Re: BACS v CHAPS

Bitstring <1175292879.678773.250770@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>, from the wonderful person ian.tomes@xxxxxxxxx said
On 30 Mar, 11:47, "LSR" <nos...@xxxxxxxxxx> wrote:
I just had a Northern Rock fixed-term investment mature. They say
"unfortunately we can't transfer the balance by BACS to your bank account";
the only options to get the money are a cheque by post, or a CHAPS transfer
which costs me £35.

Why can't they use BACS? (which I believe should cost 70p or so). Cheques do
have the habit of getting lost in the post - assuming they get sent in the
first place - and it's probably real hassle getting a replacement issued.

--
LSR

Given that the form gives a choice of Cheque or CHAPS but not BACS, I
would suggest that this is NR ensuring they avoid the situation where
an investment is greater in value than the BACS limit of £10,000. If
they dont give the option they cant end up having to go back and make
different arrangements.

What BACS limit? I frequently move more than that by BACS, and AFAIK the banking system uses BACS for even larger amounts than me (add several zeroes)?

--
GSV Three Minds in a Can
8,013 Km walked. 1,453Km PROWs surveyed. 26.4% complete.
.

Relevant Pages

  • Re: BACS v CHAPS
    ... Why can't they use BACS? ... the fixed-term account opening process requires a cheque in the ...
    (uk.finance)
  • Re: BACS v CHAPS
    ... which costs me £35. ... Why can't they use BACS? ... Given that the form gives a choice of Cheque or CHAPS but not BACS, ...
    (uk.finance)
  • Re: BACS v CHAPS
    ... which costs me £35. ... Why can't they use BACS? ... Given that the form gives a choice of Cheque or CHAPS but not BACS, ...
    (uk.finance)
  • BACS v CHAPS
    ... "unfortunately we can't transfer the balance by BACS to your bank account"; ... the only options to get the money are a cheque by post, ... which costs me £35. ... Why can't they use BACS? ...
    (uk.finance)
  • Re: BACS v CHAPS
    ... account"; the only options to get the money are a cheque by post, ... a CHAPS transfer which costs me £35. ... Why can't they use BACS? ...
    (uk.finance)