Chaps payment

[PositronicRay]

From Santander to Lloyds

Went along with elderly relative to bank, transferred funds (13.30 Wed) Recipient has just sent me a text that it's not been received.

I've checked the receipt all the numbers match (Acc and sort code received by post, email and text)

Could this have been delayed by the bank(s)?

[trickywoo]

How much?

I’d be getting worried.

[PositronicRay]

A lot

I was too, all sorted now, Santander failed to action the CHAPS (receipt from wed) and failed to notify my MIL. They did it while we waited and recipient confirmed the credit to his account.

[Dr Mike Oxgreen]

I presume you’ll be demanding a refund of the CHAPS fee?

[dazmanultra]

CHAPS is supposed to be guaranteed same day settlement isn't it? That could really have messed things up for you had you been relying on the transfer to complete a house purchase!

[PositronicRay]

CHAPS fee refunded.

I really thought go to bank, ID etc transfer funds, get receipt, go home, job jobbed.

No it seems despite all that they may or may not complete the transaction, and can't be bothered to tell you.

Ended up sitting with bloke @ the bank while he did it, phoned recipient, confirm funds transferred, go home.

[markcoznottz]

Astonishing. You should pursue further over the local banks head.

[HTP99]

I really don't BACS and CHAPS payments; why are there 2 different kinds of payment options and why there is a cost for the faster payment.

I log on to my Internet banking or use my app and I can transfer money to any account (so far any account that I have encountered), instantly and for free.

[PositronicRay]

HTP99 said:

I really don't BACS and CHAPS payments; why are there 2 different kinds of payment options and why there is a cost for the faster payment.

I log on to my Internet banking or use my app and I can transfer money to any account (so far any account that I have encountered), instantly and for free.

It all seems a bit archaic doesn't it.

Internet banking does have max amounts, sensibly. In this instance MIL does not use online stuff and the transfer would have been over the limit.

[Countdown]

HTP99 said:

I really don't BACS and CHAPS payments; why are there 2 different kinds of payment options and why there is a cost for the faster payment.

I log on to my Internet banking or use my app and I can transfer money to any account (so far any account that I have encountered), instantly and for free.

CHAPS and “Faster Payments” are slightly different. FPS are free but IIRC there’s a £10k limit (different banks have different limits). There’s no limit with CHAPS but there is a charge. There’s no charge with BACS but it’s not “same day “. FPS and CHAPS are fine for one-off payments but if you are paying hundreds/thousands of invoices in a payment run you don’t want to be sat there keying them in one by one into the online system.

Different horses for different courses.