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CHAPS and the evidence

I said I’d provide the proof….. Your money, being sent by your solicitor likely goes via CHAPS.

What is CHAPS?

CHAPS is a bank-to-bank electronic payment scheme

It is one of the ‘faster payments’ options made available by the Bank of England (like your debit card, or a BACS payment). What makes it stand out for the purposes of this post is that its real-time. But hey, don’t take my word for it. Lets use the video from Youtube, created by none other than the Bank of England. While it talks of ‘same-day’ you’ll note the references to real time.

I’m fully expecting any conveyancers getting shirty over the contents of this to have watched the video whereupon they’ll email and repeatedly tell me ‘same-day’. I could understand the straw-clutching.

RTGS stands for real-time gross settlement

However, I’m hardly going to hinge my entire case on one YouTube video.

Also, here is the Bank of England’s page on CHAPS

I figured written evidence from the Bank Of England might be useful. Afterall I’m also up against the natural cynicsm (which I understand, and empathise with) that a ‘removal man’ (a term once used at me as an insult in my perception by the boss of the Bold Legal Group when I dared question this stuff in public on ‘EAT’) could be wishing to court contest over working practices by solicitors and conveyancers. So I have here an email from the BofE. I wont name the lady in gainful employment at the Bank but suffice to say I was sat next to this very pleasant person at the RICS headquarters at a HSBG meeting last year and she very, very kindly offered up an explanation to satiate my curiosity. She confirms my suspicions and assertions about CHAPS being real-time, and the fastest of all payment options (including your debit card for example).

My charge is simple. When conveyancers and solicitors tell their clients they’re ‘waiting for the money’ they are telling an outright lie. What they should be saying is,

we’re waiting for an antiquated working practice lacking in urgency, empathy or care, to ‘do its thing’. We’re literally waiting for people to get round to checking a bank account then advise other people, likely only by email, which you then are waiting on being picked up

What response do you think this would garner from people who simply want to get on with achieving, completing and enjoying their move into they new home? An event they began the day excited by and looking forward to.

Its time to start applying pressure here, in the right way.

The solicitor/conveyancer who is too lazy and too sociopathic to think about the fact they are acting for first in chain with 4 above who only sends funds at 10:30am instead of pre-programming for 6am needs calling out.

The solicitor who because its ‘what they’ve always done’ doesnt bother checking or requesting a check of their client account until 1pm on any day needs calling out. The funds may have been there for hours.

The solicitor who sends funds on and only barely complies with the codes call for an email to be sent instead of making effort, needs calling out.

The entire profession that considers it ‘one of those things’ that good people are left miserable on moving day due to their lack of competence, concern and empathy need calling out.

This post provides some evidence of why ‘waiting for the money is absolute bullpoo.

I have plenty more evidence yet to add to it if anybody really wants to be brave enough.