How safe is bank transfer?

WJA96 · 5 Feb 2006 at 23:15

I've been doing a bit of buying and selling on the Members Market and several people have refused Paypal because of charges or chargebacks.

OK, that's fine, but for a bank transfer they need my account number and sort code.

From the sort code they can get my bank address.

If I send stuff RMSD they can get my address from the return address sticker.

So basically, they have my bank account number and my address details. Isn't that a bit dodgy?

Gigi · 5 Feb 2006 at 23:34

Bank tranfsers are safe, you give someone a cheque, they have your account number and sort code, they can only transfer money into your account, not remove any money.

/Gigi

Adz · 5 Feb 2006 at 23:34

I think you're being a little paranoid

. They'd have to go to a lot of trouble to fake your identity and gain access to your account.

In any case, it's far safer than Paypal for the reasons mentioned.

TriedandTested · 5 Feb 2006 at 23:39

Perfectly safe mate...just ONLY give the sort code, account number, bank name and your name.

whitecrook · 5 Feb 2006 at 23:41

are there any charges for doign bank transfers?

TriedandTested · 5 Feb 2006 at 23:47

No charges. Quicker if both parties are with the same bank though.

iBankAllDay · 5 Feb 2006 at 23:56

Realistically you have nothing at all to worry about. Even with your sort code, account number, and possibly your address, a lot more is required to actually withdraw funds from your account.

WJA96 · 6 Feb 2006 at 00:31

What about set up a direct debit?

TriedandTested · 6 Feb 2006 at 00:37

That's the same thing but with a DD you're basically telling your bank to transfer x amount of money on a particular day of the month. That wont help you much if you're buying/selling from the MM though. Same bank details would exchange hands.

If you're not sure, dont do it. But i've done a few bank transfers without a hitch.

Clarkey · 6 Feb 2006 at 00:40

if you give them a name and address (which you usually would in a sale), I cant see anything stopping them from setting up direct debits, I've set up numerous in my time and there is seemingly no security other than asking for your name, address and sort code and account number.

Greenlizard0 · 6 Feb 2006 at 00:41

I use bank transfers for personal reasons and I prefer to shift funds to e.g. ebay users that way. I have not had any problems yet.

sja360 · 6 Feb 2006 at 01:11

done a lot of bank transfer's myself, aint had any problems, only crap part about bank transfers is that their slow, 3-5 days

mind you wasnt that suppose to change to 3 days or something sometime this year? atleast thats what i heard on working lunch last year sometime.

WJA96 · 6 Feb 2006 at 06:27

Clarkey said:
if you give them a name and address (which you usually would in a sale), I cant see anything stopping them from setting up direct debits, I've set up numerous in my time and there is seemingly no security other than asking for your name, address and sort code and account number.

Exactly! OK - you couldn't buy a phone contract, or an HP agreement, but I could make 1 or 2 payments on a gym membership or something, I'm sure, before I realised my identity had been nicked.

Nismo · 6 Feb 2006 at 07:24

Bank transfers are a perfectly normal way of transferring money between people, there is nothing to worry about.

T-Bag · 6 Feb 2006 at 09:28

WJA96 said:
What about set up a direct debit?

In theory you could probably get away with setting up a direct debit...

I know where I work it would be possible for someone to set up a direct debit from anyones account. They are supposed to check that the bank account is in the account holders name, but as long as they say yes there is nothing that can be done to check if it is or not. I don't know if it is different for other places where you can set up a DD though.

Although, you would notice this and the bank can recall any direct debit payments made so it would be pretty pointless for anyone to attempt it.

chimaera · 6 Feb 2006 at 09:37

I got annoyed with natwest the other day trying to pay someone in the MM, it was to an online account, usually i pay in cash at a branch.

I phoned them up and was told i could do a 3-5 day transfer for free, or a 24 hr transfer at cost, fair enough 3-5 days is fine.

Go into branch, 'sorry sir i don't know of anything that can do that, i can set up a direct debit but you'll have to cancel it afterwards'.

Did i just get a moronic member of staff then?

T-Bag · 6 Feb 2006 at 09:55

Sounds odd, I always do it online but I know people who have paid me before have gone into the branch and paid cash.

Nismo · 6 Feb 2006 at 10:01

chimaera said:
Did i just get a moronic member of staff then?

Sounds like it, all you were asking was to transfer or pay money into someone elses account, not really the most taxing thing a bank worker would have to do.

aardvark · 6 Feb 2006 at 10:13

if i ever set up a direct debit or similar transfer aggreement the bank always sends me a form in the post which i also have to fill in and sign - it would be impossible for anyone to set up a direct debit without me knowing about it (i'm with HSBC)

Slogan · 10 Jun 2007 at 22:04

Hello,

Didn't want to make a new thread as there are several - but would like some reassuring.

I (very) recently sold a very expensive item on the bay (£1300) and the buyer wants to pay through Bank Transfer - I only listed PayPal and Postal Order but can understand why you would want to avoid the fees (of PayPal) and hassle (of several postal orders).

I've never bought or sold anything of this price and just want to make sure I get my money - rather than it be pulled and me left without item or money.

Once it arrives in my account, is that it there for good? I'm not extremely familiar with bank transfers so this is why I ask.

Thanks.