CHAPS Transfers
A recent case has clarified the position where a CHAPS transfer is made to an account with the correct account number and sort code but the incorrect name on the account. In Tidal Energy Ltd v Bank of Scotland plc ([2013] EWHC 2780 (QB)), the court looked at the CHAPS rules and the terms of the CHAPS transfer form which had been completed by the bank's customer.
The customer had brought a claim against the bank because it had instructed the bank to make a payment to one of its suppliers...
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