Received a substantial payment from a direct savings bank today by 3 day BACS payment to a natwest current account which I then wanted to pay out by CHAPS, went in this morning to arrange the payment, after having done all the paperwork the clerk went away to photocopy the id and sort it out, when she came back she said that the payment would go out first thing Monday because until 3pm the payment could be reversed and 3pm was the cut of time for the CHAPS payment.
Now I have never had problems drawing funds received electronically before and being cynical i am a bit suspicious of this, my thoughts are
natwest are pulling a fast one and are deliberately delaying payments so they have money for one working day (which unfortunately includes the weekend)
or
the receipt/payment is so large/unusual for an account with a usual balance of 100 that it is delayed due to notification NCIS and subsequent clearance and the tale told was a line spun to not fall foul of tipping off rules
or course it could be true but they usually waive this on small things like wage payments (as I know from experience at work BACS payments can be reversed after 3pm on the crediting day)
Your thought would be appreciated
Chris