Faster Payments / BACS reversible?

debtdebt

I've received a deposit for a car sale from a buyer who hasn't even seen the car or even met me. We had one telephone conversation and a few texts.

The funds were sent on Sunday evening and hit my account on Monday morning. The amount showed as available to spend on my bank account (which was previously empty). This sum was moved into a different savings account.

So can this transaction be reversed and if so up to how many days after the monies were sent?

Ballard

You should be able to speak to your bank and request that they return the funds. I specifically used the word ‘should’ because I’ve never worked for a high street bank but I don’t see why they wouldn’t return the money.

I suggest that you contact your bank, explain that the funds have arrived in error and ask them to return the funds to the remitter. Your bank will have the remitters details so I don’t see any logical reason why they wouldn’t comply.

societys_child

You should be able to speak to your bank and request that they return the funds

I'm guessing the OP wants to keep the money and is asking if the sender/ wannabe buyer, can claw back the payment (after collecting the car)?

nyermen

Based on the speed of sending (and it being sent sunday), I believe it must have been FPS (not chaps or bacs).

FPS confirm it can't be reversed (http://www.fasterpayments.org.uk/faqs). Of course, anything can be sent back by yourself (via your bank who would have access to the senders details on the payment message).

To add - legally of course, there are ways to claim it back, but that would be your bank's process working with the senders bank, probably after evidence from both sides, it's certainly not an automated reversal.

Ballard

societys_child wrote: »

I'm guessing the OP wants to keep the money and is asking if the sender/ wannabe buyer, can claw back the payment (after collecting the car)?

Oh I see. I’d completely misread that. From a personal perspective I wouldn’t be happy accepting money from someone I didn’t know. They could be up to no good for all I know.

tacpot12

The payment could be recovered under the Credit Payment Recovery scheme. If the buyer claims the payment was made in error and provides a reasonable explanation of how the error occurred, their bank will ask your bank if the money can be returned. Your bank should contact you and ask you whether you agree the payment was made in error. If you dispute that it was made in error, your bank should leave the payment with you and the buyer will have to go via the courts to recover it.

If you dispute the payment was made in error, you need to deliver the car as a contract has been formed for the sale of the car.

debtdebt

Well the money is still there. The buyer is planning on paying in three weekly instalments and to collect after the final payment has cleared.

societys_child

It might not be a scam then . .