Is bank transfer a safe way of selling my car?

George_Michael

peterx666 wrote: »

Has anybody thought.... with bank transfer you are giving an unknown party ALL your bank details

They could then pass them on or hack your account later

So I assume that you have never made a payment to any person or business using a cheque then?

After all, when you pay this way you are giving the recipient your name, account number, sort code and a specimen of your signature which is more info that you need to provide when wishing to be paid by bank transfer.

neilmcl

peterx666 wrote: »

Has anybody thought.... with bank transfer you are giving an unknown party ALL your bank details

They could then pass them on or hack your account later

Just a thought .......

I was going to use this for sales on ebay but decided against giving my bank details out

?????????????????

pete

Not really!!

facade

George_Michael wrote: »

So I assume that you have never made a payment to any person or business using a cheque then?

After all, when you pay this way you are giving the recipient your name, account number, sort code and a specimen of your signature which is more info that you need to provide when wishing to be paid by bank transfer.

I guess we all know of the time that Clarkson published his sort code & account number and someone set up payments to charity for him?

I know all the details for Barclaycard, how do I set up a system where they pay me?

Oh and don't release the car until a cheque has cleared- not when "funds are available" it takes a ridiculous amount of time for a cheque to clear considering everything is done "by computer"

GabbaGabbaHey

facade wrote: »

I guess we all know of the time that Clarkson published his sort code & account number and someone set up payments to charity for him?

Somebody set up a Direct Debit using Clarkson's details. Because of the Direct Debit Guarantee, he could easily have cancelled it and got his money back - in the event, because the DD was to a charity, he left it in place.

There are very strong controls over who can be paid by DD, so it's not an avenue that's in any way attractive to fraudsters.

Apart from potentially causing minor inconvenience by setting up a spurious DD, the only thing that you can do with a Bank Account number and Sort Code is pay money in to that account.

jimjames

George_Michael wrote: »

So I assume that you have never made a payment to any person or business using a cheque then?

After all, when you pay this way you are giving the recipient your name, account number, sort code and a specimen of your signature which is more info that you need to provide when wishing to be paid by bank transfer.

Absolutely.

Anyone who thinks giving out their bank account and sort code is unsafe has clearly no idea of the risks and what (nothing) could be done with it. Far more info on a cheque than bank account ref.

When I sold my car the buyer paid cash although I'd requested faster payment. Counting £10,000 in £10 and £20 notes took ages and felt far more risky than having direct transfer both for the risk of fake notes and having to carry that money to the bank next day as well as it being in the house overnight.

Richard53

jimjames wrote: »

far more risky than having direct transfer both for the risk of fake notes and having to carry that money to the bank next day as well as it being in the house overnight.

Indeed. It is not unknown for someone to buy your expensive car, pay you in cash at 9 pm when you can't bank it, and then burgle the house a few hours later to take their cash back.

ozmusafir

Tesco clubcard points is a safer & more ideal option.