Giving out bank details.

Benthosboy

Morning all.

I'm just in the process of lowering my debt by selling everything I can :rolleyes: I've just "sold" quite a bit of my scuba diving kit via a diving forum and a couple of the "buyers" are asking for my bank details so they can transfer the money straight to my account.

Is it safe to give this info and if it is, what info will people need?

Thanks in advance.

Martyn.

soolin

Assuming they are in the UK then all they need is your sort code and account number. This information is freely available on every cheque you write and bank transfers are completely safe for the recipient.

ryandj

I would be a bit careful though - just make sure they are a reputable buyer with plenty of feedback. If you feel unsafe, then ask them to pay by cheque instead.

aqueoushumour01

better than paypal because you won't have any paypal fees to pay so more profit for you. Also the buyer can't benefit from paypal's chargeback system if they suddenly decided to scam you (i.e. claim they didn't receive the goods when they in fact did)

frivolous_fay

Al_Mac wrote: »

One thing they can do, is set up a direct debit on your account. It happened to Jeremy Clarkson! Unlikely but possible.

But you'd then be covered by the direct debit guarantee, so you could get your dosh back easily.

carolinosourus

ryandj wrote: »

I would be a bit careful though - just make sure they are a reputable buyer with plenty of feedback. If you feel unsafe, then ask them to pay by cheque instead.

It's not via ebay! So feedback doesn't really come into it lol. And all the info that the buyer needs will be right there on the cheque anyway

dotchas

carolinosourus wrote: »

It's not via ebay! So feedback doesn't really come into it lol. And all the info that the buyer needs will be right there on the cheque anyway

Yes but its the buyer that sends the cheque!

frivolous_fay

Al_Mac wrote: »

Apparently fraudulently created direct debits are not strictly covered by the guarantee:eek: http://www.financial-ombudsman.org.uk/publications/ombudsman-news/27/27-directdebit-guarantee.htm

I've had a look at the link and I can't see where it says this...?

I did see:

[FONT=Verdana,Arial,Helvetica,sans-serif]'[/FONT][FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]Although Mr M’s account number and the bank’s sort code were correct, the fraudster had given an incorrect account name. This should have alerted the firm that something was not quite right and it should have made further enquiries before proceeding.

[/SIZE][/FONT][FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]The bank readily accepted that, in accordance with the direct debit guarantee, it should refund the direct debits incorrectly paid. But it refused to compensate Mr M for the additional losses he claimed to have suffered. He had a savings account with the firm, which fed his current account. He wanted to claim for loss of interest on the money that would have remained in his savings account if the firm had not paid out via the fraudulent direct debits.'[/SIZE][/FONT]

ryandj

carolinosourus wrote: »

It's not via ebay! So feedback doesn't really come into it lol. And all the info that the buyer needs will be right there on the cheque anyway

No - if they are paying YOU by cheque, all they need is your name. You would get their account details though.

benf90

There are ways to get paid directly into your bank account without giving out your details. You could ask them to use 'Egg Pay', there's no charges for it and the only information you have to give them is your email address, as you give your bank details to Egg so the other person never sees them.

I have a credit card and savings account with Egg and was going to use Egg Pay at one point but in the end I didn't actually need to.

You don't have to be registered with Egg yourself to receive payments, only the sender does.

http://new.egg.com/visitor/0,,3_45807--View_969,00.html

The sender enters a password for the payment which you will also need to enter into the Egg site to confirm you are the intended recipient.