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I’m selling a pricey watch, and originally the chap (dealer) was going to come collect with a combo of cashola and bank transfer the rest.. but now he’s too busy that day, so sending a courier to collect it.
Kinda makes sense as he’s from ‘oop North’ and traipsing around the south coast probably eats into his day a fair bit.
He’s paid me a small deposit already...and will transfer the rest next week (on the day the courier is coming..).
Clearly I’m not going to let the watch go until i’ve Full payment in my account... but once it’s cleared, I’m done and dusted...right?
It’s not like paypal etc etc...
Am I just being suspicious of a Northener...?!!!
DrP
Cleared bank transfer should be fine
Nope. If it's fraudulent funds being used and you accept it you'll have a bugger of a time convincing your bank to unblock your account and will likely lose the money.
Use PayPal and take the hit by paying some fees
If it's done by "faster payments" it's non reverible unless you agree to reverse so you are protected.
Given that he's arranged to do it in advance and its presumably not a small amount (and I assume the exact amount you expect is knwon by him)- then I may be a bit more cautious.
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^^ why would that make you cautious?
DrP
I sold some wheels via bank transfer and delivered them myself.
3 months later my bank account was stopped as the buyer had complained to their bank they had been the victim of fraud and not seen any wheels!
Cheeky futher mucker, although once I’d told my side the account was cleared and I never heard anything more.
So yes it can come back to haunt you, although I suspect it isn’t common.
I’d just make sure you do all correspondence on email and ensure that the courier signs a document to say the watch was collected. If it was me, I’d be making sure I had stated to the buyer that the courier is his choice, so his risk. I’d do all of this via email. Even video the boxing of the watch to prove it worked.
But then again, I’m risk averse in year situations.
If its a chunk of change and I wanted to defraud you then I could arrange a bacs transfer or an international payment from my account (with say an uncleared cheque or fraud on my side) that would arrive in your account on a specific day (but not usually the same day as per faster paymentes). This can be reversed.
But really - if you have nothing else to make you suspicious: then most folk make and receive payments every day with no issue since faster-payments arrived.
Dealer should have an internet history- this will give you a good idea of his standing - just google the dealers name with the word forum after it.
Bank transfer is cast and I would not be concerned. I checked this with my bank previously when I made an incorrect payment to a tradesman. The lucky recipient of my mistake had to formally agree to the funds being taken back from their account (which they did). Had they not agreed the bank advised my money would not have been refunded.
We all need security and peace of mind in bank transactions, but bit of a costly error if you get it wrong.
Also agree with above re checking dealer history