Is bank transfer a safe way of selling my car?

cstreet

Hello, I am selling a car, the buyer wants to do an instant bank transfer and has said he banks with Natwest. I bank with Halifax but have received instant funds from Natwest in the past from friends so I know it is a quick transfer process.


Is there any way that once the funds are in my account this can be reversed? I'm concerned that as it's a bank holiday then the funds will appear in my account on Sunday and because the banks don't re-open until Tuesday then the buyer could cancel the transaction before the banks re-open Tuesday.


Any advice appreciated - thanks!

shammyjack

They can and have been recalled ! Bankers Draft is much safer !

Nodding_Donkey

shammyjack wrote: »

They can and have been recalled ! Bankers Draft is much safer !

When?

I would say a bank transfer is safer than cash or a bankers draft come to that. Either of them could be snide.

shammyjack

https://forums.moneysavingexpert.com/discussion/4112337


http://www.bacs.co.uk/Bacs/Businesses/BacsDirectCredit/PayingBy/Pages/GettingStarted.aspx

Nodding_Donkey

So your evidence is one person on an internet forum saying it?

Really?

:rotfl:

ETA and what has BACS got to do with it?

shammyjack

Read the 2nd link ! Believe me I have had it happen to me, or feel free to call me a liar !

Nodding_Donkey

I've read the second link, it's talking about bacs, and I quote

Bacs processing cycle
Input - day 1
Input day is the latest day a business user/bureau may submit a payment file to Bacs for a processing cycle. Payment files must be transmitted to Bacs between 07.00 and 22.30.

Processing - day 2
Files are delivered to the recipient banks which then process each payment.

Entry - day 3
Payments are simultaneously credited to the recipients’ accounts and debited from your account.

As the payer, you remain in control of the process at all times. You decide when each payment will be made. You can submit Bacs Direct Credit payment instructions up to 30 days in advance of the payment date. You can also recall payments after the payment information has been submitted, provided your bank is notified prior to a specific cut off time.

My bold

shaun_from_Africa

shammyjack wrote: »

Read the 2nd link ! Believe me I have had it happen to me, or feel free to call me a liar !

Not a liar, just someone who doesn't understand the difference between receiving a payment by way of a bank transfer and someone receiving a payment by BACS.

forgotmyname

Several people on the ebay boards say a bank transfer is as safe as it gets. But im not convinced myself.

If a transfer is dodgy and the account holder says it wasnt them then i would have thought the money would be returned and you lose.

eddddy

cstreet wrote: »

...the buyer could cancel the transaction before the banks re-open Tuesday.

To summarise...

- a legitimate transfer cannot be cancelled/reversed

- but if a fraudster has hacked into somebody else's account and does a transfer, when the real account holder reports the fraud, it will be reversed. (It may even be a couple of weeks later before the fraud is noticed.)


(The second example is what happens when a buyer says something like "I'll have to transfer £2000 extra, can you return the extra £2000 by Western Union?")

GabbaGabbaHey

shammyjack wrote: »

They can and have been recalled ! Bankers Draft is much safer !

There have been many cases of forged and/or stolen Bankers Drafts (it's just a piece of paper, and not especially difficult to forge).

Bank Transfer is much safer for the seller, especially if you check that the funds are showing in your account before handing over the car keys.