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.......

[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.

[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

[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!

[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......

[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.

[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

[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!

[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.

[davek_964]

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.

[davek_964]

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]

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]

Thanks, that's good news. If the original person hadn't told me on the phone that there was a £25k limit on debit cards I wouldn't have been worried.
I have no problem with the fraud team calling so hopefully it will all go through on Saturday by debit card.

[davek_964]

I won't be doing faster payment - that definitely does have a £20k limit per day

[davek_964]

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.

[davek_964]

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!).

[davek_964]

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!