Receiving by BACS

joebob

Just been offered £30 extra can pick up today and cash .happy days.  Thanks for your contributions 

DullGreyGuy

la531983 said:

TadleyBaggie said:

la531983 said:

She or he clearly meant bank transfer and is still calling it BACS because she or he is old school.

I don't think there is any clarity here.

Sounds like a private sale between two individuals on a Sunday, I would be amazed if its anything other than a bank transfer/Faster Payment done on the buyers phone whilst he or she is stood in front of the OP, and they have just used the incorrect parlance here.

BACS is a bank transfer? So to is CHAPS and Faster Payment. BACS and Faster Payment are both operated by Pay.UK since 2018

Technically it's a name of a system which these days deals with Direct Debit and Direct Credit. Since 2008 Faster Payment was an alternate system designed to make smaller payments faster and eventually was required to take over certain payment types like Standing Orders.

Most banks dont allow private individuals to send BACS payments anymore but businesses still use it as a method of payment in the form of Direct Credit and we obviously all still pay things by DD. 



To the op - in principle nothing wrong with accepting a payment by bank transfer but it would be prudent not to handover the keys until its a cleared payment and showing in your account using your tools. For BACS thats up to 3 working days and FasterPayment is up to 24 hours though normally is instant. Dont accept something they show on the screen of their phone as proof even if it looks like a banking app and shows your account number and sort code... there are plenty of examples of someone having a fake app or screenshot that makes it appear as if they've transferred it but they haven't and blag it that "its in the system" when it doesn't show as received

la531983

DullGreyGuy said:

la531983 said:

TadleyBaggie said:

la531983 said:

She or he clearly meant bank transfer and is still calling it BACS because she or he is old school.

I don't think there is any clarity here.

Sounds like a private sale between two individuals on a Sunday, I would be amazed if its anything other than a bank transfer/Faster Payment done on the buyers phone whilst he or she is stood in front of the OP, and they have just used the incorrect parlance here.

Most banks dont allow private individuals to send BACS payments anymore 

Exactly, thats the point, this was likely a private individual erroneously using the wrong terminology.