Random question - payment by online bank transfer

Lashout_UK

Lashout_UK

Lashout_UK

Soldato
Joined
2 Mar 2004
Posts
11,919
Location
SE England
Here's a curveball for you - got someone who's looking to buy my BMW tomorrow and they are perfectly happy to pay the full amount in cash - although this will entail them coming back later in the week to pick it up.

What's new is for me is that they've also suggested they bring as much as they can from the cashpoint as 'hard' payment, then do the rest as an online bank transfer in my presence.

I'm guessing, worst comes to worst, that it wouldn't be difficult to cancel that payment at a later date - or is it an "instant" (within normal business working time) transfer that cannot be undone?

I only ask because it's not something that's come up before - although I myself have paid in such a fashion....

Obviously I'd be able to make an instant judgement call the moment I met the gentleman but I'm interested in hearing as to whether that payment would be reversible....guy works for a bank so I guess I could ask him :p :D

In the meantime, the car in question (pictures are nothing special, just taken for people to peruse and inspect):

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It will be sorely missed :)
 
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Well certainly with my bank, the online transfer can be cancelled up to something like 6:30pm that day, so it would be feasable to do the transfer, drive off home and cancel.
 
Whilst I haven't ever sold a car privately, if it was me, I don't think I would release the car to him until I had the money in my bank account. It's normal to require funds into your bank account before releasing the car isn't it?

Rgds
 
I don't really have any intention of doing it - I'll just take the deposit and pick him up from the station on Monday - I was just interested in potential outcomes of such a transfer....I agree with you on that one radderfire, though - when I paid by transfer the owner waited until it was confirmed and in his account...
 
Also, I don't think his bank transfer would actually be processed until Monday, so the funds would stay at his bank until then and that increases the chance of him being able to cancel it beforehand. Also, if his account did not have enough money in it come Monday, then I expect it could be cancelled by the bank.

It would be risky for you to accept this because you have a lot less info on the buyer than he has on you. He can view the car at the registered address and get a written confirmation of sale from you, you have less to go on.

If he wanted it on the day, he could have arranged for a bankers draft could he not?

Rgds
 
He only picked up the advert this evening and arranged to see it tomorrow morning :)

Having to beat everyone else off with a stick for this one :D
 
If you're with the same bank as him then the transfer is usually instant. That's the case for Natwest at least.
 
So if he has stolen bank login details you will see the money and may even draw it out your account but I would think the money would be reversed and you would be left with a big hole in your balance.

Most serial killers are very amiable. Con men are too thats why poeple fall for them because they seem so honest. Not saying this fellow is not...lol.

If he really wants it he WILL pay cash or draft
 
online bank transfer is the same as a cheque for times....

Same bank is normally instant
different banks is normally around 3 to 4 working days
 
Finally, a PROPER BMW :D.

But yes, can't say what hasn't already been said. If he really wants to do it this way, tell him that you're keeping procession of the car until it clears.

You could always accept it, let him have the keys but retain the V5 (and a signed copy of the receipt stating that you are waiting for the money to clear before it is issued), but who's to say he isn't going to disappear off of the face of the earth?

Cash or nothing!
 
I wouldnt take a draft on a sunday or out of hours without watching it being drawn.

Plenty of stolen / forged drafts about.
 
chaparral said:
online bank transfer is the same as a cheque for times....

Same bank is normally instant
different banks is normally around 3 to 4 working days
Click to expand...

No its not. Most are instant at worst within 2 hours.
I'd happily accept a bank transfer tbh as long as you are sensible (as you would be with any transaction.
 
As long as they do an instant transfer and you wait for the funds to appear in your account then its fine. If the money does not appear then you do not have it.

Do not rely on it to be done in your presence as may take a bit of time to be processed. If they are so happy to do it then they can do it before they take it away.

Depending on the value I would not rely on it being done in my presence.
 
Well, turned up with 500 cash, did the transfer for the remainder in my presence - and the money showed in my account almost instantaneously as well - plus I've held onto the documentation until it's "cleared". I checked his driver's license against his details to make sure, plus he had all the relevant information, account requirements and quantity removed from his account.

Very nice fellow and very pleased with the car too - I got him to mash it in 2nd and instantly saw the grin spread and had him already well addicted to the straight six howl :D

Bye-bye H248 :(
 
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