Chaps payments

[ThisInJapanese]

Typically when during the day should a Chaps payment arrive? I sold my car yesterday (Sunday) and the payment was made mid-afternoon.

It's between accounts in the same bank and some people have said that it's typically done by 10am on the first working day, others say it's done at the close of the day. Having never done this before I'm unsure when I should see it, and if the 'by the end of the day' is bankspeak for "it will happen, we just don't know when"

[LooneyTunes]

CHAPS is working days only, so it won't be despatched until today.

Typically companies will set up payments and then approve them later in the day, so you're at the mercy of those processes as well as the payment systems.

Why didn't they use Faster Payments? Cheaper and faster...

[Countdown]

There's no fixed time. Ours can hit the account any time but they're guarantted to be in before closing time.

Nowadays for instant payments we use FPS which is pretty much instantaneous (although I believe there's a £1m cap)

[ThisInJapanese]

LooneyTunes said:

CHAPS is working days only, so it won't be despatched until today.

Typically companies will set up payments and then approve them later in the day, so you're at the mercy of those processes as well as the payment systems.

Why didn't they use Faster Payments? Cheaper and faster...

There was a limit on Faster Payments which wouldn't cover the cost of the car.

Ideally, as the buyer is picking the car up today, we should have just taken an hour out of the day and gone to branch today to do it. However...

What I had hoped with Chaps was that I could have seen either in his account or mine that the payment was in process, much like I do with an upcoming wage payment, but that's not the case with this.

[ThisInJapanese]

Countdown said:

There's no fixed time. Ours can hit the account any time but they're guarantted to be in before closing time.

Nowadays for instant payments we use FPS which is pretty much instantaneous (although I believe there's a £1m cap)

Thanks, didn't see the FPS option yesterday, all the signposts were todays a Chaps payment.

[LooneyTunes]

ThisInJapanese said:

LooneyTunes said:

CHAPS is working days only, so it won't be despatched until today.

Typically companies will set up payments and then approve them later in the day, so you're at the mercy of those processes as well as the payment systems.

Why didn't they use Faster Payments? Cheaper and faster...

There was a limit on Faster Payments which wouldn't cover the cost of the car.

Ideally, as the buyer is picking the car up today, we should have just taken an hour out of the day and gone to branch today to do it. However...

What I had hoped with Chaps was that I could have seen either in his account or mine that the payment was in process, much like I do with an upcoming wage payment, but that's not the case with this.

For various reasons, most banks don't make the full Faster Payment limit available to retail customers. Not to mention the fact that some businesses like to give customers/clients the impression that "BACS" takes 3 days so if you want your money sooner you'll have to pay their inflated CHAPS fee.

If it's already been instructed, unfortunately it's a waiting game... buyer may be able to find out status by calling their bank (if it's an unusual transaction, they'll often get held up by fraud teams).

[gotoPzero]

Some institutions have set times that they process payments that are made out of hours. (so I was once told)

I believe 1330 and 1430 are common ones.

[ThisInJapanese]

Thanks all.

Ended up going into a branch, they cancelled the Chaps payment and did a cash transfer.