Bank Transfer to another account that uses Payday loans.

Getting_By_2

Hi,

My cousin has asked me to do a BT to his bank account to pay off a bill that is due out on Monday. I think he uses payday loans but I am not 100% sure. If I do a BT to his account could a potential payday loan company get into my bank account and take payments?

Am I just being paranoid?

Browntoa

They only have access to the other account

jonesMUFCforever

First question is how will your cousin pay you back?
Are you prepared to lose the money and still be family and friends?

If you are purely paying money into his bank account (not a payday lender) then you are completely safe.
Just make sure you never let the cousin use your debit card for any reason.

tonyh66

why are you paying off your cousins payday loans? you will never see the money again, try looking for lending money to family and friends.

Getting_By_2

My cousin is giving me the money before I do a bank transfer. I would not lend him money as I would never see it again. I am only presuming its for a payday loan, it could be for something else. But I am sure he has used many payday loans in the past.

So I should be safe?

Pixie5740

You're being paranoid.

[Deleted User]

A bank transfer is one way. You are pushing money from your account into his. That doesn't create any authorisation for him to take money from you, or authorise any third party associated with him to withdraw money from your account. If this was possible then a payday loan could take money from his employer, for example.

Getting_By_2

OK thanks everyone. I just wanted to be doubly sure.

Yes I was probably being paranoid, but when it comes to payday loan companies one can never be too sure!

[Deleted User]

Agree^^, when was the last time you honestly heard a payday lender 'raiding' a bank account?

Ask yourself why would any of the 'remaining' lenders risk their license without very good reason

Don't worry OP you can be just as paranoid applying for job on laptop that is '2nd hand', ...all panned out in end!
ps. Majority of lenders debit early hours anyway when folk should be asleep if the debit is left up to them the lender (can't speak for loan finder!) and just because someone has a loan of this sort doesn't make them any different or less likely to want to pay their dues!
I never had unauthorised debits by a PDL

CLAPTON

Getting_By wrote: »

My cousin is giving me the money before I do a bank transfer. I would not lend him money as I would never see it again. I am only presuming its for a payday loan, it could be for something else. But I am sure he has used many payday loans in the past.

So I should be safe?

if your cousin is giving you the money before you transfer money back to him; why does he need to involve you atall?

DebtDonkey

I've done that in the past if I had cash in hand and no way to pay it in by a specific day...