CHAPS payment on a Saturday

[davek_964]

My bank (Natwest) says that if I do this on a Saturday, it will happen on that day (up to 2 hours) - I'd initially assumed it wouldn't happen until the following weekday.

Can anybody confirm they've successfuly done this on a Saturday? It would mean I should be able to pick up the new car 3 days earlier.......

[NickCQ]

Is it a really expensive car, i.e. is it CHAPS or a Faster Payment?

[davek_964]

Yes, it's a really expensive car. It has to be CHAPS because I cannot use online banking to transfer that amount of money.

[NickCQ]

davek_964 said:

Yes, it's a really expensive car. It has to be CHAPS because I cannot use online banking to transfer that amount of money.

ah, bugger. Will the seller accept a CHAPS receipt (once the payment can't be recalled)? Can you go into a branch?

[davek_964]

I will be doing it by going into the branch - NatWest have told me it will happen that day, so hopefully it will be ok. Was just hoping for confirmation that people had done it successfully but I guess I need to have faith in the banks!

Getting quite excited about it now - it was going to be 27th, but if I can get it on the 24th it feels much closer

[bugmenot]

Sounds like they may have mis-informed you. The CHAPS system doesn't even run on weekends: https://www.bankofengland.co.uk/payment-and-settle...

[xyz123]

If u r unsure, maybe you can

1. Send money using faster payment in batches if dealer accepts it. I think limit per day is £20,00p.
2.tranafer it on Friday. If you can't get to bank in Friday, then ask bank if you can visit earlier and arrange it in advance to go on Friday.

[davek_964]

bugmenot said:

Sounds like they may have mis-informed you. The CHAPS system doesn't even run on weekends: https://www.bankofengland.co.uk/payment-and-settle...

Hmm. That's odd - Natwest website says it will happen on Saturday, and when I called them they said the same.

Well, if it doesn't - I'll have to wait until the Tuesday. I can't do it earlier - the money I need to spend won't be in that account until the 24th, and I can't spend what I don't have!

[randlemarcus]

Depending on your bank, you may be able to ask for a higher faster payments limit temporarily. I did just that with Monzo.

[davek_964]

Other banks also seem to say it can be done - the difference is that the date it shows leaving your account will be the next working day, even though it went straight away. From RBS (Natwest says much the same) :

"If you are making a payment after 6.30pm, on a weekend, or a Bank holiday, the payment will normally leave you account immediately, and be available in the recipient bank account within a few hours. The date displayed when making the payment and on your statement will be the next working day.

Outside of these exception times the date displayed will be today, the payment will leave your account immediately, and will be available in the recipient bank within a few hours."

So I'm keeping my fingers crossed......

[NickCQ]

davek_964 said:

Other banks also seem to say it can be done - the difference is that the date it shows leaving your account will be the next working day, even though it went straight away. From RBS (Natwest says much the same) :

"If you are making a payment after 6.30pm, on a weekend, or a Bank holiday, the payment will normally leave you account immediately, and be available in the recipient bank account within a few hours. The date displayed when making the payment and on your statement will be the next working day.

Outside of these exception times the date displayed will be today, the payment will leave your account immediately, and will be available in the recipient bank within a few hours."

So I'm keeping my fingers crossed......

Is that specifically for CHAPs though?

[davek_964]

NickCQ said:

Is that specifically for CHAPs though?

Natwest have now changed their story - CHAPS can't be used at the weekend. Worse - they make their payments "at the close of business" on the weekdays - which is at 6.30pm. Meaning the dealer won't even get the money by the time they close on Tuesday, and I'll have to wait until Wednesday.

Not happy.

[Ziplobb]

Unless its changed in recent years CHAPS does not work at weekends.
edited to say if its a dealer why can't you use your debit card ?

Edited by Ziplobb on Tuesday 13th August 16:10

[davek_964]

Ziplobb said:

Unless its changed in recent years CHAPS does not work at weekends.
edited to say if its a dealer why can't you use your debit card ?

Edited by Ziplobb on Tuesday 13th August 16:10

Because there is a £25k daily limit

[anonymous-user]

The faster payment limit is 250k and your bank should increase your limit as a one off.

Edited by anonymous-user on Tuesday 13th August 16:47

[davek_964]

desolate said:

The faster payment limit is 250k and your bank should inxr see your limit as a one off.

Hmm. I did ask them and the guy said no. But I'll ask again.

ETA - Natwest : Our system doesn't even allow us to increase the limit....

Edited by davek_964 on Tuesday 13th August 16:54

[davek_964]

I've figured it out.

The issue was getting the money out of my account - so I'm now bypassing it going there in the first place. Instead of appearing in my account on the 24th, it will appear in the dealer account, and I can make up the balance with a faster payment or debit card.

Happy again!

[Cosworth4388]

davek_964 said:

I've figured it out.

The issue was getting the money out of my account - so I'm now bypassing it going there in the first place. Instead of appearing in my account on the 24th, it will appear in the dealer account, and I can make up the balance with a faster payment or debit card.

Happy again!

Good news, I’ve followed the thread about your purchase , I’m also thinking about a 650s
Currently got around 95k saved in my car fund ( and I would borrow the rest )but Now I’m getting stressed even thinking about spending the money so currently too scared to start looking properly LOL

[davek_964]

Cosworth4388 said:

davek_964 said:

I've figured it out.

The issue was getting the money out of my account - so I'm now bypassing it going there in the first place. Instead of appearing in my account on the 24th, it will appear in the dealer account, and I can make up the balance with a faster payment or debit card.

Happy again!

Good news, I’ve followed the thread about your purchase , I’m also thinking about a 650s
Currently got around 95k saved in my car fund ( and I would borrow the rest )but Now I’m getting stressed even thinking about spending the money so currently too scared to start looking properly LOL

My advice - if you find a car you like, make sure you can pay for it and take it quite quickly. The 3-4 weeks between paying my deposit and committing to spending far too much on a car - and not actually having the car - are not good! I'm more stressed about the whole thing than excited most of the time!
Still - I'm counting on the fact that the second test drive really impressed me - and I didn't have any doubts at all after that. So hopefully, once I actually collect it I'll relax a bit.......

[davek_964]

And, it's not resolved.

Now the dealer is telling me they cannot check payment on a Saturday because all the accountants work Monday to Friday.

Been into my NatWest branch, who say they know nothing of a £25k debit card limit. I was definitely told that on the phone, but the website doesn't mention limits for debit card payments.

The bank manager will call me on Monday to discuss. Telephone banking is telling me that the £25k is basically the limit where the fraud team will probably want to confirm its me.

Don't suppose anybody can confirm they've made a big payment via debit card with NatWest?

It seems that's the best way is the payment goes through.