NEW: Got questions about energy? Put them to Gary and Andrew from MSE's Utilities team during our energy-themed 'Ask An Expert' event. Check back here from Tuesday 9 August, 12pm
bank transfer payment for private sale

252 Posts

Hi,
I'm thinking to sell an electronic item on ask for cash on collection or bank transfer as payment. I don't have paypal. My question is, how to confirm that the money is indeed in my account even though it's showing there, not scam (I know there are cases payment has been recalled)? As for cash, what's the best way to check it?
Thanks.
I'm thinking to sell an electronic item on ask for cash on collection or bank transfer as payment. I don't have paypal. My question is, how to confirm that the money is indeed in my account even though it's showing there, not scam (I know there are cases payment has been recalled)? As for cash, what's the best way to check it?
Thanks.
0
Latest MSE News and Guides
Replies
Most buyers aren’t going to use a bank transfer though so you are probably looking at local buyers only who can collect and pay cash.
All views are my own and not the official line of MoneySavingExpert.
If you are expecting a bank transfer payment and see that the money has appeared in your account, it could be possible to miss that it's a cheque that has been paid in and this cheque needs 6 full working days before the funds are safe and can't be taken back from you.
The only time funds can be taken after the 6 day period is when there is fraud and the payee was involved in this.
if they pay you by bank transfer to your account then it in theory can be recalled if it was done fraudulently for example if the purchaser had taken over somebody else's account or it's a money they paid you with was the results of some scam they had perpetrated
you have no idea who you are dealing with so always wise to assume the worst
All views are my own and not the official line of MoneySavingExpert.
https://forums.moneysavingexpert.com/discussion/5390428/barclays-bank-account-under-review
https://forums.moneysavingexpert.com/discussion/130406/bank-transfer-can-it-be-cancelled
also look at Which and the consumer association. I don’t know what bank you are with but mine put up thumping great warnings if I set up a new payee on my account to make a transfer, I have to confirm that I am aware that it is not recoverable and that I know the recipient. My poor husband was unable to pay a builder we employed as it got flagged up on the system with Nat West due to my husband’e age which apparently makes him vulnerable to scams (my husband was very very upset) and he had to call them to be lectured about the dangers of being conned into sending bank transfers- all that for £2500!
All views are my own and not the official line of MoneySavingExpert.
Bank transfers (as you say) cannot in the normal course of events be recalled, but there are many (too many) threads on here about scammers paying by faster payment and then the recipient having their funds frozen because the scammer said they had been conned etc.
There are also stories of people being conned into becoming money mules - accepting payments into their bank accounts and then sending most of it on, keeping a bit 'for their trouble'. They also eg buy something by bank transfer. Their account gets frozen for suspected money muling and so does the recipient account who in all probability was just selling something on Gumtree.
I personally would never accept a bank transfer for something I had sold of any value, but lots of others would.
I seem to remember something along the lines of, "you could BACS your worst enemy £1 and then report them for fraud, and watch their world unravel as all their banking accounts are frozen and they are investigated for 2 weeks"
I think i'll stick to paypal or cash, it seems safer