Can someone explain to me bank transfer'ing

dean_ham · 29 Mar 2008 at 12:46

Little confused atm...

Basically to make a bank trasnfer using my HSBC account i type in the payee sort code and account number and amount to send.

I always thought you never gave out your sort code and account number......

I can go onto my abbey isa account and all i have to do is type in an external sort code / account number. This then will move money from that sort code/account number to my isa account.

Am i correct with the above?

Ricochet J · 29 Mar 2008 at 12:48

All you have to do is go into your HSBC account. Create a new Payee, enter the Name, Sort Code, Account Number of the payee and it should go in either instantaniously (unless you choose the option of tranfering it at a later date) only if it's same bank to bank or 5 working days if the two banks are different.

dean_ham · 29 Mar 2008 at 12:51

Ricochet J said:
All you have to do is go into your HSBC account. Create a new Payee, enter the Name, Sort Code, Account Number of the payee and it should go in either instantaniously (unless you choose the option of tranfering it at a later date) only if it's same bank to bank or 5 working days if the two banks are different.

Yes but i can go onto my abbey isa account, and i can type in any sort code / account number, i.e (you give me your sort code / acc number for me to send you money) and i can type that into my abbey account and basically take any amount of money from your sort code / account number details....

Im not going to do it.... lol

but just saying if its possible? I was supprised when i logged onto my new abbey account and i could do the above....

Ricochet J · 29 Mar 2008 at 12:54

In order for anyone to take money out of your account you'd need the three digit code at the back of the card. Because, you're not revealing this info, you will not be able to go into your Abbey ISA account and take out any amount of money you'd like. Infact, I don't think such feature exists on normal customer accounts. The feature you're reffering to I think only exists on business acounts where they'd probably need to take money out for customer payments.

In short, the only way to transfer money from your HSBC to Abbey is from HSBC, typing in Abbey's details and typing in how much you want to transfer.

Edit: I just re-read your statement about taking money out of your HSBC from your Abbey. Are you sure you did this mate?

dean_ham · 29 Mar 2008 at 12:58

Ricochet J said:
In order for anyone to take money out of your account you'd need the three digit code at the back of the card. Because, you're not revealing this info, you will not be able to go into your Abbey ISA account and take out any amount of money you'd like. Infact, I don't think such feature exists on normal customer accounts. The feature you're reffering to I think only exists on business acounts where they'd probably need to take money out for customer payments.

In short, the only way to transfer money from your HSBC to Abbey is from HSBC, typing in Abbey's details and typing in how much you want to transfer.

Yea i thought that, but was supprised that it only asked for the name / account number and sort code. to transfer money to the abbey account....

Cheers anyway

weringo · 29 Mar 2008 at 12:58

The sort code identifies the branch of the bank, and the account number indentifies the account within the branch. Telling someone these details is harmless, you certainly can't take out any money from someone's account with them alone.

dean_ham · 29 Mar 2008 at 13:03

weringo said:
The sort code identifies the branch of the bank, and the account number indentifies the account within the branch. Telling someone these details is harmless, you certainly can't take out any money from someone's account with them alone.

OK thanks....

dean_ham · 29 Mar 2008 at 13:09

so one last clarification.....

it is safe for me to give out my

NAME:
SORT CODE: XX-XX-XX
ACCOUNT NO: XXXXXXXX

When i want someone to send me money....

Just being extra cautious sorrrry

lol

Ricochet J · 29 Mar 2008 at 13:18

You also have to provide the long strip at the front, the digits at the back of your card and your billing address.

weringo · 29 Mar 2008 at 13:18

dean_ham said:
so one last clarification.....

it is safe for me to give out my

NAME:
SORT CODE: XX-XX-XX
ACCOUNT NO: XXXXXXXX

When i want someone to send me money....

Just being extra cautious sorrrry lol

Yup that's fine

Kitchster_uk · 29 Mar 2008 at 13:46

You give out your name, sortcode and account number whenever you issue a cheque, along with a copy if your handwriting and signature...don't worry about it tbh

Glaucus · 29 Mar 2008 at 13:57

dean_ham said:
so one last clarification.....

it is safe for me to give out my

NAME:
SORT CODE: XX-XX-XX
ACCOUNT NO: XXXXXXXX

When i want someone to send me money....

Just being extra cautious sorrrry lol

The only thing anyone can do with that is set up a Direct Debit. However every single direct debit is guaranteed by the bank. Due to the non existent security checks on them. So if someone did do this you would get your money back without any hassle.

Dogoid · 29 Mar 2008 at 14:05

why would a bank have strict rules for someone paying money INTO an account? there are no unhappy parties.

allllec · 29 Mar 2008 at 14:14

Dogoid said:
why would a bank have strict rules for someone paying money INTO an account? there are no unhappy parties.

You'd be pretty unhappy if they where the proceeds of crime and you where arrested

<ot>
Hmm talking of bank transfers wheres my salary Tesco :mad:

Ace Modder · 29 Mar 2008 at 16:37

weringo said:
The sort code identifies the branch of the bank, and the account number indentifies the account within the branch. Telling someone these details is harmless, you certainly can't take out any money from someone's account with them alone.

Wrong, you can setup a Direct Debit with these details.

Glaucus · 29 Mar 2008 at 16:43

Ace Modder said:
Wrong, you can setup a Direct Debit with these details.

Which is fully guaranteed and you give such details out with cheques anyway.

weringo · 29 Mar 2008 at 16:53

Ace Modder said:
Wrong, you can setup a Direct Debit with these details.

Not wrong, I never said you couldn't set up Direct Debits.

You can only set up Direct Debits to organisations registered with your bank, you can't just set them up willy nilly to random current accounts. On top of that you are protected by the Direct Debit guarantee.