Fast transfers - how safe are they?

andygb

I have used a fast/immediate transfer before when selling a car, and yesterday agreed to the same method when selling my own car. The advantages of this system are obvious - free, fast (virtually instant transaction), no need to use bundles of cash, does away with need to leave a deposit.
However, is it a safe method, and even though the money is showing in my account, could the other party "snatch" it back for some reason?
The reason I ask this, is that I was caused a lot of financial grief many years ago, when an employer paid me by BACs transfer, and then recalled the payment (without telling me) to make an alteration to the amount, thus causing my scheduled end of month payments to bounce.

innovate

A Faster Payment cannot be cancelled or recalled by the originator. This obviously has advantages, but also potential disadvantages, e.g. if you pay the wrong bank account or pay too much.

There is plenty more information on the Faster Payments website.

YorkshireBoy

I'd still be nervous, despite all the messages in online banking saying "once you've sent it that's it", about accepting FP as the payment method.

What's the sale price?

[Deleted User]

If you're selling a car, why not just ask to visit the local bank with the buyer, get them to withdraw the money, and then pay it into your account?

MoneySaverLog

I would ask to send an initial £1 faster payment to check it's received and then send the remainder after they have confirmed receipt.