is a bank deposit a bank transfer?

[tomanders91]

Im just looking at buying something, there doesnt seem to be bank transfer, but bank deposit as a paymen, is that the same thing?

thanks.

(sorry for this random question).

 

[coolpunkskater]

I would think the "bank deposit" would mean you going into the bank

 

[tomanders91]

ok thanks, i think thats it, they said i can pay by cash in barclays, so i guess thats what that means.

 

[Angilion]

Bank transfer - you transfer money directly from one bank account to another, no cash involved.

Bank deposit - you withdraw money as cash from one account and pay it in as cash to another account.

They are treated differently, though I don't know why.

 

[tomanders91]

Bank transfer - you transfer money directly from one bank account to another, no cash involved.

Bank deposit - you withdraw money as cash from one account and pay it in as cash to another account.

They are treated differently, though I don't know why.

thanks

All i needed to know.

 

[[TR]SweetSpotOz]

.

 

[tomanders91]

so if im on halifax, and i do a bank deposit to a barclays, it will be instant?

 

[ste_bla]

so if im on halifax, and i do a bank deposit to a barclays, it will be instant?

if you take the money out and put it in his account yes, as thats a bank deposit

makes no difference where the cash comes from

if your on about phoning / e-banking then no thats a transfer which normally take 2-5 days

 

[[TR]SweetSpotOz]

.

 

[weringo]

"Bank deposit" seems to be strange way to make a payment, are you sure they don't mean bank transfer?

 

[ste_bla]

"Bank deposit" seems to be strange way to make a payment, are you sure they don't mean bank transfer?

its not really as there have been cases where bank transfers have been reversed due to "fraudulent transactions"

Also its lessen the paper trail if you wanted that kind of thing

 

[tomanders91]

As you are 16, (assuming), you probably don't have a current account. You can open a current account with the Halifax/Bank of Scotland (same company now), called a cardcash account. You can do this online, the application takes very little time. It would give you a cheque book, debit card (visa electron) for online purchases and easy-to-use internet banking to allow you to do things like make bank transfers and keep track of your spending. If you are just making a one-off purchase then this probably isn't very useful but if you want to buy things online then it may be very useful indeed.

If you do opt to get that account, always remember that just because you can spend this money online, it doesn't mean you have to! I, as I'm sure many have, found myself buying lots of useless rubbish just because I could. Use it when you would save money on the highstreet but only if you were going to buy it anyway!

I have an account yeah im 16, had it a while now and i do spend my money sensibly so its ok.

And yeah to the other guys, the seller is using bank deposit to avoid scams/fraud etc.

 

[[TR]SweetSpotOz]

.

 

[[TR]SweetSpotOz]

.