CHAPS payments

[parrot of doom]

How long do these normally take (in terms of hours)?

I sold my car this morning to a dealer, who phoned up their accounts people and got the payment made straight away into my business account.

Its still not arrived, do these things normally take more than 5-6 hours?

[GreigM]

It depends on the banks involved. In theory it is only guaranteed to be in your account before the end of the banking day, so could be right up to 5pm - although usually they are there within 3-4 hours.

[Plotloss]

I'd give it until close of business for their day end systems to kick over and balance all the payments.

[rude-boy]

parrot of doom said:

How long do these normally take (in terms of hours)? I sold my car this morning to a dealer, who phoned up their accounts people and got the payment made straight away into my business account. Its still not arrived, do these things normally take more than 5-6 hours?

All that the banks will guarantee is that the payment will reach the payee by 4pm.

It also depends on when the request was made to the bank by the payor - usually there is a 12pm or 2pm deadline to same day transfers.

As for how long it takes it varies greatly. had one come through an hour after the client called to say they were about to pop into the branch, had one take all day and was only confirmed as being there at 3.55pm.

Call the dealer and find get them to chase their bank.

[jimothy]

Its amazing how slow time canbe whilst waiting to pick up a TVR. The week running up to my purchase took 16 years to go past...

[The GMan]

I use to get CHAPS payments into my account on a regular basis, and some appeared within an hour and some really late in the day (after 6pm for some of them and I don't know how that happened).

[Wacky Racer]

I transferred some money by Chaps from my bank in Malta over to the UK last week, took 12 hours....

[little me]

Chaps payments go as soon as they are keyed by the service centre that the details have gone to - you can call your bank throughout the day as they usually put a note on your account to say that a payments has been received, the amount and who its from - won't show as crediting your account until 00.01 tomorrow morning when the day rolls over.

HTH

Jane x

[Balmoral Green]

Thought this was about rent boys.

[simpo two]

The City boys need some time to gamble with it on the money markets. I guess if their punt goes down initially, they have to wait a bit to win it back...

[parrot of doom]

Still not there.

Bastards. Wheres my bloody money?

[wedg1e]

parrot of doom said:

Still not there. Bastards. Wheres my bloody money?

In a suspension account somewhere, earning money that you'll never see.



Sorry!

[D-Angle]

Between accounts with the same bank, same day if done before 3:30pm.

Between accounts with different banks, same day if done before 2:30pm.

Depending on the above, you might want to pop into a branch and ask them about it. Generally call centre staff don't have the facilities or phone numbers to chase this up.