Can bank transfer be charged back?

cashvoid121

Just a quick one, as I'm sure this has been asked before: If I sell something and get paid using my BT details, is it possible for the buyer to do a chargeback on the payment? So I suppose I'm asking:

1) Is it possible to have a bank transfer payment charged back?

2) Is there any other type of payment that a buyer could send using my account number and sort code that would look to me like a bank transfer, but could be charged back?

preable

I believe you are safe with a bank transfer as it cannot be reversed so you will be fine

And as far as IM aware there isn't another option that looks like a bank transfer that can be reversed!

soolin

A bank transfer once cleared at close of business cannot be recalled. For a seller they are as safe as cash, but of course as a buyer I would recommend that you never ever use them.

If for any reason you have a concern that perhaps it was a banked cheque or something and not a transfer (although most mainstream banks are clear on the source of funds) phone your bank and ask. Also, always directly check your bank account, do not rely on email messages purporting to be from them telling you that you have funds.

Pun

You might also bear in mind the very considerable risk of giving your bank details to an unknown third party.

jeffuk

Pun wrote: »

You might also bear in mind the very considerable risk of giving your bank details to an unknown third party.

It's the same as giving someone a cheque, only a cheque has your signature on it as well.

Irn-Bru-Kid

Pun wrote: »

You might also bear in mind the very considerable risk of giving your bank details to an unknown third party.

It's your card details that scammers are after, not your bank details.

As mentioned above, you give out your bank information regularly if you use cheques, so there is no 'very considerable risk' involved.

Hermione_Granger

Pun wrote: »

You might also bear in mind the very considerable risk of giving your bank details to an unknown third party.

If there is "considerable risk", why do so many companies freely give out these details to customers and potential customers?
A few of hundreds easily available on the internet.

Account No: 41216229. Sort code: 01-10-01
Account No: 03615089. Sort code: 30-91-87
Account No: 53594563. Sort code: 16-57-10

glentoran99

Pun wrote: »

You might also bear in mind the very considerable risk of giving your bank details to an unknown third party.

What risk is this?

ballisticbrian

There is a risk someone could set up a direct debit using your account details, so I'm told, but it would be a pretty odd thing to do and probably pretty easy to resolve.

pappa_golf

ballisticbrian wrote: »

There is a risk someone could set up a direct debit using your account details, so I'm told, but it would be a pretty odd thing to do and probably pretty easy to resolve.

yes someone did that to Mr clarkson , for a laugh , sent money to a charity , but it was soon resolved.

martindow

pappa_golf wrote: »

yes someone did that to Mr clarkson , for a laugh , sent money to a charity , but it was soon resolved.

It was to Greenpeace or a similar charity that would have been anathema to Clarkson. I believe that although he had the right to get the money back under the DD guarantee he let it go through.