Is bank transfer safe for the recipient?

31
Found 25th Aug 2012
I have just taken payment for an expensive item via bank transfer.

I just wanted to confirm that its safe to send the goods?

Thanks
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31 Comments
Ummmm, this is a tricky one, personally I would say no, because if the person said they didn't authorise the payment, the bank would take it right back from you. All depends on how much you trust the person you are dealing with.
scott148

what ever you do,do not send anything.



Why?

Surly the bank would cover me?

Thanks for your replies!
Edited by: "JP1993" 25th Aug 2012
Yes bank transfer is 100% safe.


ACM - what you on about mate? To send a bank transfer the sender has to be signed into their bank account, to recall a payment you would need a court order.
fluffyundacrakas

Yes bank transfer is 100% safe.ACM - what you on about mate? To send a … Yes bank transfer is 100% safe.ACM - what you on about mate? To send a bank transfer the sender has to be signed into their bank account, to recall a payment you would need a court order.



Thank you for your reply.

That is what I wanted to hear.

I am still not certain why the others say I'm not. I don't want to cause am argument though, I'm just looking for friendly advice.
scott148

what ever you do,do not send anything.

fluffyundacrakas

Yes bank transfer is 100% safe.ACM - what you on about mate? To send a … Yes bank transfer is 100% safe.ACM - what you on about mate? To send a bank transfer the sender has to be signed into their bank account, to recall a payment you would need a court order.



The bank will not cover you, I know this is different but I bought an item off someone, paid £140 bank transfer, never got the item, the bank said it was a matter the police needed to deal with, never saw that money again, was about 10 years ago.




You can send a bank transfer by phoning the bank, also by online banking, and in the bank itself, all three of those methods can be done fraudulently, I don't need to explain how, but say the person paid the money using online banking, he could easily say he never did it.
JP1993

Thank you for your reply.That is what I wanted to hear.I am still not … Thank you for your reply.That is what I wanted to hear.I am still not certain why the others say I'm not. I don't want to cause am argument though, I'm just looking for friendly advice.



Just because someone says it is ok does not mean it is, take it from someone who has been burned with bank transfers, and I am sure there are many more on here, and the bank will not cover you, it is not a direct debit which has its own guarantee.
Edited by: "aircanman" 25th Aug 2012
MadeDixonsCry

No:http://news.bbc.co.uk/1/hi/7174760.stm




That's to do with setting up a DD not about people being able to take money out of your account.


ACM - the OP is the seller, your situation as the buyer is different.

Once a bank transfer has been made I reiterate you need a court order in order to recall the payment.
fluffyundacrakas

That's to do with setting up a DD not about people being able to take … That's to do with setting up a DD not about people being able to take money out of your account.ACM - the OP is the seller, your situation as the buyer is different.Once a bank transfer has been made I reiterate you need a court order in order to recall the payment.



Either way, the op will lose money when his a/c number and sort code and name are in the wrong hands.
fluffyundacrakas

That's to do with setting up a DD not about people being able to take … That's to do with setting up a DD not about people being able to take money out of your account.ACM - the OP is the seller, your situation as the buyer is different.Once a bank transfer has been made I reiterate you need a court order in order to recall the payment.



Reiterate all you like, if the buyer pays then denies doing so to his own bank, his bank WILL refund the money into his account without a court order. And court orders do not allow payments to be reversed, a small claims court can only ask for the money to be repaid.
Bank transfer is safe for the recipient of the funds. Funds cannot be pulled back (they are irreovocable) and a bank transfer is as good as giving the person cash. The only way the sender of the funds can get the money back through the bank is if his bank contact the recipients bank, who then contact the recipient asking them to agree to return the funds.
aircanman

Reiterate all you like, if the buyer pays then denies doing so to his own … Reiterate all you like, if the buyer pays then denies doing so to his own bank, his bank WILL refund the money into his account without a court order. And court orders do not allow payments to be reversed, a small claims court can only ask for the money to be repaid.



