CC

Hi, I'm selling a vehicle today and the chap has said he will transfer funds at my house by online banking, we both bank at the same bank (although not the same branch). I've said that before the car goes we will both go into my bank and check the money is in my account, ready to be withdrawn, he says he is fine with this.

Just to put my mind at rest, there's no way he can then cancel this transaction once he has drove off in the car is there?

class_A

Depends on the bank. Both myself and my girlf. are with RBS and I can cancel a transfer of funds between the two accounts at any point up to 6:30pm on the same day.

Check with the particular bank and have a CHAPS payment made if there is any doubt. You will pay around £25 for this however.

boxst

Hello

That's fine, and no he can't get his money back. However it will probably take three days.

Steve.

ProperCharlie

Also some banks have a limit for online transfers. Barclays is £2,000 at the moment.

Jamo

iTrader: (23)

if hes fetching it and if theres a chance he can cancel it, get cash.

I wouldnt accept a transfer no way.

Brit_in_Japan

I would check with your bank exactly when the transfer becomes "irreversible". Third party payments to accounts held at other branches usually offer an opportunity to amend or cancel the instruction. My online bank says:-

"Payments can be amended or cancelled up until 6:30pm the previous working day before the payment date."

CC

Ooh what a lovely helpful bunch you people are ....

Yep quite right he can cancel online on the same day up until 6:30pm. But he can do a bank to bank cash transfer if he has ID on him which I hope he has. Otherwise the car is going nowhere .

Cheers

Mick

iTrader: (1)

He could take out the cash at your branch - then you could deposit the cash straight back in to your account... Don't even have to leave the 'relative safety' of the bank then! - also don't have to count money handed over


Mick

Smiler

Just politely explain this to him, if he/she is genuine they will understand.

If doing transfer at branch confirm with staff if it can be reversed or not.

Tiggs

you lot live in the dark ages. i bought all my cars with bank transfer and if someone asked for cash only i'd think they were some sort of moron and tell them to stick it. Its as bad as ebay "i'll pay by TT" "no sorry, cash or cheque only" how the hell does these ppl get on a pc but then still deal in cash and cheques?????

03-CTR

i've found the best way to be via a bankers draft. they're as good as cash so just go with him to his bank to collect and then go to yours to pay it in. i did this yesterday and whilst its a bit of a hassle going to the bank its worth the trouble seeing as £12k was involved.

i thought about an online transfer but it does not happen instantaneously so you're left waiting for the cash to clear whilst the buyer takes the car. in the event that you don't let the car go until the cash clears then the buyer has neither the money or the car so runs the risk of being ripped off. not that you're going to rip him off but you get the picture.

Tiggs

go to his bank then yours??????

fair play...you are certainly keen to get the deal done!

cant think the last time i went IN a bank???? if someone asked me to go a a little visit to mine then theirs i'd think they were mad!

if you do a TT for the day of the sale and arrange to collect at 6pm whats the problem???? just turn up, get keys, leave. visit their bank!!!!! did you stop for a pub lunch

03-CTR

a tt is ok but the problem i have with them is that they get done by a specified time i.e. by 6:00pm. it can therefore happen anytime between 9:00am and 6:00pm.

i may be overcautious but there's really nothing stopping the person you're buying off from ripping you off once your funds have cleared. in that case then you ideally should be sat in the poor guys lounge untill the tt happens which could be all day

the alternative is to get some fresh air and visit the bank to get it sorted instantaneously.

there's no real 'best' method really as you do what you find acceptable. clearly the tt thing works well for you but i'm just too paranoid for that hence all the walking etc.

Tiggs

maybe i have always been lucky with who i buy from!

assuming the person has their own house, nice area, employed he can have my TT and sit on it till i arrive. The risk is what? that he denies getting it? (not clever!) or that he runs away with it???? runs from his own house?

if you are buying from some delboy on a council esate then maybe......but i wouldnt buy from someone like that anyway!

03-CTR

dunno really but in situations like this i don't know where you stand exactly. if you transfer a large sum of cash without any proir written agreement i'm not sure how you could get it back if things got nasty and the seller tried to rip you off.

same goes for buying stuff from forums like this. sure i've bought loads of stuff via forums (and thankfully haven't been ripped off - touches wood) but if the seller decided to cash the cheque and not post the goods then there's not a lot you can do to retrieve your money - short of visiting the persons house.

my paranoia is probably irrational but i personally wouldn't be happy with a scenario where the seller had the goods and the cash. especially over £10k of my cash.

S.B.

Not heard of forged ones then?

Lum

Depends on the bank. With Halifax -> Halifax transfers it's instant and irreversible. You need to check.

03-CTR

lol

Danny B

I would ask for a Bankers Draft and pay it in together at your bank so that they can inspect it and make sure it's not a fake.

CC

The advice given in the first few posts was absolutely spot on.

NO WAY was i going to let him drive off in my car after making an online transfer of funds to my account.

I phoned my banks digital banking helpline after the first few replies on here. He had until 6:30pm today to REVERSE the payment, long after he had driven off in my car! It was several thousand pounds we're talking about. I wasn't going to hold him hostage till 6:30pm either and even if I did, how do you know someone somewhere else isn't reversing the transaction for him?

Wouldn't accept bankers draft as they can be forged.

We both went into my branch (his was miles away, same bank however), and made an instant transfer, as good as putting cash in my account, NOT reversible. Think he had to pay a small charge.

All ended well. He was actually a very nice bloke but at the end of the day why take the risk?

albob

Same bank to same bank is near instantaneous! I bought a backbox on here last year - transferred funds from one LLoyds acct to another and received an email from the seller to confirm receipt of funds 10 minutes later!!
About reversibility - don't know.....

alan

Tiggs

well i hope he liked his horse and cart.......hopefully im allways lucky enough to buy stuff from people also living in 2004!

he can have my TT day before if it makes the seller happy...im not visiting my bank let alone a tour of someone elses!!!

(do i click on reply or will a pigeon be round to collect this post?)