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Reversing a bank transfer

Cjs243
Cjs243 Posts: 1 Newbie
in Budgeting & bank accounts
I'm in the process of renting a new house. The agent says they want the deposit and 1st months rent (over £1600) in cash because a bank transfer could be reversed after we have moved in. This sounds dodgy to me. No other agent I have dealt with has asked for cash.

So far as I'm aware a bank transfer can only be reversed after an investigation if fraud or an error have been proved. Am I right?

Thanks.

Comments

  • MyOnlyPost
    MyOnlyPost Posts: 1,562 Forumite
    AFAIK you cannot "reverse" a banks transfer. You can as you rightly say report the transaction to your bank and ask them to investigate it. This could put a temporary hold on the funds. The agent is talking rubbish I think.
    It may sometimes seem like I can't spell, I can, I just can't type
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Ninth Anniversary 1,000 Posts Name Dropper
    DON'T pay in cash - you will have no real proof you paid. Someone is probably trying to avoid tax if they are insisting on cash.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Cjs243 wrote: »
    I'm in the process of renting a new house. The agent says they want the deposit and 1st months rent (over £1600) in cash because a bank transfer could be reversed after we have moved in. This sounds dodgy to me. No other agent I have dealt with has asked for cash.

    So far as I'm aware a bank transfer can only be reversed after an investigation if fraud or an error have been proved. Am I right?

    Thanks.

    Ask to see the agent's terms and conditions.
    These should be available for you to read - if it states cash in there you are stuffed. If not tell them to adhere to their own rules.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    I wouldn't pay cash even if the T&Cs say that's how it must be paid. Why can't they take a debit card?
  • boliston
    boliston Posts: 3,012 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    is it nfopp registered?
    http://www.arla.co.uk/
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