Bank transfer question

RonF_2

I'm accepting payment by bank transfer for the first time.

At what point is it safe to send the item?

Do I have to wait for the funds to clear, or if the buyer provided proof they'd made the transfer would that be enough?

The reason I ask is I'd like to get the item to the buyer as soon as possible.

Thanks.

frivolous_fay

If you had a faxed confirmation from the bank that the transfer had been actioned, in theory that would be confirmation that the money was going through... but personally I'd be happier waiting for it to clear; it doesn't usually take more than about 3 days.

Is it possible for them to pay cash direct into your bank account over the counter? That would be instant.

Hintza

If they bank with the same bank or pay the money in via a branch of your bank as cash the you can post immediately. I assume you can check via internet banking.

If they pay via another bank then it will take 3-4 days and I would wait until it has shown up in your account. If they send you a scan of the payment slip you might want to send it out earlier (but you this obviously has a slight risk attached)

Hope that helps

soolin

A while ago on another thread on MSE someone posted that they had successfully recalled their bank transfer but only because it was recalled on the actual day it hit the other persons bank. I have no idea whether this was an urban myth story or not, but to be on the safe side for very large amounts I would not post until the day after I received the payment in my account.

For smaller amounts I tend to post on the day I get the payment, but never before, but then i rarely get bank transfers anyway. My last NPB was supposedly paying by bank transfer and after 10 days of checking every day whether the payment had arrived and getting asked whether i had sent the item..she got NARU'd and a closer inspection suggested an out and out scammer as several people had negged her for non payment as they had sent the item on trust as her feedback was sort of OK (13 positive if I recall correctly)

Soo

Tirian

As a rule, I never send out any item until a payment has cleared. Be it bank transfer, cheque, or whatever. Occasionally I will bend the rule for low value items if it is going to be a significant hassle to me to post later - or if I am dealing with a trusted repeat customer. (My best customers I have built a strong personal relationship with and have occasionally sent out their items before their cheque has even arrived ...)

A transfer that is being processed can still bounce, so even if you have proof that they have initiated the transfer it's not guaranteed that you will receive the money. Basically, until the money is actually in your hand or in your bank account, it's not guaranteed in any way - and you should treat it as if you'd received nothing.

Tirian

Mr_Meanie

I accept eBay payments by bank transfer, I usually wait until the payment appears in my account, (takes about 3 days, it only takes a minute to check online) before I post out, but as soolin suggested if it was for a large amount I would be tempted to leave it for an extra day and check again, just to be on the safe side.

RonF_2

Thanks everyone. I appreciate the advice.