His bank will only refund if they are satisfied that a fraudulent payment has been made.mif they are able to prove that either a correct pin, or correct online log in details have been entered then liability will fall to the account holder - it is their responsibility to ensure their details remain safe, and only they know them. Banks don't just refund because you say you didn't make the payment.
cosmicdav3

His bank will only refund if they are satisfied that a fraudulent payment … His bank will only refund if they are satisfied that a fraudulent payment has been made.mif they are able to prove that either a correct pin, or correct online log in details have been entered then liability will fall to the account holder - it is their responsibility to ensure their details remain safe, and only they know them. Banks don't just refund because you say you didn't make the payment.



With a Direct Debit, and I know this is different, all you need to do is phone up and say they shouldnt have had the money, they will instantly refund it, no questions.

With a bank transfer, it is a little harder granted, but it is possible that the buyer could say he never made the payment, in which case the bank, due to the safety protocols they employ with online banking etc, will pay the buyer back.
scott148

lol I was joking.Once you`ve` got the money it yours.



Lol, I still can't tell if your telling me its safe or not


Thanks for all your replies.

I have saved the chat transcript in which he confirmed he was making that payment.

I have confirmed a land line phone number they gave me.

I also have a name, age and full address. The land lines code does match the location also.

I really didn't want to but I think I will go into the bank to confirm but thank you for your replies, you've all been helpful.


Edited by: "JP1993" 25th Aug 2012
JP1993

Lol, I still can't tell if your telling me its safe or not :DThanks for … Lol, I still can't tell if your telling me its safe or not :DThanks for all your replies.I have saved the chat transcript in which he confirmed he was making that payment. I have confirmed a land line phone number they gave me.I also have a name, age and full address. The land lines code does match the location also. I really didn't want to but I think I will go into the bank to confirm but thank you for your replies, you've all been helpful.



Post up what they say on here for sh.. and giggles.
aircanman

Post up what they say on here for sh.. and giggles.



Lol, okay will do. Will be on Tuesday or Wednesday
aircanman

With a Direct Debit, and I know this is different, all you need to do is … With a Direct Debit, and I know this is different, all you need to do is phone up and say they shouldnt have had the money, they will instantly refund it, no questions. With a bank transfer, it is a little harder granted, but it is possible that the buyer could say he never made the payment, in which case the bank, due to the safety protocols they employ with online banking etc, will pay the buyer back.



Not exactly correct, but you are on the right lines. The Direct Debit guarantee provides a refund where an error has been made, the bank are quite within their rights to insist that they are satisfied that an error has been made before providing a refund, but once it has been established that an error has been made the refund must be full and immediate.mthis however does not affect any underlying contract that may be in place, Direct Debit is purely a method of payment.

Bank transfer is as good as giving the recipient cash. No protection for incorrect details entered etc and as previously stated your responsibility to keep log in details safe. The bank will only refund where there has been a breach of while security and they are liable. Banks don't pay out unless they have to.

I work in the industry.
cosmicdav3

Not exactly correct, but you are on the right lines. The Direct Debit … Not exactly correct, but you are on the right lines. The Direct Debit guarantee provides a refund where an error has been made, the bank are quite within their rights to insist that they are satisfied that an error has been made before providing a refund, but once it has been established that an error has been made the refund must be full and immediate.mthis however does not affect any underlying contract that may be in place, Direct Debit is purely a method of payment.Bank transfer is as good as giving the recipient cash. No protection for incorrect details entered etc and as previously stated your responsibility to keep log in details safe. The bank will only refund where there has been a breach of while security and they are liable. Banks don't pay out unless they have to.I work in the industry.



You have pretty much confirmed what I am saying, in a roundabout way, if the buyer says it was done fraudulently, they can have the money back, I know it is not as clear cut as a DD, but it can be done. It may not be massively risky, but there is a certain risk to it.
MadeDixonsCry

Either way, the op will lose money when his a/c number and sort code and … Either way, the op will lose money when his a/c number and sort code and name are in the wrong hands.




