Bank Transfers- what info do they need?

Nocky24 · 29 Jan 2011 at 13:44

I've been offered payment via a bank transfer on a famous auction site. I always use PayPal for the sellers cover/buyers cover, however if it's safe enough I don't mind payment this way (I believe they do this on member's market?). So what info does the buyer need and is there anything I need to be wary of in terms of payments bouncing and such? I don't quite know how it'll work with the fees either.

Any info will be much appreciated

Greenlizard0 · 29 Jan 2011 at 13:45

If it works then you get your money, it's not like a cheque which can bounce or Paypal which can really mess a transaction up.

Fair play to the buyer offering that as well, you avoid Paypal fees you lucky git! I've sold lots on eBay but nobody has taken my request for that type of payment.

He needs your name, account number and sort code. Nothing else.

RoboCod · 29 Jan 2011 at 13:48

Or roll number

Nocky24 · 29 Jan 2011 at 13:52

I know I was quite surprised by this payment offer as well :confused:

lol if I provide my account number and sort code, is there anything they can potentially do that might involve my account being tampered with in any way?

Narj · 29 Jan 2011 at 14:00

Nocky24 said:
I know I was quite surprised by this payment offer as well lol if I provide my account number and sort code, is there anything they can potentially do that might involve my account being tampered with in any way?

I can assure you it is completely secure, madam...

Greenlizard0 · 29 Jan 2011 at 14:01

See you 'used' to be able to only put money into accounts with the bits listed above. I've no idea now because Jeremy Clarkson thought so too - and even published his details only to find a few weeks later that £200 had been donated to Diabetes UK. Whether that was a publicity stunt, or him being ****-faced while shooting foxes I don't know.

tom_e · 29 Jan 2011 at 14:07

Greenlizard0 said:
See you 'used' to be able to only put money into accounts with the bits listed above. I've no idea now because Jeremy Clarkson thought so too - and even published his details only to find a few weeks later that £200 had been donated to Diabetes UK. Whether that was a publicity stunt, or him being ****-faced while shooting foxes I don't know.

you can set up a direct debit using them which I belive is what happened to JC but if this happens you are covered under the direct debit guarentee which will get all of your money back and cancel the set up

arknor · 29 Jan 2011 at 14:42

i always offer to pay via Bank Transfer because i refuse to use paypal which means i cant buy the majority of crap on ebay...

BT is one of the safest ways to recieve funds its about as safe as someone giving you real notes

(BT is instant for most banks now btw)

Vonhelmet · 29 Jan 2011 at 14:57

tom_e said:
you can set up a direct debit using them which I belive is what happened to JC but if this happens you are covered under the direct debit guarentee which will get all of your money back and cancel the set up

There was an article in the paper last week about some guy who kept an eye on the big cheques they photograph in the paper and took down the details, then set up standing orders into his account. He got about 10k from various accouts.

However, this sort of thing is rare and easily reversed.

Re: eBay... You'll be giving up paypal protection for what it's worth, but the buyer is doing the same thing, so it's swings and roundabouts really.

arknor · 29 Jan 2011 at 15:02

paypal protection is a lottery unless your the buyer anyway and seeing as the op is the seller i would happily take the Bt transfer

Vonhelmet · 29 Jan 2011 at 15:05

arknor said:
paypal protection is a lottery unless your the buyer anyway and seeing as the op is the seller i would happily take the Bt transfer

Yeah, I couldn't think off the top of my head whether it was of much use to a seller.

triggerthat · 29 Jan 2011 at 16:05

Roll Number OR Sort and Account Number. Simple. XThanksBye.

j.col · 29 Jan 2011 at 16:12

Greenlizard0 said:
He needs your name, account number and sort code. Nothing else.

and the bank name. eg. Barclays, Halifax, etc....

Vonhelmet · 29 Jan 2011 at 16:14

j.col said:
and the bank name. eg. Barclays, Halifax, etc....

The sort code covers the bank name. Half of 08 is co-op, half is Citibank. 40 is HSBC, etc etc. There's some exceptions but by and large it holds true. There's an article at wikipedia that lists them.

BringTheRain · 29 Jan 2011 at 16:20

Nocky24 said:
I know I was quite surprised by this payment offer as well lol if I provide my account number and sort code, is there anything they can potentially do that might involve my account being tampered with in any way?

If you sent a cheque, someone would have more info. So send the details