Is it safe to give out details?

RobM99

I've had a dispute with a local trader. After much arguing he has agreed a refund. Is it safe to give my bank sort code and account number? After all, it's got to go somewhere!  Thanks.

eskbanker

How did you pay him?  In general a refund should be by the same means as the original payment so if you paid by bank transfer then refunding via that route would seem appropriate, but if via another means then he should use that to refund.

RobM99

eskbanker said:

How did you pay him?  In general a refund should be by the same means as the original payment so if you paid by bank transfer then refunding via that route would seem appropriate, but if via another means then he should use that to refund.

Yes, it was an on-line bank transfer. I'm just concerned that he might get into my account in the future.  (Quick edit - thanks for a quick response!)

cymruchris

Yes - it's safe. You know who you're dealing with, and not some random person in the middle of the other side of the world. Nobody is suddenly going to empty your bank account. If he or she has an office - I'd probably call them up and give them the details over the phone, or in a recorded delivery letter rather than by email, but that's just a personal preference.

eskbanker

Personally I'd stop short of describing it unequivocally as safe - there have been countless threads started by those who've had accounts frozen and/or closed as a result of inbound faster payments that are then either challenged by the sender (alleging fraud) or turn out to have been made from an account associated with fraud.

OP - do you have any other accounts that would offer you resilient access to some funds in the (hopefully unlikely) event that the one you nominate ends up being frozen?

RobM99

eskbanker said:

Personally I'd stop short of describing it unequivocally as safe - there have been countless threads started by those who've had accounts frozen and/or closed as a result of inbound faster payments that are then either challenged by the sender (alleging fraud) or turn out to have been made from an account associated with fraud.

OP - do you have any other accounts that would offer you resilient access to some funds in the (hopefully unlikely) event that the one you nominate ends up being frozen?

Yes, I have a "basic" account with my non-main bank. Just a few ££, I could use that I guess.

MDMD

Or open a savings account that accepts BACS or Faster Payments- you can close it once the money arrives.

wmb194

Could you ask for a cheque instead?

General_Grant

wmb194 said:

Could you ask for a cheque instead?

Likely to add cost for the retailer and delay to receiving cleared funds.

colsten

RobM99 said:

I've had a dispute with a local trader. After much arguing he has agreed a refund. Is it safe to give my bank sort code and account number? After all, it's got to go somewhere!  Thanks.

If you ever wrote a cheque, you were quite happily giving out your sort code and account number, as that is printed on each cheque. Plus your actual signature, and your full name. Did you consider this unsafe? Billions of such cheques have been written out by tens of millions of people.

RobM99 said:

 I'm just concerned that he might get into my account in the future.  

How would he do that? You're not giving him your login details.

Eco_Miser

RobM99 said:

I've had a dispute with a local trader. After much arguing he has agreed a refund. Is it safe to give my bank sort code and account number? After all, it's got to go somewhere!  Thanks.

The only things that can be done with your sort code and account number (which are in any case printed on cheques) are pay you money or set up a direct debit. An unauthorised direct debit is covered by the direct debit guarantee, and would be reversed almost immediately you notified your bank.

As mentioned there is a very slight chance of fraud or money-laundering suspicions getting your account blocked. How trust-worthy is the trader?