Just closed the dozen or so old Nationwide ones that weren’t being used. At least they send out an email when they’ve a new account, Coventry don’t yet introduce new ones quite regularly. Skipton is worse with a massive list of versions of accounts all with different rates
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The CHAPS thing on Starling is just odd, how many customers are throwing over £1m around via them? Love to know the numbers for the time to build this.
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That is one club that I would like to join 
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I’d see it as the sort of thing most people would only ever encounter when buying or selling a house… hardly a priority feature.
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Much better to send them £1 first, then the £29999 after they confirmed they had it.
Even for a really big house you don’t need CHAPS as you could send It over a few transactions.
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Or have your eyes open when entering the name, account and sort code and paying attention to confirmation of payee which tells you it’s correct.
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This has pretty much removed the need to send a small amount first (something I’d always done previously) in my view.
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Don’t buy a car at the weekend for example if you use CHAPS, you can on FPS. The gates to send a CHAPS payment are also higher
The thing is most banks still have quite a lot of manual entry with CHAPS and that creates more risks and points of failure. There are tonnes of people who have had CHAPS not go through on time because the bank didn’t do the paperwork correctly.
FPS is instant, automated and as long as you put the right info in it’s reliable. There’s an absolutely tiny chance of an error an when there is one it’s always resolvable.
I avoid CHAPS like the plague tbh
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Depends. I’m guessing that there’s, for example, loads of John Smiths. I’d rather take five minutes extra on the assumption that, sooner or later, I will make a mistake and I’d rather lose £1 than £1000 or whatever.
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Yes but to get the account number, and sort code and it happen to be a John Smith but not your John Smith would be so astronomically low that the chances are your £1 first would flag something way before you chose the wrong person.
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Not necessarily. As an example, statistically in any group of just 23 people, two people will have the same birthday. Given that some names are quite common, I don’t know that it’s massively unlikely that you’d hit a sort code and account number for someone with the same name. Not very likely, I’ll grant you, but if you were sending a big chunk of cash, why risk it?
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A birthday and an account number are very very different. There are only 365 possible choices for birthdays, there are far more than that for account numbers. That also match the sort code. And the exact name. From the same bank.
I think you’re confusing the birthday analogy - they are not having to have the same birth year just the day they were born. Removing the birth year makes the chances far more likely.
You really, really are unlikely to have a false match with confirmation of payee enabled. To the point of absurdity to think you might send the wrong person money.
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Being technology there probably is room for error but I’m on the side of it being impossible to match incorrectly unless the system is broken.
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Of course. Nothing is perfect, I wasn’t arguing it’s not possible. More that it’s so unlikely it’s barely worth mitigating for.
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Reconsidering for what? Were you going to use it?
I’ve never had use in 20+ years banking 
probably also based on the fact I’m poor.
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It’s not even a thing you’ll likely ever use.
If it makes you feel better, you’ll definitely get a CIFAS marker if you use it 
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Some banks don’t charge (Barclays?) if you do it yourself online.
Generally you don’t need CHAPS.
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Starling isn’t a direct participant in CHAPS, so they will need to recover the fee from the bank they use.
I just find from a product perspective, a really weird thing to build and put in the app, the uses must be minimal
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I honestly don’t know why you were considering it in the first place. Everybody uses FP without even thinking about it because it’s the bank transfer standard.
I’m retired and I’ve used CHAPS once in my whole life (to buy a car many years ago).
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