Can a bank transfer be reversed?

[king12345]

Hi guys,

I am about to sell my car and my colleague warned me to accept only hard cash because a bank transfer can be reversed and I could end up with no car and no money.

Is this correct?

[fkofilee]

Depends how the payment method is made.

 

Card payments can be disputed. CC payments through Sect 75 - DC through Chargeback.

Paypal also can be disputed and funds returned.

BACS / Faster Payments sorta cant be - Gray Area.

 

Good advice from your friend, however make sure your draw up receipts etc.

[king12345]

Of course I can't accept credit cards.

I can only take cash or bank transfer (I know about the cheque sc@m, so won't go there).

But not many people are comfortable with carrying £5K in cash to meet a stranger.

[fkofilee]

Bank transfer is a great idea - I dont think it can, when it comes down to it.

But as i said very Gray Area..

[martin2006]

Its not really a grey area because a bank transfer us initiated by the account holder. Withbthe account holder's input to instruct a transfer, the bank will refuse any refund on the grounds that the person transferring has initiated the payment.

Have it transferred to a separate account from your main bank account that you hold and transfer to your main account yourself.

[king12345]

Its not really a grey area because a bank transfer us initiated by the account holder. Withbthe account holder's input to instruct a transfer, the bank will refuse any refund on the grounds that the person transferring has initiated the payment.

Have it transferred to a separate account from your main bank account that you hold and transfer to your main account yourself.

 

Thanks Martin.

Can you explain why I should have it transferred into a separate account and then transfer the funds to my main account?

[fkofilee]

For security. IF it is reversed it doesnt interfere with your day to day transactions.

[king12345]

For security. IF it is reversed it doesnt interfere with your day to day transactions.

 

So it can be reversed.

That would put the account in minus balance, wouldn't it?

[think about it]

I've seen it done before where you and buyer go to your nearest bank branch and they pay in to your account over the counter. You then get the added benefit of it all being on CCTV and the buyer can use their debit card in the bank. Hand over the keys and V5c slip / receipt and pull a tenner out of the hole in the wall for a taxi home.

[king12345]

I've seen it done before where you and buyer go to your nearest bank branch and they pay in to your account over the counter. You then get the added benefit of it all being on CCTV and the buyer can use their debit card in the bank. Hand over the keys and V5c slip / receipt and pull a tenner out of the hole in the wall for a taxi home.

 

Good idea.

Thanks.

Even better, get them to withdraw cash and give it to you.

So my understanding (also by reading online) is that a bank transfer could be recalled if fraud or a mistake into what account the money goes is made.

Given that sale receipt, CCTV from the bank, photocopy of id and v5 is all above board, even if the buyer tried to recall the transfer, the bank, after asking the receiver (me), would refuse the recall because the transaction was genuine.

I hope this is correct.

[martin2006]

For security. IF it is reversed it doesnt interfere with your day to day transactions.

 

Thanks FK been a bit busy with hospital, thanks for explaining what i meant.