dangers of giving bank details to buyers?

Hintza

Well with Barclays you get the option of puting in a ref name/number. You could ask seller to input the Ebay nimber or their user id.

kilo_2

For sellers who are still fearful of giving their account details, it might be worth opening a second account with your bank (typically a basic one). You can then run this account empty but receive payments through this and then transfer the payment to your current account online.

Rhino666

There is nothing wrong with giving out basic bank details ie. sortcode, account number and account name.
A cheque has the same information and more + your signature on it.

Ebay obviously don't encourage this because it sidesteps fees to paypal, which is owned by them. In my Ebay dealings I have come across a number of sellers who are reticent about using this method of payment which can be a little irritating if they don't take paypal, if a quick transaction is required. Posting cheques is a pain and the kind of ebayer who is not flexible enough to take a direct payment to their bank account may well wait the required time for my cheque to clear before posting out goods.

As a previous poster has already said this is a free risk free method of transferring money and the sooner people become enlightened about this the better.

soolin

For sellers who are still fearful of giving their account details, it might be worth opening a second account with your bank (typically a basic one). You can then run this account empty but receive payments through this and then transfer the payment to your current account online.

kilo, there is no need for all this opening other accounts and stuff. I am happy for anyone to have my bank sort code and account number, like rhino says this is a perfectly safe way for a seller to receive payment. After all, what can a buyer do apart from willfully pay money *into* your account If having your sort code and account number available was a danger then surely they would have stopped us using cheques where this information is clearly shown, ages ago?

personally I like bank transfers where someone is reluctant to use paypal (I prefer paypal). I hate cheques with a passion. I *still* have an outtanding matter with a cheque in my account which has been going on now for over 6 weeks.

Soo

MarkyMarkD

There is nothing wrong with giving out basic bank details ie. sortcode, account number and account name.
A cheque has the same information and more + your signature on it.

Ebay obviously don't encourage this because it sidesteps fees to paypal, which is owned by them.  In my Ebay dealings I have come across a number of sellers who are reticent about using this method of payment which can be a little irritating if they don't take paypal, if a quick transaction is required.  Posting cheques is a pain and the kind of ebayer who is not flexible enough to take a direct payment to their bank account may well wait the required time for my cheque to clear before posting out goods.

As a previous poster has already said this is a free risk free method of transferring money and the sooner people become enlightened about this the better.  

Oooh, all the conspiracy theory.

Obviously ebay encourage paypal because they own the business. But paypal also has some accountability and security for the buyer.

If you pay by direct bank transfer there is NOTHING to stop the recipient stealing your money and failing to deliver. OK you can give them bad feedback - big wow. But actually getting the money back will be murder compared to getting it back from paypal IMHO.

bleughbleugh

no dangers at all really

cheques have all your details (and signature for them to copy) anyway!

just plain account number and sort code and name are safe as houses

https://www.paypalwarning.com
https://www.paypalsucks.com

veronarona

But paypal also has some accountability and security for the buyer.

Not unless the seller deigns to allow his PayPal account to be verified.

Generally, Bank Transfer is better than a cheque for the seller, carries the same risks as a cheque for the buyer, and is tons more convenient for both.

If eBayers are equipped to use eBay, then they are equipped to use online banking, what the hell's the matter with some of them?! They're confusing debit/credit card details with bank account details.

I'm fed up with sellers responding "I don't give my bank details out over the internet" and refusing to check with their bank before turning me down.

Rant-rant-rant!

veronarona

welnik

"But paypal also has some accountability and security for the buyer" Have to disagree with this. If a buyer uses a stolen credit card and you despatch the goods the same day. Its a couple of days before you get to find out and basically PAYPAL deducts the money back from you and washes its hands of the matter. No seller protection whatsoever!

Jonni2bad

PAYPAL deducts the money back from you and washes its hands of the matter. No seller protection whatsoever!

Try Nochex - a British institution that operates in a similar way to PayPal, BUT they do not have chargebacks against the seller AND it's less expensive at 2.6% +20p - I think PayPal charge 3.4% ?? AND (do you need any more ANDs?) they transfer cash back to you in 3 - 4 working days, unlike PayPal's 7-9 days

enough, enough, enough......

I LOVE BANK TRANSFERS!!!

Hintza

Bump