CHAPS not going through on same dayHe

greekgirl

Hello
Would anyone be able to advise.

I completed today - and my sol as is norm is sending monies via CHAPS. This hasn't hit my account yet. I assumed since i payed for this transfer service that i would get the money today - as i haven't can i claim the fee back? Shouldn't the system work?

thanks
greekgirl

rach29

It would depend on whether the solicitor received the funds before the "last cut off time" for CHAPS. The latest a CHAPS can be sent within the same bank would be 4pm And to another Bank 3.30pm so I can only imagine that the solicitor missed the cut off time & therefore your money will be delayed until Monday now.

I doubt the solicitor will return the fee to you if this is the reason your money hasn't arrived but you could always ask.

greekgirl

hi -thanks for quick reply. So this means then i have to pay the extra interest on my mortgage/loans etc etc that were all meant to be paid off today. Also loss of interest if it was put directly into my savings. I don't understand if the SOL misses the cut off point - buyer is nicely snug in my house... why i should pay the extra's days. Sorry does this make sense. Just wondering what anyone thinks?

sammyjammy

If the mortgage wasn't paid off today then you haven't completed, the charge for your mortgage will still be on the house you are selling.

Riq

2:30pm is the latest Natwest will guarantee a same day transfer. Maybe something similar to other banks.

greekgirl

okay so my main question being - why should i have to pay fees/interest etc if sol's are missing deadlines to tranfer money. Surely this should be refunded!?

silvercar

Your solicitor could only CHAPS to you once he had received the money. Obvious I know, but he may not have received the money before early afternoon.

You can still receive CHAPS payments after the bank has closed, it may be that your receiving bank has not cleared the funds to your account yet.

greekgirl

hello again. It is now Monday almost 2pm and my money is still not in the account from CHAPS transfer which was done on Friday just gone. is this normal? does anyone know? im worried....

thanks

Doozergirl

It's not really normal, no.

Have you called your solicitor? Get those bank details double checked.

mlz1413

No this is not normal, if you had funds left over from selling your house then these should with you same day unless as others have pointed out the banking day had ended. Then they would be there Monday first thing.

Ring your solicitor now and get an answer, if you don't get an answer I would go and sit in the reception until I got an answer!

Solicitors should be able to prove to you they sent the funds if done electronically there will be a receipt with transaction number for the funds, if they did by telephone then they should receive confirmation (probably by fax or post) if manually at bank (highly unlikely though) a stamped receipt of the transfer form.

Short of you giving them the wrong bank details there should not be a delay.

timnicebutdim_2

sure its not a BACS transfer? What does your solicitor or bank say?