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I've sold a frame on the classifieds of another forum and I've been offered payment by bank transfer.
Now I'm a PayPal person and personally prefer the security it gives when sending money but is there a risk to me in giving out my account number/sort code to a stranger to receive payment?
Nope, much more secure and safer than Paypal IMO, and no fees. It's what I use for international orders to Indonesia and the like...
I had a deal go bad last year. Neither bank would/could help and I was on my own.
You have no support or insurance from the banks if you transfer funds by that method.
I paid £2100, I'm not sure if they are more likely to help with smaller amounts
If, and this a capital I capital F, it - 1: you and the buyer are in the uk, 2- payment arrives INSTANTLY in your account 3: Its less than £25,000 then it's safer than paypal. There is no reversal for UK faster payments unless the recepient agrees / instigates the reversal. Happy days.
I did this IT stuff for a living once, the key things are: UK, instant. If in doubt log on to your account, check your balance, ring the bloke, let him transfer the funds, your balance goes up. Its not reversible by him.
#Edit- Of course, if the seller is a crook then the buyer is stuffed. Just the same as sending cash in an evelope really.
Hi on and on, I'm receiving the cash not sending, it's more giving my details to him to send it that I'm querying.
The frame will stay with me until his money clears
it's more giving my details to him to send it that I'm querying.
No risk at all in my opinion.
They have no more information than someone would if you wrote them a cheque.
(Bank account No. and Sort Code)
All they can do with that info is put money into your account.
Yes, to confirm - receiving money, no risk at all, that's why I use it for customers in fraud-prone countries.
Sending money, you have no protection at all - sometimes the money can be pulled back, but usually only if the recipient agrees - I had a problem with an international transfer last year where the transfer agent sent it to the wrong recipient and it took months to sort out.
it's more giving my details to him to send it that I'm querying.
Go have a look at the bottom of the cheques in your cheque book ( if you still have one ) - all the same information on there that you need to share with someone for a bank transfer: name, acc. no., sort code.
receiving money- no risk at all so it will be fine 🙂
what details do you need to set up a standing order to someone? fairly sure she last time I organised one the paper way it only required my signature and account details...
only thing you need to know is source and destination account info.
No risk at all in my opinion.They have no more information than someone would if you wrote them a cheque.
(Bank account No. and Sort Code)All they can do with that info is put money into your account.
Clarkson thought just that when he put his details in his newspaper column.
A week later there were several DD's drawing on his account to various charities.
A week later there were several DD's drawing on his account to various charities.
It was One Direct Debit to One Charity
(but "several" and "various" does sound better to make a point doesnt it 😉 )
Some banks sometimes accept unsigned DD's from Large Organisations such as Charities.
You would then complain and the Bank Would refund the money as an Unsigned DD is unenforceable.
still a risk.who says it is unsigned? I doubt they check, they don't with cheques.
still a risk.[b]who says it is unsigned?[/b] I doubt they check, they don't with cheques.
Well. He didn't sign it did he ?
So it was "unsigned"
And as such he is covered by The Direct Debit Guarantee and is entitled to a...
"full and immediate refund"
And if, as you suggest, they "didn't check" then that's their error, and the Direct Debit Guarantee covers that also.
still a risk.who says it is unsigned? I doubt they check, they don't with cheques.Well. He didn't sign it did he ?
So it was "unsigned"
And as such he is covered by The Direct Debit Guarantee and is entitled to a...
"full and immediate refund"
And if, as you suggest, they "didn't check" then that's their error, and the Direct Debit Guarantee covers that also.
Game, set and match right there. 🙂
Well. He didn't sign it did he ?So it was "unsigned"
I wasn't talking about Clarkson's, I was talking in general and pointing out it could be signed just incorrectly, so even from an individual or small business it could still get through. If they even bother checking.
And as such he is covered by The Direct Debit Guarantee and is entitled to a..."full and immediate refund"
And if, as you suggest, they "didn't check" then that's their error, and the Direct Debit Guarantee covers that also.
