Ebay motors safest form of payment

Joolsy_2

When I sold my car on ebay I only accepted cheque, that way you only release the car and documents once you see the cash cleared safely in your bank account.

pinkgem

Joolsy wrote:

When I sold my car on ebay I only accepted cheque, that way you only release the car and documents once you see the cash cleared safely in your bank account.

cheque can be cancelled after they have cleared

nanoos

Are you sure cheques can be cancelled once cleared. I thought this was not possible.

I would say bank to bank transfer appears to be the most reasonable option so far.

Blacksheep1979

The way I always checked cash - especially £50's was to rip through where the silver strip is. Now on a real one the strip is embedded into the note, with a fake it isn't.

pinkgem

nanoos wrote:

Are you sure cheques can be cancelled once cleared. I thought this was not possible.

I would say bank to bank transfer appears to be the most reasonable option so far.

yes because it has happened to me before!

a cheque for £3600 was paid into my account, i checked online banking every day until the day the funds appeared. The same day I withdrew the £3600 cash, then after checking online banking a few hours later found that I was over £3000 overdrawn! :eek:

seems that it was a Citibank cheque and the sender of the cheque managed to cancel it after it had cleared

luckily i still had the item he was paying for as he was going to collect but could not get hold of him for a few days

went to the bank to find out what had happened and they couldn't understand it, they agreed not to charge for going £3000 overdrawn though

the person got in contact shortly after, his reason for cancelling was that his wife has also written a large cheque from same account and they realised they did not have enough funds/credit available so cancelled my cheque, then paid cash when they collected the item

Crazychik

Totally agree, after recently selling OH's car and purchasing a newer one, both transactions was dealt with cash

No £50 notes either, as they are harder to get rid of if your shopping (unless you bank them)

Crazychik

nanoos wrote:

So would I be safer going for the bank transfer or is there a risk of being conned there....

Thanks.

Hi, I transfer money every month from one bank account to another, (savings) IMO Ive never had a problem, Ive even done a bank transfer to a seller on ebay, No problems there.But that was for £80

For re-assurance, especially the amount of money in question, ring your bank for advice! Ask if there is any way, that after the transaction is made - can the other person cancel it any time - even if the funds are in your account, or even after you've withdrawn the money!

I dont think there could be any come back. No harm in asking though

Good luck

ben500

nanoos wrote:

Are you sure cheques can be cancelled once cleared. I thought this was not possible.

I would say bank to bank transfer appears to be the most reasonable option so far.

Believe it or not a cheque is never actually cleared and can be returned for funds at any time. Even if you pay to have a cheque "expressed" it can still bounce at a later date.

nanoos

I have just spoken to my bank who said that a Cheque can be cancelled upto 6 days after it has cleared your account...Well you learn something new everyday.

I was advised bank transfer is a good form of payment or bankers draft but this takes 3 days to clear but it cannot be cancelled once cleared unlike a cheque.

soolin

nanoos wrote:

I have just spoken to my bank who said that a Cheque can be cancelled upto 6 days after it has cleared your account...Well you learn something new everyday.

I.

Your bank is still wrong on a tecnicality, and the 6 day time limit for normal clearance doesn't come into effect until November.:

http://news.bbc.co.uk/1/hi/business/6144756.stm

In addition, cheques will clear with absolute certainty after six days, unless the bank or other financial institution suspects that fraud is involved.

Currently, cheques can be rejected by a bank at any time if fraud comes to light later - possibly many weeks or months later - even if the person paying in the cheque has acted honestly, withdrawn the money and then spent it.

Although this happens very rarely, the potential problem was revealed by BBC Radio 4's Money Box programme two years ago.

Sandra Quinn, of the Association of Payment Clearing Services, said: "At the moment cheques are not certain - we have just agreed they are."

The new rules start in November 2007.