CHAPS vs faster payments
Discussion
Hi, I'm buying a car next Wednesday - it's a cash private sale for £45k. I'm with Co-operative Bank and their faster payments limit is £100k. I've already called them in advance, and they've said "usually instant, but may be delayed up to 6pm the following day". I'll be phoning them up rather than doing it online, and can deal with a couple of hours delay, but not a 24+ hours delay, as I have a 300 mile journey to complete.
They've suggested CHAPS @ £25. Is CHAPS the same system as faster payments? I'm just trying to decide if it's worth paying the £25....it's not much in the context of the payment, but I'd still rather not pay it if I don't need to!
Thanks in advance.
They've suggested CHAPS @ £25. Is CHAPS the same system as faster payments? I'm just trying to decide if it's worth paying the £25....it's not much in the context of the payment, but I'd still rather not pay it if I don't need to!
Thanks in advance.
At work I transfer these size funds all the time and they always turn up with in half an hour max, normally straight away.
As long as the bank is informed (ie it's not stopped due to fraud etc) then I would expect to be in the other bank by the time you/other person logs into the bank.
Unfortunately there is always the exception to the rule but worth taking the risk...
As long as the bank is informed (ie it's not stopped due to fraud etc) then I would expect to be in the other bank by the time you/other person logs into the bank.
Unfortunately there is always the exception to the rule but worth taking the risk...
richatnort said:
I know some banks it takes longer because it's a new PAYEE. Could you not set the guy up as a new PAYEE with Co-OP and send him like £1 and then that might get the delay bit out of the way then send them the money on the day and might make it instant then?
This is good advice.I tried to make a faster payment at 7pm once and they stopped it because it was a new payee and they couldn't do the appropriate "fraud checks" after 6pm or some BS (despite no mention on the website of such potential hurdles).
I had the same dilemma in the summer. Even bank to same bank group I chose CHAPS. Not worth the worry, exactly how many litres of petrol is the saving going to get you? Even with CHAPS, it was a headache as I was in the middle of nowhere with no mobile signal & the bank insisted they call me back on a "known phone". I ended up driving out with the vendor to find a hill
Gassing Station | Finance | Top of Page | What's New | My Stuff