You might get a refund, if and when you spot it. But it still means you have to keep your eyes peeled like a hawk. Plus you then have to prove that you didn't sign it as the bank won't want to write that cash off easily. All a bit too faffy and risky for me. I'd rather just not give those details out if there's other options.
Not to mention that fact that with a few extra details you can apply for loans in someone elses name etc.
Game, set and match right there.
Erm. no. And I don't believe standing orders are covered by the same rules as direct debits, but I don't have time to prove that, but I can see where he got confused with the clarkson comment.
All a bit too faffy and risky for me. I'd rather just not give those details out if there's other options.
Fair enough, your choice.
Just pointing out the risk is absolutely minuscule that it will happen at all.
And even if it did, you are 100% covered and its a very simple process to correct
(Literally Instant, while you are still on the phone)
But it's your choice.
Make sure you take your number plates off your car when it's out in public though, Everything needed to clone a car is on display every time it's left outside 😉
Well he's got my account number and sort code now so if it goes tits up I'll blame Neal 😉
Sure it's a small risk, but the outcome could be very significantly damaging and hard to disprove across a group of organisations (credit agencies etc). Whereas cloning my car I really couldn't give a **** about as the worst that could happen is them accuse me of something I could almost undoubtedly disprove in an instant (I'm either at work with colleagues or at home with the missus!), and they still wouldn't have access to my bank details or cash 🙂
Do you open your post regularly ?
Every time a Standing order, or Direct Debit, is set up, you receive an automatically generated letter from the bank telling you all the details.
If you get one through the post that you don't know anything about, there is a number to call on the letter.
You call that number, and they cancel it immediately, and refund anything that's been transferred so far (again immediately)
It's that's simple.
(It's happened to me before once, no idea how, but I use cheques a lot so that could be it)
All a bit too faffy and risky for me. I'd rather just not give those details out if there's other options.
I'm assuming you elected to never use a cheque book in the past too?
Sometimes you just have live on the edge!
Do you open your post regularly ?
Honestly, no. I rarely get anything by post anymore. I set up a DD between my bank and my credit card and I don't remember getting a letter for that, maybe I did and shredded it but I don't remember it at all.
I'm assuming you elected to never use a cheque book in the past too?Sometimes you just have live on the edge!
🙂 I did once own a chequebook. Only used it once to send a cheque to my brother. It's recently been shredded.
.. Do you open your post regularly
Honestly, no. I rarely get anything by post anymore.
Does that mean that you just leave it to pile up unopened until there is enough of it to be worth the effort to deal with it ?
If you got a letter from the bank today, how long would it be before you opened it ?
I set up a DD between my bank and my credit card and I don't remember getting a letter for that, maybe I did and shredded it but I don't remember it at all.
You would have received one.
But I reckon if it was for Direct Debit you hadn't just set up a day or so earlier, you might have remembered it better 😉
When I used to get those e mails from Nigeria telling me I had won the lottery and asking for my bank account details I always used to send them the account repayment sortcode and number for Northern Rock.The rest is history 🙂
Does that mean that you just leave it to pile up unopened until there is enough of it to be worth the effort to deal with it ?If you got a letter from the bank today, how long would it be before you opened it ?
About a month, roughly. Don't get any ideas, I check all my bank transactions online pretty much daily 🙂
You would have received one.But I reckon if it was for Direct Debit you hadn't just set up a day or so earlier, you might have remembered it better
🙂
Regarding the Car Cloning being easier than ringing the Bank and Telling them a Direct Debit isn't yours (5 minute phone call and sorted)
I would rather deal with the bank once for five minutes, rather than a few weeks of dealing with the Police for all sorts of Traffic Offences/ Petrol Station Drive offs/ possible Criminal Activity, and also Local Councils for parking fines etc.
Having to prove where you were for each of the offences etc.
Now that's hassle !
Just google it for some horror stories, not an easy thing to deal with at all.
I check all my bank transactions online pretty much daily
No problems then, you would spot it immediately.
You would ring them, and they would refund and cancel straight away.
No faff at all 🙂
I'm ignoring you now so I can continue in my own delusions.
I'm ignoring you now so I can continue in my own delusions.
Cool 🙂 but don't forget ...... 😉
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