Apologies - I know i've seen this mentioned but my search skills are failing me.
If I take a instant bank transfer for a few grand for a car, there isn't any way the transaction can be reversed is there once it's in my account?
Bank transfer. Ping it's in my bank.
there isn’t any way the transaction can be reversed is there once it’s in my account?
As long as its cleared funds then its fine, the only thing that can happen is the buyer reports it to be fraudulent, but its not an automatic reversal of funds.
If that happens then your bank will ask you to provide POE (Proof of Entitlement) at which point you provide evidence of the sale and all is good.
Great thanks all
I'd reccomend getting the buyer to pay with phone banking instead of internet. I have had an issue when, upon paying ~£5k for the car (so well under the £10k limit), the money disappeared from my account but didn't appear in the sellers. Bank (first direct, who are meant to be better at this stuff) took an hour to answer the phone, confirmed they'd paused it due to suspected fraud and then pushed it through. I was in a really tricky spot until then as I wasn't going to leave without my cash nor the car, and the buyer was obviously not going to let me leave with the car until he had the cash either.
I had similar with first direct when buying an expensive watch. Initially it went through and I left with the watch only for the bank to retract it and the seller, a retired police inspector, to be on the phone to me. Thankfully he was very very understanding. Took almost 24 hours for the bank to sort it with a lot of chasing from me
When my son bought his car, we phoned the bank first to ensure the payment would go through. I'd recommend your buyer doing this... cos when the lad spoke to the bank, turned out his stewdent account wouldn't allow such large transfers. Easy to resolve, but yeah, it's best to speak to the bank first, (mostly cos it saves the anti-fraud from blocking the payment). Then you can transfer with the phone app, job done.
we phoned the bank first to ensure the payment would go through
see I did this when I next bought a car (~£8k, a year later) only to be told by first direct that they couldn't do that, all they could do was add notes to the account so if it was picked up by the fraud process, the manual processor could push it through more quickly (obviously this doesn't help much if they've got a 3 hour backlog of cases to work through).
Transferred the money to another bank of mine (who have useful customer services) and transferred it from there instead.
