SWIFT payment gone missing

masonic

Marchitiello said:

wmb194 said:

Marchitiello said:

I have just done a test payment to myself to see how it comes through (to NationWide) to confirm the CHAPS changes mentioned above 

On Sunday evening I initiated a test payment to my Barclays current account and it's now arrived and it has been described by Barclays as a, "CHAPS payment."

Did the same test to Nationwide, and definitely different from previous transfers, it now shows as “CHAPS credit 1 / Surname Name (Fineco ACC Name)”

I am thinking that they switched to CHAPS payments to avoid the receiving banks applying charges, but then if the receiving banks later decide to return the payment using the same method, may well charge £25 for the service 🙈 

all other (Fast) Payments from UK banks simply shows as “Bank credit Name Surname” from Nationwide end. 

Does anyone know if there is a requirement in the CHAPS system for the destination account name to match the details provided by the sender?

wmb194

Marchitiello said:

wmb194 said:

Marchitiello said:

I have just done a test payment to myself to see how it comes through (to NationWide) to confirm the CHAPS changes mentioned above 

On Sunday evening I initiated a test payment to my Barclays current account and it's now arrived and it has been described by Barclays as a, "CHAPS payment."

I am thinking that they switched to CHAPS payments to avoid the receiving banks applying charges, but then if the receiving banks later decide to return the payment using the same method, may well charge £25 for the service 🙈 

Yes, this is also my thinking.

Because of this I'm now going to use Barclays for withdrawals as if it is bounced the likelihood of being charged a Chaps related fee is lower as these days Barclays doesn't normally charge for them. If I need to contact customer service it might also help that I'm a Premier customer, too.

Marchitiello

masonic said:

Marchitiello said:

wmb194 said:

Marchitiello said:

I have just done a test payment to myself to see how it comes through (to NationWide) to confirm the CHAPS changes mentioned above 

On Sunday evening I initiated a test payment to my Barclays current account and it's now arrived and it has been described by Barclays as a, "CHAPS payment."

Did the same test to Nationwide, and definitely different from previous transfers, it now shows as “CHAPS credit 1 / Surname Name (Fineco ACC Name)”

I am thinking that they switched to CHAPS payments to avoid the receiving banks applying charges, but then if the receiving banks later decide to return the payment using the same method, may well charge £25 for the service 🙈 

all other (Fast) Payments from UK banks simply shows as “Bank credit Name Surname” from Nationwide end. 

Does anyone know if there is a requirement in the CHAPS system for the destination account name to match the details provided by the sender?

A quick google search suggested that there algae even been a court case that confirmed that payee account name verification is not part of CHAPS 

Marchitiello

wmb194 said:

Marchitiello said:

wmb194 said:

Marchitiello said:

I have just done a test payment to myself to see how it comes through (to NationWide) to confirm the CHAPS changes mentioned above 

On Sunday evening I initiated a test payment to my Barclays current account and it's now arrived and it has been described by Barclays as a, "CHAPS payment."

I am thinking that they switched to CHAPS payments to avoid the receiving banks applying charges, but then if the receiving banks later decide to return the payment using the same method, may well charge £25 for the service 🙈 

Yes, this is also my thinking.

Because of this I'm now going to use Barclays for withdrawals as if it is bounced the likelihood of being charged a Chaps related fee is lower as these days Barclays doesn't normally charge for them. If I need to contact customer service it might also help that I'm a Premier customer, too.

Recent experience with Barclays Premier CS would not leave me with much faith in anything speedy happening, especially as it still falls into a team rather than an individual to chase things up. It took Barclays over 3 months to resolve a simple issue and I ended up being the one pinpointing what was likely to have caused the issue 🙈. Previous experience with RBS and Lloyds RM have given me much better results  (single point of contact, taking ownership to chase on my behalf, etc)