Is Bank Transfer safe? - HotUKDeals
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Is Bank Transfer safe?

gd_miester Avatar
1d, 1m agoPosted 1 decade, 1 month ago
Im about to sell somthing for £65. The guy said he will pay via Bank Transfer. Is this a safe method of payment? Could they do any kinds of chargback?

Thanks.
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gd_miester Avatar
1d, 1m agoPosted 1 decade, 1 month ago
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#1
I also wonder about this, i dont like giving my details out, s will watch this thread :)

What is the only details you need to give also?
#2
As a bare minimum, you can *just* provide a sort code and account number; i've paid money into accounts this way in the high street at least; proper bank transfer over the phone may need the name of the account, not sure.

As for being safe, i dunno, sorry
#3
Sort Code, Account Number, Bank Name, Account Name.

Should be okay, but might take about four days to clear in some cases, so I would wait until that does clear gd-miester :)
suspended#4
Asked this question to a bank staff once and was told its safe as someone can only put money in not take out.So I assume its safe.
#5
Yeah :) I've used it a few times, but if the other person has insufficient funds available, it would probably not go through unless they have an overdraft facility?
#6
But what if the person pays by credit card and then does a chargeback?
#7
Bank transfer is totally safe for sellers... buyers not so much as they dont have the same protection as paypal etc. not sure chargebacks can be done once the amount has cleared...not 100% sure tho
#8
dinosteveus was right, banks transfer far far better than nochex or paypal, cos once its yours in your current account, it's going NOWHERE without your say so.
#9
gd_miester
Im about to sell somthing for £65. The guy said he will pay via Bank Transfer. Is this a safe method of payment? Could they do any kinds of chargback?

Thanks.


If the transaction is fraudulent. That is if they're using someone else's account to transfer money to yours it would be reversed.
#10
If receiving a bank transfer payment DO NOT give your card number.

You will need to give your account number & sort code & the name/names of who the account belongs to, maybe the name & address of bank but that can be determined by the sort code.

This is usually a quick same day transaction, the sender usually pays a fee for this service. As long as no mistakes are made with account number etc all should be a quick painless transaction.

The person sending the money would only be able to transfer clear funds of their account. When its in you account wouldnt have to wait for it to clear its as 'cash.'

Giving just these bank details is ok & fine for paying into account, giving the card number is another matter.

Hope it all goes well.
#11
I also recently asked this question;

Bear in mind that if you have an address, bank account name, sortcode and account number that money can be removed from your account as a scammer could use this info to setup direct debits/standing orders

so i understand that this is not 100% secure
#12
tlck9
I also recently asked this question;

Bear in mind that if you have an address, bank account name, sortcode and account number that money can be removed from your account as a scammer could use this info to setup direct debits/standing orders

so i understand that this is not 100% secure

I think there is a risk as well, if they have your name & address, but not sure what exactly. I don't think anyone could set up a standing order from your account as that would normally require a signature - but as signatures are very rarely checked (even on cheques) I suppose it could be possible. But if disputed, and the signatures didn't match, then the bank would be responsible for any loss, surely?

As for a DD, this would be possible, but the DD guarantee is in place so any debit can be reversed.

All I know is that the bank staff always give me a sermon on identity theft whenever they see the name & address sheet still intact on any cheque book and/or paying in book.

The other thing to remember is than whenever you pay by cheque you are effectively giving the other person your bank details, and I've not had any unauthorised debits because of this yet.
#13
rayman
Sort Code, Account Number, Bank Name, Account Name.



thats ALL the information you need to give, nothing else. all that information is on cheques too. :-D

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