x
By using this website, you agree to our use of cookies to enhance your experience.

The Bank of England has said those whose house moves were delayed on Monday or yesterday by a temporary shut-down of the CHAPS electronic money-moving service should approach their own bank for help in covering additional bills.

Although CHAPS, the Clearing House Automated Payment System, operated as normal yesterday it is thought there were some hiccups with those moving house, following a nine-hour suspension of the system on Monday.

The Bank of England's Real-Time Gross Settlement System - of which CHAPS is a part - was suspended for most of Monday after a technical fault.

It is thought that the Monday problem may have led some agents into delaying deals that were to complete early this week and may have caused a small number of movers to incur additional costs, such as those for removal firms which were delayed.

RBS is reported to have used an alternative system - the Faster Payments System - to ensure that property purchases went through, but other banks may have had delays in transferring monies.

Mark Hayward of the National Association of Estate Agents said that the failure of the payments system will have a cascading effect and it is likely any payments will now be held up for a day or more as money takes time to transfer.

Bank of England governor Mark Carney has launched an Investigation into the glitch.

Comments

MovePal MovePal MovePal