bank transfer payment for private sale 21 December 2020 at 6:30PM in Ebay, auctions, car boot & jumble sales 10 replies 519 views

sanova76

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. 

soolin

Go online check bank account. If you are very nervous wait until day after receipt before you post. The payment cannot be recalled. 

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. 

DiddyDavies

Even though a payment may be showing, there is one thing that you have to make sure of before posting the goods and this is to check that the payment was made by a bank transfer or a cash payment at a bank rather than a cheque having been paid into your account.

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.

sanova76

What's the best way to check if the person is a genuine buyer?  I've never done this before, having someone collect and pay cash.  I know it's usually the buyer who should be wary but seller can be a victim too. 

jsmith9

The safest way is cash on collection

 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

soolin

jsmith9 said:

The safest way is cash on collection

 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

It is very difficult to get back a bank transfer, even if an account is hacked the bank can’t take the money back to disadvantage an innocent seller unless they believe the seller was part of the fraud. A bank transfer is almost entirely safe for a seller, but not for a buyer.

jsmith9

https://forums.moneysavingexpert.com/discussion/5363528/bank-blocked-my-account

https://forums.moneysavingexpert.com/discussion/5390428/barclays-bank-account-under-review

soolin

jsmith9 said:

https://forums.moneysavingexpert.com/discussion/5363528/bank-blocked-my-account

https://forums.moneysavingexpert.com/discussion/5390428/barclays-bank-account-under-review

They explain the position well. If there is already something odd on the account it can get flagged for fraud then bank will investigate. However as you will note banks cannot just take back money on a sellers say so, people were trying to be polite to newbies on the thread but you will note the subtle (or perhaps not so subtle) suggestions that the stories were not exactly as claimed. 

https://help.bankline.natwest.com/help/account_info/BACS_Faster_Payment_Cleared

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! 

jsmith9

Yes I have had the same - once I had to take my passport into LLoyds branch for ID and then listen to a recorded speel about not paying money to fraudsters etc - I was, in fact, tryinh to send some savings to a new B'ham Midshires savings account in my own name!

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.

fenwick458

soolin said:
A bank transfer is almost entirely safe for a seller, but not for a buyer.

I'm not so sure. wasn't so long ago there were a few posts in the baking section on here of people complaining that their accounts had been frozen and were under investigation because of a payment from someone regarding something they were selling
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

dwpn00b

What if it's a bank transfer face to face, person collects by hand?