bob r

iTrader: (46)

Someone has offered to BCAS some cash to me from parts I am selling.

The buyer needs my account no and sort code. Is this safe ?

Sorry for sounding but i've not used BACS before.

The Zohan

I have been paid salay by BACS. I am sure that they can only transfer money in. It takes 3 days to clear, once in the account it is 'in the account' and cannot be taken out by the person. It is a one-way process. They can only make the payment if they have sufficient funds in their account to begin with.

They will also need your bank name and your name as well. IMHO - Do not send the part(s) untill the money shows up in your account.

Playsatan

iTrader: (2)

Banking Automated Clearing Servive is what pays in you wages and takes out your direct debits/standing orders from your bank account.

He's right in saying he'll need the sorting code and account number.

I've given out my details for payments before but there is a small risk. Jeremy Clarkson gave out his in a newspaper columm because he said without his password etc there wasn't anything a hacker could do with them. Then money came out of his account and was donated to the green party (or something like that, can't remember)

If the senders bank, and yours are part of the faster payments scheme, and the payment meets the conditions, you'll have the cash within a couple of hours. If not a couple of days should do it.

The payment can be reversed but they'd need a bloody good reason (not easy) and I think after a day even that doesn't work.

Long story short - pretty safe, no charges, make sure it's coming from a UK bank though.

bob r

iTrader: (46)

Thanks. Sounds pretty safe.

hodgy0_2

If only the rest of the cr4p JC comes out was as easy to debunk as this mis-informed gem

stevebt

iTrader: (8)

Get them to pay the cash into your account as once they pay it in its in

Jamz3k

Paid for my exhaust this way, the seller gave me his sort code and account number and bish bash bosh a week later i had a shiney exhaust.

Trout

iTrader: (1)

BACS is so last decade - most online banking systems use Faster Payments now and it take about two hours - any time of day or night.

The limit is £10k which is set to meet anti-money laundering compliance.

Playsatan

iTrader: (2)

The limit is set by the individual member bank. £500 is typical but for new members who want to test their systems before ramping up I've heard of it going as low as £25 for SIPS and £50 for standing orders.

Fraud is a concern though as when the money has went there is no facility to recall it.

Dr.No

Whatever information he needs to make a BACS transfer to you would ALL be written on one of your cheques - so I've never really seen any problem in handing out sort code, account number and name to anyone that reasonably requests it.

DN