Can Bank Transfers Be Reversed

Ben1989

I’m (hopefully) selling a car tomorrow for low five figures and I’m nervous a bank transfer will happen and then be reversed leaving him with my car for nothing.

Is this even possible? I just need to know before I go ahead? As soon as I see the money in my bank account is that it then?

Many thanks 

sammyjammy

No it cannot be reversed, just check its in your account before the person leaves, get their details for the transfer form and send it off yourself to ensure its been done

km1500

not strictly true there have been numerous examples of bank transfers being reversed and people's accounts being locked as the sender claims it was a fraudulent payment

Penguin_

You should be ok. I would get them to put the reg of the car they're buying as the reference on the payment.

lisyloo

print out or write a receipt and get them to sign to say they've received it.
They could claim fraud but then you would have proof of the sale.

Ben1989

I have a receipt ready saying along the lines of “I understand the sale is sold as seen and does not come with warranty for the total sum of X” and the whole car details above this statement including reg VIN etc. This is then signed 

Grizebeck

No am sorry but faster payments can and have been reversed . It isn't uncommon 
I'd ask for a CHAPS payment instead. If they have to pay a fee then take the small hit for it

robatwork

Ben1989 said:

I have a receipt ready saying along the lines of “I understand the sale is sold as seen and does not come with warranty for the total sum of X” and the whole car details above this statement including reg VIN etc. This is then signed 

For a private sale the "sold as seen" and "warranty" bits are implied anyway, so I wouldn't bother.  I'd be more detailed around the WHO and the AMOUNT and get his address and verify this before selling - at least you'll have a contract and a place to enforce it at, as the apocryphal evidence here is that FPs can be reversed on occasion .

eg.

I, Honest Buyer, am purchasing car HP19 YHY from Ben Nineteen on 23 Sept 2023 for the total sum of £10,001, paid via Bank Transfer on 23 Sept 2023

Signed -------------
Purchaser: HONEST BUYER
Address:

Signed -----------
Seller: BEN NINETEEN
Address:


Make sure you have 2 copies, pre-signed by you, and leave one for him. 

Note I'm not a lawyer and the wording can I'm sure be better

PRAISETHESUN

Might help to verify their address details and signature on the receipt against some form of ID. Maybe ask to check their driver license when you're signing everything.

km1500

robatwork said:

Ben1989 said:

I have a receipt ready saying along the lines of “I understand the sale is sold as seen and does not come with warranty for the total sum of X” and the whole car details above this statement including reg VIN etc. This is then signed 

For a private sale the "sold as seen" and "warranty" bits are implied anyway, so I wouldn't bother.  I'd be more detailed around the WHO and the AMOUNT and get his address and verify this before selling - at least you'll have a contract and a place to enforce it at, as the apocryphal evidence here is that FPs can be reversed on occasion .

eg.

I, Honest Buyer, am purchasing car HP19 YHY from Ben Nineteen on 23 Sept 2023 for the total sum of £10,001, paid via Bank Transfer on 23 Sept 2023

Signed -------------
Purchaser: HONEST BUYER
Address:

Signed -----------
Seller: BEN NINETEEN
Address:


Make sure you have 2 copies, pre-signed by you, and leave one for him. 

Note I'm not a lawyer and the wording can I'm sure be better

the problem is that if the buyer decides to play silly devils and try and get the transfer reversed then yes the long run you may be able to use the documentation to prove you are in the right but meanwhile your account will be frozen if fraud is claimed

robatwork

km1500 said:

robatwork said:

Ben1989 said:

I have a receipt ready saying along the lines of “I understand the sale is sold as seen and does not come with warranty for the total sum of X” and the whole car details above this statement including reg VIN etc. This is then signed 

For a private sale the "sold as seen" and "warranty" bits are implied anyway, so I wouldn't bother.  I'd be more detailed around the WHO and the AMOUNT and get his address and verify this before selling - at least you'll have a contract and a place to enforce it at, as the apocryphal evidence here is that FPs can be reversed on occasion .

eg.

I, Honest Buyer, am purchasing car HP19 YHY from Ben Nineteen on 23 Sept 2023 for the total sum of £10,001, paid via Bank Transfer on 23 Sept 2023

Signed -------------
Purchaser: HONEST BUYER
Address:

Signed -----------
Seller: BEN NINETEEN
Address:


Make sure you have 2 copies, pre-signed by you, and leave one for him. 

Note I'm not a lawyer and the wording can I'm sure be better

the problem is that if the buyer decides to play silly devils and try and get the transfer reversed then yes the long run you may be able to use the documentation to preview are in the rice but meanwhile your account will be frozen if fraud is claimed

Don't get me wrong - whatever I sell I take cash only. 

I do understand for 5 figures some buyers (and sellers) don't want to carry cash, and there's the likelihood of forgery. CHAPS also as suggested above is safer than FP.