How will the OP lose money? Don't forget that your sort code and account number are on cheques too.

OP - how much was the item you sold?

ACM - why do you think nobody on fs/ft wants to pay for expensive items via bank transfer? Because there's no comeback for the buyer, the seller for all intents and purposes could just do a runner and the buyer would not be able to get their money back.

Bank transfer = safe for seller.
cosmicdav3

I work in the industry.



That's reassuring
fluffyundacrakas

How will the OP lose money? Don't forget that your sort code and account … How will the OP lose money? Don't forget that your sort code and account number are on cheques too.OP - how much was the item you sold? ACM - why do you think nobody on fs/ft wants to pay for expensive items via bank transfer? Because there's no comeback for the buyer, the seller for all intents and purposes could just do a runner and the buyer would not be able to get their money back.Bank transfer = safe for seller.



£600
JP1993

That's reassuring



Very reassuring
Surely email conversations regarding the purchase would be good enough evidence, along with proof of delivery. Bank transfers need to have been cleared for 3 days otherwise the sender can recoupe the money as well.
Thanks jonnyq and stevert.
aircanman

Very reassuring



I Don't work for bank, I work in payments processing.
Stevert

Surely email conversations regarding the purchase would be good enough … Surely email conversations regarding the purchase would be good enough evidence, along with proof of delivery. Bank transfers need to have been cleared for 3 days otherwise the sender can recoupe the money as well.



Not sure where you got a 3 day clearing period from? Especially now as funds transfers are made by faster payments, the funds clear instantly. The recipient has instant access to withdraw the funds, they are as good as cash once in the account. The exception to this would be if you received funds which you knew you were not entitled to or expecting, e.g. A banking error, the bank is at liberty to correct a mistake in these circumstances.
Edited by: "cosmicdav3" 25th Aug 2012
cosmicdav3

Not sure where you got a 3 day clearing period from? Especially now as … Not sure where you got a 3 day clearing period from? Especially now as funds transfers are made by faster payments, the funds clear instantly. The recipient has instant access to withdraw the funds, they are as good as cash once in the account. The exception to this would be if you received funds which you knew you were not entitled to or expecting, e.g. A banking error, the bank is at liberty to correct a mistake in these circumstances.



My other half works in finance, I was as sceptical about it as you so checked it with my bank who confirmed it. Not entirely sure the mechanics of it though.
aircanman

Ummmm, this is a tricky one, personally I would say no, because if the … Ummmm, this is a tricky one, personally I would say no, because if the person said they didn't authorise the payment, the bank would take it right back from you. All depends on how much you trust the person you are dealing with.



So do what? They say it was unauthorised so they take the money back. They don't send the item so they get the police. So what is the OP to do?
MadeDixonsCry

Either way, the op will lose money when his a/c number and sort code and … Either way, the op will lose money when his a/c number and sort code and name are in the wrong hands.



So what are you saying? That all sales/trades/purchases between individuals should be cash in hand only?
I think ACM is correct in the sense that if the transaction turns out to be fraudulent, the bank can recall the amount from your account. You'll then be left with no money & no goods. Personally, I would only do cash on delivery for this amount.
The Therapist

I think ACM is correct in the sense that if the transaction turns out to … I think ACM is correct in the sense that if the transaction turns out to be fraudulent, the bank can recall the amount from your account. You'll then be left with no money & no goods. Personally, I would only do cash on delivery for this amount.



Do you know how much COD costs? Would have been cheaper to get paid by Western Union and the OP just pay the fees.
The chances of bank transfers being recalled are small, apart from WU or Moneygram its pretty much the safest way to be paid.
colinsunderland

Do you know how much COD costs? Would have been cheaper to get paid by … Do you know how much COD costs? Would have been cheaper to get paid by Western Union and the OP just pay the fees.The chances of bank transfers being recalled are small, apart from WU or Moneygram its pretty much the safest way to be paid.



Sorry. What I meant to say was cash on collection. I wouldn't do the transaction unless buyer collects for that value.
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