What is a CHAPS payment?
CHAPS means ‘Clearing House Automated Payments system’ and is a method the banking institutions use for moving funds between themselves on a ‘same day’ basis. Gabem pays its bankers a fee for this service. The money leaves Gabem’s account and credits your account the same day. Please note that the banks always state by the close of business as the time the money will actually hit your account is dependent on the many steps between the banks and also the procedures within the receiving bank. Even if your payment leaves Gabem’s account at 08.30 it may only credit your account at 16.59, which is still deemed to be ‘same day’.
