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Why does it have to cost to make a bank transfer


sanfairyanne
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At midnight tonight I have a bond maturing at Natwest. I want to close down the account and Natwest have offered three ways of doing that.

 

1. A CHAPS transfer to my regular high street bank.

 

2. They order me a bank card and I take out a bit each day.

 

3. I request the full amount in cash.

 

As I'm leaving the country for 6 months on Sunday the last two options won't work. Therefore I'm told I have to use the CHAPS method, but the fee is £23.

 

Surely there's a way of doing this without a fee, from what I can gather CHAPS is a premium same day service. I would imagine the bank could do a BANK GIRO CREDIT or a BACS payment. The bank says they will only do a CHAPS but I don't believe this and I don't see why I should have to pay for it especially when my money has made so little interest in the first place.

 

I'd really appreciate help on this matter. £23 might seem like nothing but it's a lot to me.

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After 3 visits to my bank they finally told me that I could request a cheque book then write a cheque and pay that into my regular bank. My recommendation for anyone in this situation:

 

Understand that the CHAPS is a premium one day service. Take into account how much time that one day service saves compared to any other method. Then work out how much (if any) interest you will save by doing this.

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Nationwide told me the same thing but the Natwest seem adamant that I have to pay the CHAPS fee, which incidentally they say is £23 Nationwide tell me their fee is £20. I know I'm being pathetic complaining about the CHAPS fee but when you make 0.99% interest every little bit counts.

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Can you not access your account online and do a transfer, thats all I do..I put in sort and account code of my RBS account and transfer and its done straight away.

 

I am aware though that other (non-bank) comapnies will charge, for example the Umbrella company I used for contract job will pay me BACS taking 2-3 days or instantly at a cost of £35.

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No it was never recommended to me to have an online account, in fact the account is a savings account which I think I'm right in saying cannot be accessed online. This all just boils down to bad advice from Natwest, I'm going to pay the £23 fee for CHAPS tomorrow morning and be done with it. Call me mean but the bond will mature with close to £100,000, well I figured if I waited for Natwest to issue a cheque book I'd lose a weeks worth of interest on that sum. If I was getting 3% interest that's approximately £60 a week so it makes the CHAPS fee seem worthwhile.

 

I just don't like the way I'm being forced into paying for CHAPS when other banks tell me they'd write a cheque free of charge.

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Yes it does go into a nominated account, that account is a savings account so I am told I can't have a debit card, I could apply for a cheque book but it will take several days (probably a week) to get the book and of course about 4 days for the cheque to clear.

 

I'm going to begrudgingly pay the £23 CHAPS fee.

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For £100,000 CHAPS is the right service - if you need it all in one go.

CHAPS has a charge because like you said it is a premium service and there is a lot of manual checking involved.

 

Would they be willing to offer you a banker's draft? (It will probably cost you, but less than a CHAPS payment)

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Well I just came back from Natwest having paid for the CHAPS service. Interestingly one of the clerks helping me told me they could set up a SWITCH payment for free, remember I'd asked about this at two branches and nobody had mentioned a Switch payment, in the end they couldn't give me any real idea how long a SWITCH payment would take so I just decided to do it via CHAPS. No mention of a bankers draft was ever made. In future if I ever open another bond I will make sure that I am given a cheque book to go with the nominated account.

 

I'm not so much irritated by paying the fee as by the lack of knowledge of Natwest staff, thankfully I will have no further need for them.

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