addition to the above, if the money was sent to a building society (or ex building society) which uses a central bank account, these often take longer to arrive in the account as they have multiple hops to get to where they are going.

Or if it has gone to a collection account where the recipient has to process their bank statement before passing it to the account, it is meant to end up (investment firms typically work this way)

Albermarle

A CHAPS payment should be same day

If I remember correctly from my old job, they have to be sent by 16.00 ( effectively a bit earlier) to still arrive on the same day.

Plus as mentioned the receiver may take a working day to pick them up and register them to your account. However 5 days is not normal.