so, selling a car, had deposit by trans into my account

spoke to seller, seems okay, english (not a nigerian scammer)

wants to collect and pay balance by instant transfer when he turns up, once he has sent it, and it shows in my account, is that okay

can it be “taken back” or owt

surely it will take a while to show up or is it like in films?

the deposit he sent showed right away

If it’s a “faster payment” (ie UK instant / near instant and you can witness him sending it) and then confirm that it’s in your account (eg your online / phone banking) the only way it can be reversed is if you agree to it.

A note though – his bank may – in certain circumstances – hold the payment if it’s systems think it’s out of his usual habits. They may want to talk to him to confirm its ok etc. In all cases like this however – the sums wont appear in your account. Once its there: its yours.

I used to work on the IT bobbins behind all that stuff!

#Edit: in your case the only thing I’d have a niggle over is that he already knows your account details so could arrange a non FP payment today to arrive tomorrow (for eg). So being paranoid: I’d knock £1 off the agreed price and ask him to transfer that amount on the sale day.

Just check that the amount is included in your cleared balance/items and you’re golden.

i spoke to my bank about this and they said it can takes about 3 days for it to FULLY clear

call your bank and check with them dirrect its not as clear cut as it sounds

cash is deff the safest way

take him to his bank & get a bankers draft, take that & pay into your bank
(I think that’s safe).

Or go to his bank with him & do a transfer to you via the personal banker thingy ?

thanks coulda

he gonna use my comp to send it while im there so i reckon it should be okay, after all hes already sent be a decent deposit

i know there are a lot of myths around ragrding these things, so good to hear from some one in the trade as it were

i spoke to my bank about this and they said it can takes about 3 days for it to FULLY clear

You’ve been told some rubbish there. Of course your bank may not support FP. But then the funds wont turn up instantly.

That bankers draft process is also a good bet.

bank drafts also clear days before they fully clear

this is how lloyds explained it to me

you go to a bank and get a bank draft, you then pay the bank draft into your account, in 2 days it will show as cleared and you can withdraw the money.

but bank 1 wont actually may bank 2 for a few more days, if bank one for some reason decide not to then BANK 2, YOUR BANK then take the money back out your account or put you overdrawn if you aint got enough to cover it.

seriously the best thing to do is talk drrecxtly to your bank

safest way is take him to his bank withdraw cash then pay dirrect into you bank.

You’ve been told some rubbish there. Of course your bank may not support FP. But then the funds wont turn up instantly.

That bankers draft process is also a good bet.

like i said this is all what i was told when i was trying to take a large amount of money from a distance

It will depend on the price of the car.

I have found with the following banks HBOS, RBS/Natwest and Santander that the faster payments thing works upto £1000 however if you do any more than that it takes 3 working days to clear.

If he has the cash then can you not both go to his bank, him withdraw the cash then go to your bank and pay it into your account at which point you can give him a receipt, the keys and the log book.

RustyMac: that’s a good point actually – and may also explain what sbd16v was told.

Different banks, account types and customers have different limits for FP. If it’s over that limit it doesnt go FP: so the recepient doesnt see it straight away.

The bottom line is that if it arrives instantly – its FP and cant be reversed without the recepients agreement.

A banker’s draft is written by the bank itself, on its own head-office account – and is made payable to whoever the customer wants. Unlike a cheque, a genuine banker’s draft cannot be stopped – even if it is lost or stolen. AFAIK it’s foolproof if you go to his bank to get it and pay straight into yours

All payments go through faster payment now. All transfers should be transfered straight away (If within the banks FP limits) or by 5pm the next working day. The BACS system has been switched off now and is only used when FP goes tits up.