I’ve agreed to take a bank transfer for some items sold on another forum. I’ve never done this before as I always use Paypal. Once the funds show in my account, is it safe to send goods? ie. is it ever reversible by the buyer? Any help or advice appreciated please, ta. 😀

Should be fine. Just make sure you send the stuff recorded.

I think It’s not possible for it to be reversed. If you ever send money using bank transfer with a phone call they tell you once it’s transferred that you can’t take the money back again.

Hey Giler!

Should be ok, if in doubt check your online banking – it’ll show if they’re cleared funds, or give your bank a call – they can confirm as well.

Cheers, all! ( Hi Gilo!!! ) 😀

I’ll keep an eye on my account online……it’s not a big transaction but I’d like it to be safe.

The downside is someone now has your bank details 😉

I’d only do bank transfer if the they had a good forum history, if not then the humble chq 🙂

The downside is someone now has your bank details

The same details that are on every cheque you have issued in the past

trout – whilst I agree with you, it didn’t work out so well for Jeremy Clarkson:

http://news.bbc.co.uk/1/hi/7174760.stm

stumpyjon – Member

The downside is someone now has your bank details

If you’ve ever sent a BACS payment they can get your account details.

Other way around for me. I paid a deposit by bank transfer on Thursday night for a bit of kit from another forum. And it didn’t show in his account today.
I feel bad because he needs the deposit….and I really want this bit.
Do you think it could show in his account on Saturday?
It left mine as soon as I did it Thursday night.

No money in Paypal, and my accounts new so not verified by paypal. Don’t know how I could have done it quicker?

If the payment was done via “faster payments” (ie the payment arrived same day its sent) it is not reversible unless both parties agree. Bear that in mind if you ever accidentally send money to the wrong account. Otherwise its safer than paypal IMO.

I used to work on the LINK system that supports it. Happy days.

#Edit – details of the banks using it etc are here: http://en.wikipedia.org/wiki/Faster_Payments_Service

Why is banking still so slow, I mean where’s the deposit I sent Thursday? it’s not in my account and it’s not in his.

oldgit – how’d you send it? Cheque, savings stamps, cash? By post?

If it was a significant sum, it’d probably go over the FPS threshold for one or both of the banks, and end up going by BACS, which is 3 day. If it went by BACS, then the reason it’s not in your account is nothing to do with the payment method, your bank has chosen to take the funds out of your account and is holding them pending payment. Pretty much standard practice, as if they made the BACS payments straight from your account there’s some gaping security holes.

If it’s urgent, send by CHAPS, it’s same day if done within the right timescales.

Ahh I sent it after 6.30pm, still thought he’d see it by end of today.
Was out all day today so no chance of CHAPS.

oldgit – how’d you send it? Cheque, savings stamps, cash? By post?

Internet banking. using ‘one off payments’

Oldgit – that does sound like an exception. There are probably still some banks / account types that dont support FPS or there could be other reasons about your account (eg you’re waiting for a large cheque to clear) or something the recepient account or their systems, and also general reasons (including limits as Nothwind sugguests).

But just to reiterate for the OP – the acid test as a recepient is – did the money arrive the same day it was sent.

If so then IMO it’s done and dusted – both banks agree with the FPS rules. Safe as.

I regularly use faster payments online to transfer cash between my two current a/c’s (Lloyds and First Direct). They are always instantaneous, when I log out of one a/c and go into the other the cash is always there.

oldgit – sorry – I missed the really obvious one here: is either account a business account? Or is your (or the recepients personal) account tied / linked to a business account? If so you are probably in a different league – the slow league sadly and the payment goes through traditional channels.

No both personal. And I had cleared funds, and it shows as having left my account.
I do have two very large cheques waiting to clear, but that’s something else.

I do have two very large cheques waiting to clear, but that’s something else.

What bank are you with?

Anyway I hope this attempt to enlighten oldgit doesnt infer to the OP that his cash isn’t his, nor safe. This is about something different – why didnt oldgit’s payment go FP?

Just been texting my guy, he seems cool with it now. But I hate pissing people off when they’re doing you a favour.

Sorry OP for the hijack, but no you can’t get it back, the sender that is.

Hey, it’s ok, you two – carry on! I think i got the info i wanted. 😆

Cheers, Couldashoulda – sounds like you know your stuff. The money took two hours to get to me so must be FPS.