Paid Natwest Mortgage off by CHAPS

Jandin152

Hello, I paid my full redemption amount on Friday from my HSBC account by a chaps payment. Its cleared out of my account, but has not arrived with the Natwest yet.  The low interest rate deal ended on the 30 November and the standard rate started on the 1 December, so I used savings to pay the whole thing off.  Natwest are telling me it will take 5 working days.  Does anyone know if the payment will show as 1 December so no interest added or will they add interest until its cleared?  I am struggling with contacting them to ask. I assumed it would be cleared immediately.

peldpeld

CHAPS should settle sameday if done before the bank cut off. It may take 5 days to process the paperwork. 

Jandin152

It was done at about 12 midday, its just frustrating that things take so long as I need a direct debit refund.  I appreciate you responding. Thank you

ACG

They should backdate it to the date they received it their end. The processing side is not really your problem assuming you followed the process they gave you. 

Hoenir

Jandin152 said:

It was done at about 12 midday, its just frustrating that things take so long as I need a direct debit refund.  I appreciate you responding. Thank you

What's the bank's cut-off for daily processing?  Wrong side of the line and it'll be the next working day. 

Likewise it will take a few days for the associated admin to be completed. The transaction being dated the day of actual receipt. 

Jandin152

Thought I would update this, Natwest actioned it within 10 days.  They don't explain what happens, I received a text on day 10 stating my account was closed.  Then removed access to the app, which was frustrating as I had no explanation about the refund.  However, the following day the refund just appeared in my account.  So the process overall was fine, however the communication was poor.