bacs payment

graylinghunter

Hi all I have been asked to accept a bacs payent for a Camera lens tomorrow for £2400. Any caveats I should know about. Eg can the buyer withdraw the payment. If he pays tomorrow and takes the lens the same day.

Ben8282

Yes. Don't do it.
If he is going to take the lens (i.e. collect it) tell him to bring cash with him.
No excuses. He pays cash. He gets the lens.

System

colsten wrote: »

EDIT: Private persons don't make BACS payments. Only companies do. A bank transfer between two accounts is known as a Faster Payment

https://www.telleroo.com/blog/what-are-bacs-and-faster-payments#Do%20I%20need%20to%20be%20a%20Bacs%20bureau%20to%20make%20Bacs%20payments?

jonesMUFCforever

graylinghunter wrote: »

Hi all I have been asked to accept a bacs payent for a Camera lens tomorrow for £2400. Any caveats I should know about. Eg can the buyer withdraw the payment. If he pays tomorrow and takes the lens the same day.

OP please don't do this!!
As others have said it should be cash only - if you do accept the bacs /faster payment you have no way of knowing if the money is coming from a legitimate account or one that has been hacked.
Once he has the lens and the bank contact you in a few days to say the money has come from a fraudster you are stuffed as they will take the money away from you - if you argue you may get your account closed and a CIFAS marker.
Don't take the chance - tomorrow is Sunday a non business day - if the wants the lens it should be cash only.

colsten

Good point made by jonesMUFCforever. I had not thought of the possibility of money laundering. I have deleted my earlier suggestion as I now agree - cash is the only viable option for this transaction.

However, if you want to deposit the cash into your bank account, make sure you have proof you used to be the owner of the lens. Some banks can get a bit anal when you want to deposit large sums of cash and may wish to know the source of funds

Eco_Miser

If bank transfers are so dodgy (and I can see why), at what point do large cash payments start attracting attention from an anti-money-laundering perspective?
How about accepting a cheque?

Ben8282

Eco_Miser wrote: »

If bank transfers are so dodgy (and I can see why), at what point do large cash payments start attracting attention from an anti-money-laundering perspective?
How about accepting a cheque?

A cheque would require time to clear so the lens could not be handed over on the spot. Not a good idea. Cash is better.

jonesMUFCforever

Eco_Miser wrote: »

If bank transfers are so dodgy (and I can see why), at what point do large cash payments start attracting attention from an anti-money-laundering perspective?
How about accepting a cheque?

A cheque can bounce or be stopped before presentation - this would be a very bad idea.

Takmon

I have accepted payments by bank transfer for larger amounts from private sellers for cars and so have other people I know without any issues.

People often talk of the risk of it coming from an account they have accessed unlawfully but I've never heard of anyone losing out from this or getting any kind of fraud marker. If anything did go wrong you would have correspondence showing it was a legitimate sale.

Takmon

jonesMUFCforever wrote: »

OP please don't do this!!
As others have said it should be cash only - if you do accept the bacs /faster payment you have no way of knowing if the money is coming from a legitimate account or one that has been hacked.
Once he has the lens and the bank contact you in a few days to say the money has come from a fraudster you are stuffed as they will take the money away from you - if you argue you may get your account closed and a CIFAS marker.
Don't take the chance - tomorrow is Sunday a non business day - if the wants the lens it should be cash only.

Do you have any source showing this has ever happened?

HHarry

Surely if it’s a fraudster coming to buy the lens he could just throw a load of moody £20 notes in amongst a couple of real ones?

Cash isn’t any more secure than BACS (Faster Payments)