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Yesterday I was told by my pension provider that a CHAPS payment had been authorised in the morning after 10am.
They said that missed the deadline for same day payment but was guaranteed before 5pm today.
Assuming they have done what they should have done and are not BSing me when will the money show in my account?
This is the seond attempt for them to send the money through and its a significant amount.
Getting a bit nervous to be honest.
Any one have any experience with this sort of payment?
Technically, CHAPS payments are guaranteed to appear by 5pm if submitted by 3pm. So, it sounds like they missed the 3pm keying cut-off yesterday
Practically, they're pretty much instant once they've been submitted, so if they're keying it today it should appear in your account very soon after they've done it.
CHAPS as a form of payment is rock-solid, it's what's used for all house purchases because of the guarantee of the delivery of the funds. It does still rely on someone keying the payment in time though.
Actually, I've just Googled and the cutoff times have changed and are much later than when I worked in a bank branch 30 years ago 🙂
Same principle applies though, the payment route is solid, but relies on someone keying the instruction.
Should be fine as long as your last name isn't Assad, Hussein or Putin and it needs a manual sanctions approval.
That and somebody actually keying it in time...
I was told it was authorised after 10am yesterday.
Lets hope they have done it correctly this time...............
'Authorised' may well mean "we've authorised that the payment can be keyed", and it then sat on the payment keying queue.
From years working in financial services, these things are far less slick then one might imagine. I'll bet a fiver that somewhere in a large office, someone on not much more then minimum wage has a pile of hundreds of printed payment requests and is working their way through keying them manually into a payments system, and yours is in that pile somewhere...
uff, Ill give then another call.
Thanks for the info Si.
No probs, I'll take 10% 😉
They have confirmed its authorised and keyed into the system so I will just have to put my patient face on.
Si, you are welcome to beer, food and a guided ride if you are ever in the Five Velleys .
you are welcome to beer, food and a guided ride if you are ever in the Five Velleys
Can't I just have the 10%? 🙂
Cheers chap, same offer stands if you're up in the Peak
They should be pretty much instant once keyed in as long as they are scheduled for immediate payment. You can schedule them up to 45 days in advance.
Once sent they might be flagged for a random security check, that's why they say they can take up to 2 working days to appear in your account.
Bit weird, but thought this looked like a timely post to add a query to...
Checked my pension earlier & weirdly a significant amount has been paid in that I wasn't expecting.
Any idea how this could have occurred? It was apparently via CHAPS payment, if that makes a difference?
Might be able to buy that retirement motor home after all now!!
Once sent they might be flagged for a random security check, that’s why they say they can take up to 2 working days to appear in your account.
Not with CHAPS, it's guaranteed to be cleared funds on the day of the payment, that's why it's used for house purchases. Any security checks (and they're very much not random...) have to be done within that time period.
Checked my pension earlier & weirdly a significant amount has been paid in that I wasn’t expecting.
Any idea how this could have occurred?
Who's it from?
"Practically, they’re pretty much instant once they’ve been submitted, so if they’re keying it today it should appear in your account very soon after they’ve done it."
Still not arrived................
Sympy, if its from AVIVA , its mine !! 🙂
Chaps is a guaranteed same day value payment as long as it’s fully authorised with the back before that day’s cutoff time.
The bank I work for it’s about 5pm - but it did used to be 3pm at my previous bank employer a number of years ago.
Assuming they’ve done what you said the money should arrive today. Subject to getting caught up in any sanctions / fraud filtering that goes on with both the sending bank and receiving bank. That could delay it if they need to get in touch with either the sender or the beneficiary.
IHN
Who’s it from?
It was from peteimpreza.....it was a (bad) joke. 🙂
Sorry @peteimpreza. Hope your money turns up soon!!
No worries a bit of light humour never goes amiss
woo hoo , its here!
We have just had one this morning that the solicitor swore had been done at 0900. At 1145 I was geting impatient and asked for proof of telegraphic transfer and 5 mins later she sent the pdf receipt, the money arrived 2 mins later. So I suspect that the other posters above are correct when they say it goes as soon as it is keyed in.