CHAPS payment on a Saturday
Discussion
Our card machines at work are limited to £66k. No idea where that number comes from!
As for CHAPS they will execute on a Saturday but they wont show as cleared funds till Monday in the recipients bank but it will leave your bank that day and may show in their account too but as uncleared funds. I had this exact problem only a few weeks ago.
I repeatedly told the buyer to send the payment before 2pm on Friday but he refused and turned up on the Saturday sent it CHAPS and guess what... no money in our account.
As for CHAPS they will execute on a Saturday but they wont show as cleared funds till Monday in the recipients bank but it will leave your bank that day and may show in their account too but as uncleared funds. I had this exact problem only a few weeks ago.
I repeatedly told the buyer to send the payment before 2pm on Friday but he refused and turned up on the Saturday sent it CHAPS and guess what... no money in our account.
red_slr said:
Our card machines at work are limited to £66k. No idea where that number comes from!
Ah, that would be a problem - I'll be paying more than that.I'm beginning to think I should just take the penalty for early withdrawal. The penalty I was originally given was wrong (do any banks actually have staff that know the rules???) and now I know the correct figure, it will be less than a couple of tanks of petrol. It's a bit frivolous, but frankly if the difference between picking the car up first thing Saturday morning, and finding that I can't make the payment and an delayed until the Tuesday or Wednesday of the next week - I think I'd rather just take the hit. On a 6 figure car, it is a very small drop in the ocean.
DSLiverpool said:
Sold my car today (saturday), chap paid by faster payment from Nat West using the little blue card reader thing - they say it will take 2 hours to arrive in my Halifax account
Yep, but faster payment definitely is limited to £20k with Natwest. Plus - as it now turns out that the dealer can't check electronic payments on a Saturday anyway, a physical card payment would work better. But I am concerned I'll hit limits.I'll see what the bank says on Monday.
davek_964 said:
DSLiverpool said:
Sold my car today (saturday), chap paid by faster payment from Nat West using the little blue card reader thing - they say it will take 2 hours to arrive in my Halifax account
Yep, but faster payment definitely is limited to £20k with Natwest. Plus - as it now turns out that the dealer can't check electronic payments on a Saturday anyway, a physical card payment would work better. But I am concerned I'll hit limits.I'll see what the bank says on Monday.
red_slr said:
Ask the dealer what their card machine limit is - they should know. I would have thought they may have some charges though.. even on debit cards. Most merchants now pay a % on both CC an DC.
They don't seem worried by charges - it was them that originally suggested debit card. I will get him to check their limits though.davek_964 said:
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.
I have just read this thread for the first time and was about to post the question "what is the issue with a higher payment?" and I think you have just answered this.Just phone up & go through the added security for this then, it isn't an issue, it just delays it by an hour or so.
I had to do this myself at the end of last year.
Phone banking payment of £96,000, "well get back to you" within the hour (on my registered phone number) the anti-fraud dept rang me, went through the reasons for the payment and a few cautionary points after a bit of additional security, job done, the payment was there within the hour.
davek_964 said:
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.
Maybe a bit late now but I've made transactions with Natwest debit cards before over 25k. 1 time I spent around 20mins on phone to fraud team confirming various details, Other times sailed straight through all around 50kNow 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.
Be careful with NatWest faster payments though. My last car they stopped the payment to check for fraud, but didn't tell me, and the website said it was paid.
Only reason I found out was the dealer didn't receive the money so I called NatWest who said they'd put a hold on it, and "no the fraud dept don't call you have to call them".
They couldn't answer how I was supposed to know it had been put on hold.
Oh, and I'd called them prior to this and been assured there was a note on my account and there wouldn't be a problem
Only reason I found out was the dealer didn't receive the money so I called NatWest who said they'd put a hold on it, and "no the fraud dept don't call you have to call them".
They couldn't answer how I was supposed to know it had been put on hold.
Oh, and I'd called them prior to this and been assured there was a note on my account and there wouldn't be a problem
davek_964 said:
I won't be doing faster payment - that definitely does have a £20k limit per day
Per transaction, but not in total, I paid 30k in one day, just as 3x10k payments. In that case the second and third were out on hold by the fraud team too, but I was expecting that, so called and got them released within the hour.keirik said:
Per transaction, but not in total, I paid 30k in one day, just as 3x10k payments. In that case the second and third were out on hold by the fraud team too, but I was expecting that, so called and got them released within the hour.
I'm guessing you have a premiere account. Their website says £20k for basic account, £50k for premiere and it's per day - and per customer, not per account.Anyway, Faster payment won't work on a Saturday because they can't check they've received it. Either debit card will, or I won't be collecting it until mid week next week.
keirik said:
Be careful with NatWest faster payments though. My last car they stopped the payment to check for fraud, but didn't tell me, and the website said it was paid.
Only reason I found out was the dealer didn't receive the money so I called NatWest who said they'd put a hold on it, and "no the fraud dept don't call you have to call them".
They couldn't answer how I was supposed to know it had been put on hold.
Oh, and I'd called them prior to this and been assured there was a note on my account and there wouldn't be a problem
RBS (same group as NatWest) did the same to me on multiple occasions, sometimes for quite small sums. Their fraud systems seem to be a little on the sensitive side! I don’t use them as my main bank any more...Only reason I found out was the dealer didn't receive the money so I called NatWest who said they'd put a hold on it, and "no the fraud dept don't call you have to call them".
They couldn't answer how I was supposed to know it had been put on hold.
Oh, and I'd called them prior to this and been assured there was a note on my account and there wouldn't be a problem
OP, if it’s not a daft question, if you’re wanting to pick up on a Saturday why not do a CHAPS the day before you’re going to collect? Most banks seem to release the money shortly after they’ve finished the security processes rather than it being an end of day thing, so you’d then have that all taken care of before collecting the car.
LooneyTunes said:
OP, if it’s not a daft question, if you’re wanting to pick up on a Saturday why not do a CHAPS the day before you’re going to collect? Most banks seem to release the money shortly after they’ve finished the security processes rather than it being an end of day thing, so you’d then have that all taken care of before collecting the car.
It's just not possible. ISA Maturity date = 24th, which is unfortunately the Saturday of a BH weekend. The mail I've received about the account suggests that I may have access to the money after 6pm on the Friday, but that's still too late since the bank will be closed.I intend to try using a debit card, and just accept that if it doesn't work I will not get the car until Tues or Weds of the following week. But hopefully it will even if I need to have a conversation with the security / fraud team. I will warn them the day before that I'm going to make that transaction anyway so hopefully that will help (although the post above suggests it won't!).
Reminds me when I went to collect my 355,
Informed the bank twice, a few days before and the morning of purchase.
Travelled over 5 hours to collect, made the payments on the way just incase, arrive and only one of the payments made it, the banks fraud team put one of the payments on hold.
Got to within half hour of the place closing that the fraud team put it through
Informed the bank twice, a few days before and the morning of purchase.
Travelled over 5 hours to collect, made the payments on the way just incase, arrive and only one of the payments made it, the banks fraud team put one of the payments on hold.
Got to within half hour of the place closing that the fraud team put it through
LooneyTunes said:
keirik said:
Be careful with NatWest faster payments though. My last car they stopped the payment to check for fraud, but didn't tell me, and the website said it was paid.
Only reason I found out was the dealer didn't receive the money so I called NatWest who said they'd put a hold on it, and "no the fraud dept don't call you have to call them".
They couldn't answer how I was supposed to know it had been put on hold.
Oh, and I'd called them prior to this and been assured there was a note on my account and there wouldn't be a problem
RBS (same group as NatWest) did the same to me on multiple occasions, sometimes for quite small sums. Their fraud systems seem to be a little on the sensitive side! I don’t use them as my main bank any more...Only reason I found out was the dealer didn't receive the money so I called NatWest who said they'd put a hold on it, and "no the fraud dept don't call you have to call them".
They couldn't answer how I was supposed to know it had been put on hold.
Oh, and I'd called them prior to this and been assured there was a note on my account and there wouldn't be a problem
Just an update to close the thread.
The car dealer had a £75k per transaction limit on the car machine so we split the payment. First payment for £44,950 went straight through.
Second one for £40,000 was declined. Tried again, declined again.
Was calling Natwest when I got a text about all 3 transactions - including the one they did authorise. A simple 'Y' back, and the next payment worked.
Since it's PH - this is what two big debit payments, plus the deposit I'd paid, plus an Aston Vantage and Alfa Romeo Spider as part ex got me. This morning, it feels like it was a good deal!
The car dealer had a £75k per transaction limit on the car machine so we split the payment. First payment for £44,950 went straight through.
Second one for £40,000 was declined. Tried again, declined again.
Was calling Natwest when I got a text about all 3 transactions - including the one they did authorise. A simple 'Y' back, and the next payment worked.
Since it's PH - this is what two big debit payments, plus the deposit I'd paid, plus an Aston Vantage and Alfa Romeo Spider as part ex got me. This morning, it feels like it was a good deal!
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