Need URGENT advice about CHAPS payment please
Discussion
A guy is coming to look at my car within the next hour and initially intimated he was beinging cash. His partner has sent me a text saying they are at the bank and asking if I would accept a building society cheque or CHAPS payment.
I have told them that BD cheque id adefinite no go (I'm not that naive) but will accept CHAPS but won't hand over the car until the money is in my account.
We were just discussing this in the office and someone has cast doubt about the security of CHAPS payment and whetehr they can be reclaimed.
Can anyone please give a definitive answer rather than just opinion on whether CHAPS payments can be reclaimed please?
I have told them that BD cheque id adefinite no go (I'm not that naive) but will accept CHAPS but won't hand over the car until the money is in my account.
We were just discussing this in the office and someone has cast doubt about the security of CHAPS payment and whetehr they can be reclaimed.
Can anyone please give a definitive answer rather than just opinion on whether CHAPS payments can be reclaimed please?
According to the 'chaps' at UK Payments Administration (formerly known as APACS):
UKPA said:
The main benefit of CHAPS is that it is fast as the money is transferred the same day. Unlike other forms of payment such as cheques, CHAPS payments are irrevocable.
http://www.ukpayments.org.uk/payment_options/chaps/Gassing Station | Finance | Top of Page | What's New | My Stuff