Can money transferred into my bank account be sucked back out again?

Feek

Feek

Feek

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I've sold a piece of kit on eBay that's gone for a decent price (over £700). I've verified the identity of the buyer who is in Portugal and he's asked me whether I want the money by Paypal or direct bank transfer.

Normally I use Paypal but I'm pondering the direct transfer option.

Is there any way that the person transferring the money into my account can suck it back out at a later date? How safe an option is this?
 
I'd avoid paypal in this case. He can just say it never arrived and claim a refund.

Not sure about the bacs question but it seems the safest bet, maybe call your bank?
 
I thought once it has properly cleared ( best to phone/go into bank to check) it can't be reversed
 
Yes, I know all about Paypal, it's whether a direct bank transfer can be reversed, that's what I don't know.
 
When ever i make a payment on my online bank (HSBC) it always says...

"the money being sent cannot be reclaimed, once you press ok your money is gone" (or something to that effect)
 
Simple answer, no it can't be reversed. That's why you have to be extra careful when transferring money, they other party is not legally bound to give the money back.

P.S. He will probably get charged by his bank if he does an international transfer.
 
Same as above, When ever I have transferred money be it over the phone or on-line, they always say once this transaction has been made it cannot be reclaimed/Returned...

I'd still just give your bank a phone and ask :)
 
Once payment is cleared it is yours, normally transfers are only credited to your account once its cleared.
 
I've always thought bank transfers can't be reclaimed.

If I go into a branch to make a transfer the clerk always gives me stick making sure I have the right payee details (BACS).
 
Feek said:
Yes, I know all about Paypal, it's whether a direct bank transfer can be reversed, that's what I don't know.
Click to expand...

I sold quite a lot of my transformers / starwars to buyers abroad and I would only take bank transfer for this very reason. highest sale was circa £500 for one transaction.

can't be reversed if from a bank acc to bank acc. you may want to check with your bank re the counter fraud / money laundering policies though although this is a slightly separate issue.

only thing you should do is make sure you send it by express and fully insured mail for the buyers benefit unless they want it by the cheapest method. also worth checking with the shipping agent re packaging requirements. I used to use mailboxesetc and they needed required 50mm styrene inners for protective lining for some items under insurance and even then they would only cover for loss, not damage in transit.
 
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markyp23 said:
This isn't exactly true. If you get the digits wrong then you will have to write to the bank in question and they will no doubt tell you that the DPA says that they cannot reveal the recipient's details. However, they have no right to the money so you are legally entitled to get it back, even if you have to sue.

The key is in 35(2) of the DPA which states:
35(2) Personal data are exempt from the non-disclosure provisions where the disclosure is necessary—
(a) for the purpose of, or in connection with, any legal proceedings (including prospective legal proceedings), or
(b) for the purpose of obtaining legal advice,
or is otherwise necessary for the purposes of establishing, exercising or defending legal rights.

As you would surely sue to get your money back, the recipient's bank cannot withold the details under the DPA and you can contact the recipient to ask for your money back...and sue if not!

As to the OP, I'm sure he would have to get sued to lose the money and that's incredibly unlikely to happen with the buyer in Portugal.
Click to expand...

Well to sue is a different story :rolleyes: Usually, I expect most people would give it back before it got to this stage :)
 
It can be done, I've personally dealt with reclaiming funds sent from britain abroad, I do not see why it could not work the other way. How do you know the foreign money isn't dodgy either? You could end off with a siezed bank account and a fraud investigation which would really suck!
 
Once the payment has been made it can't be reversed back out. A quick call to your bank should confirm this.
 
Lets put it this way, once cleared it a lot more hassle for the buyer to get it reversed than it would be through paypal, its not impossible but they'd have to go to a lot more lengths.


EDIT: On an unrelated note "feek" is currently featuring in the "most wanted" on Eve Online with 400m bounty lol.
 
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