We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
How Quickly should Chaps payments reach your account?
thecavalier
Posts: 1 Newbie
I know that banks have to ensure that a CHAPs payment received to your account must be available that day. Are the rules different for a EMI's, Electronic Money Institutions. I recently sold a property, but it took the company I use one day to post the money to my account once they received it. They blamed money laundering regulations.
0
Comments
-
https://www.bankofengland.co.uk/-/media/boe/files/payments/chaps/chaps-reference-manual.pdf defines the scheme rules and differentiates between direct participants and indirect ones - my reading is that it's only transactions between the former that are required to complete on the same business day.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards