Safe to accept bank transfer payment?

Silvertabby

Well, I'm happy to stand corrected !

martindow

The scam would still work with a foreign cheque. If a generous Nigerian prince sent a large sum of money and asked for some change. I'm not sure if you can tell that a foreign cheque has ever cleared.

soolin

martindow wrote: »

The scam would still work with a foreign cheque. If a generous Nigerian prince sent a large sum of money and asked for some change. I'm not sure if you can tell that a foreign cheque has ever cleared.

That's true, foreign cheques take an age to clear for fraud so they are best not accepted unless you know the recipient.

jonesMUFCforever

The scam would still work if the account the money has been sent from was hacked or fraudulent.
In this instance the OP's bank might block his account and ask for proof of source of funds if this happened.
In today's banking world it would seem that you are guilty until proven innocent so take care.

soolin

jonesMUFCforever wrote: »

The scam would still work if the account the money has been sent from was hacked or fraudulent.
In this instance the OP's bank might block his account and ask for proof of source of funds if this happened.
In today's banking world it would seem that you are guilty until proven innocent so take care.

Not for a UK High Street bank where the 2 4 6 rules apply. Working day 6 - the cheque clears absolutely for fraud.

jonesMUFCforever

soolin wrote: »

Not for a UK High Street bank where the 2 4 6 rules apply. Working day 6 - the cheque clears absolutely for fraud.

Not when it is fraud.

shaun_from_Africa

soolin wrote: »

Not for a UK High Street bank where the 2 4 6 rules apply. Working day 6 - the cheque clears absolutely for fraud.

jonesMUFCforever wrote: »

Not when it is fraud.

The only time that fraud matters is if the person receiving the payment from the cheque was aware or suspected that it was fraudulent.
If the cheque was forged, stolen or written without the account holder's knowledge and this is discovered more than 6 working days from when it was presented, it is the bank that takes the loss and not the payee.

soolin

jonesMUFCforever wrote: »

Not when it is fraud.

The terminology is fraud , if you mean that the recipient was in on it then yes, it is as Shaun from Africa says.

However, if the recipient was not part of the fraud then they are safe on working day 6 :

https://www.chequeandcredit.co.uk/information-hub/faqs/2-4-6-cheque-clearing-timescales

What happens if a cheque is found to be fraudulent after the end of the sixth working day after I have paid in my cheque?
You are protected and can keep the funds from the cheque provided you are not a knowing party to fraud. If there is a dispute, each case would be looked at on an individual basis, and you can seek redress through your bank or building society's own formal complaints procedure. Under BCOBS (the Banking Conduct of Business Sourcebook) all banks and building societies are obliged to tell their customers how to go about this. Failing satisfactory resolution, you can refer your complaint to an independent assessment by the Financial Ombudsman Service.

john2054

I wouldn't because the buyer can still ask for a refund. Whether the bank would grant this however, i don't know.

theonlywayisup

schools are out everyone