BACS Payment - Safe?

sgx.saint

Hi All.

Just sold a Laptop on eBay and the buyer wants to pay via BACS (Bank Transfer).

On the main, I've heard this method is perfectly safe and often preferred.

Although I do remember hearing some scare stories where the sender of the funds can recall them after they have cleared.

Is any of this true? Or can I safely provide my details and await payment?

Thanks

frivolous_fay

Buyers have a very limited window in which they can recall the payment. Allow yourself a full working day to be safe.

One of the best ways to be paid!

sgx.saint

So, BACS takes 3 working days, and I therefore should allow 4?

.... thanks!

Mr_Meanie

sgx.saint wrote: »

So, BACS takes 3 working days, and I therefore should allow 4?

Better to wait until it shows in your account and wait a full day, I was told that under some extreme circumstances the transaction can be reversed on the same day it is credited to you account.

sgx.saint

Right, thank you both for your advice.

I will wait an extra 24 hours before shipping the item. Which gives me time to properly prepare it anyway.

sgx.saint

Ok, quick update. The buyer in fact wants to pay cash direct into my account by going into one of my banks branches and paying it in over the counter.

Surely, I am completely safe if the buyer does this?

vaio

sgx.saint wrote: »

Ok, quick update. The buyer in fact wants to pay cash direct into my account by going into one of my banks branches and paying it in over the counter.

Surely, I am completely safe if the buyer does this?

Yep, but make sure it really is in cash and only send it when your bank tell you it’s been paid in rather than acting on a faxed copy of a paying in slip

sgx.saint

Will do, to be honest, its going to take me 24 hours or more from the payment clearing anyway to assure the laptop is ready.

Although now after speaking with the buyer, apparently there isn't a local branch near him so back to the BACS transfer idea!

Avoriaz

I prefer BACS to cheques.

I bought an item from a seller who wanted cheque or postal order.

I contacted her and suggested BACS as it would be quicker than me posting a cheque. I would also save the cost of a stamp and envelope.

She replied saying she preferred a cheque. Fair enough, I had agreed to that by bidding, so I sent her a cheque.

I received the item yesterday. The cheque has not yet appeared in my account.

Assuming she has not made a mistake, she trusts me not to cancel the cheque but doesn’t trust a BACS payment.

Hammer_Slammer

BACS is good but why soooooooooooo slow 4 full days for me till i saw it online :rolleyes:
You do wonder with all this online banking technology they could do it a bit quicker :rolleyes:

Blacksheep1979

Hammer_Slammer wrote: »

BACS is good but why soooooooooooo slow 4 full days for me till i saw it online :rolleyes:
You do wonder with all this online banking technology they could do it a bit quicker :rolleyes:

how many millions or rather billions of pounds are floating around not in anyones account? how many billions of pounds a year do banks mae from this money? That is why it takes so long.