Need URGENT advice about CHAPS payment please
Need URGENT advice about CHAPS payment please
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Tyre Tread

Original Poster:

10,624 posts

232 months

Thursday 1st September 2011
quotequote all
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?

Davel

8,982 posts

274 months

Thursday 1st September 2011
quotequote all
I'd check with your bank to be certain.

As you say, you need cleared funds before releasing it.

ralphrj

3,843 posts

207 months

Thursday 1st September 2011
quotequote all
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/

F458

1,009 posts

185 months

Thursday 1st September 2011
quotequote all
CHAPS will be fine but it can take till close of business (6pm ish) for the funds to clear. If he does the transaction past the cut off time then (dependent on banks) then it could mean that it wont clear until tomorrow close of business. (6pm ish)

Tyre Tread

Original Poster:

10,624 posts

232 months

Thursday 1st September 2011
quotequote all
Thanks guys. It appears as long as it shows into my account same day its fine but if it's not in by end of day then can be recalled overnight.