SuperSeagulls

Hi,

CHAPS..is that where you just transfer the money online?

Cheers

SS

beach bound

Hi

Yes, CHAPS is just a way of making an online payment. I bank at Nat West and wanted to make the payment to HIFX in the fastest way and so chose the electronic payment method of CHAPS. I think you have to do it via your bank as they can confirm you have cleared funds (but not sure). Nat West just asked me to confirm I wanted to make an immediate payment. I asked about it and the guy said CHAPS was a safe and efficient way of making a same day payment to a UK bank. It cost me £23 (a bit costly given that it probably just entails the press of a couple of buttons!!!) to do the payment this way, but for me it was money worth paying as I wanted to make sure my money got to HIFX straight away so that the next onward payment could be made asap.

As an aside, it was all a bit of a funny situation - when I asked at the counter about making a transfer I was passed on to a 'manager' who whisked me off to an office upstairs to discuss further. This is obviously the world of the big financial dealers - well at least in my little Nat West branch!! - and to top it all I was told that they needed to do a couple of 'extra' security checks including writing down on the form the fact that I was 'not at work today because it was half-term and I had the day off - children with me (just to prove it)', i.e. explaining why I could possibly be there making such a finanical undertaking when I am usually a full-time worker!!! I think it threw them that I was buying currency and not transferring money from a property sale (the norm for CHAPS payments at my branch!!). I did have to have a little smile to myself on this one!

BB