Electronic transfer and cash payment for car - problem?
Discussion
Having not sold a car for a while I wondered if anyone has had any problems with this method of payment?
They want to visit and pay tomorrow evening half cash (6K) half via electronic bank transfer.
If I am right the latter will not appear in my account instantly if we are not the same bank therefore there is a risk?
Thoughts please....I am of the feeling to insist on waiting until Sat morning to do all transactions in the bank.
They want to visit and pay tomorrow evening half cash (6K) half via electronic bank transfer.
If I am right the latter will not appear in my account instantly if we are not the same bank therefore there is a risk?
Thoughts please....I am of the feeling to insist on waiting until Sat morning to do all transactions in the bank.
If both banks have signed up the Faster Payments it could be almost instantaneous. I think the most it is supposed to take is 2 hours. Whenever I've transferred between different bank accounts it's a matter of minutes.
Some banks do have restrictions on large values though so it may well be worth checking that.
Some banks do have restrictions on large values though so it may well be worth checking that.
Sir Bagalot said:
Bank transfer is fine.
However, I wouldn't be accepting £6K in cash for two reasons. 1/ I wouldn't want to hold £6K in cash overnight, and 2/ You have no real way of checking it's genuine.
Ask for £12K bank transfer
I'm not uncomfortable with 6K in cash overnight. No more risky than wearing a 6K rolex everyday.However, I wouldn't be accepting £6K in cash for two reasons. 1/ I wouldn't want to hold £6K in cash overnight, and 2/ You have no real way of checking it's genuine.
Ask for £12K bank transfer
Ive heard the note checker pens do the job. I spoke to my bank and they said to have a real one for comparison and use a pen. I also now know where said individual works and their mobile number and work number. They are driving 100 miles to view the car so I'm thinking my risks are low.
You have to wonder why they want to do 6k cash/6k transfer - they could be trying to dodge tax or keep the money 'off radar' for whatever reason. However, that's between them and the taxman.
On the more practical side, as others have said you are opening yourself to the possibility of receiving counterfeit notes (even if there's no intent to defraud, with that much money there could well be one or two duff notes leaving you potentially £100+ out of pocket) and you are accepting a small element of risk by holding a relatively large amount of cash.
I'd be inclined to insist on a transfer, if they are trying to keep the £6k off their books for whatever reason then it makes me think that they might not be the most trustworthy sorts. Still, it's up to whatever risk you want to assume.
On the more practical side, as others have said you are opening yourself to the possibility of receiving counterfeit notes (even if there's no intent to defraud, with that much money there could well be one or two duff notes leaving you potentially £100+ out of pocket) and you are accepting a small element of risk by holding a relatively large amount of cash.
I'd be inclined to insist on a transfer, if they are trying to keep the £6k off their books for whatever reason then it makes me think that they might not be the most trustworthy sorts. Still, it's up to whatever risk you want to assume.
Nothing is safe.
£6k in cash could be snide.
£6k transfer can be pullled at anytime if done from a hacked account.
I would insist on driving to the nearest branch that is open where you can pay the cash into your account.
There will be a branch open somewhere on a Saturday morning.
Have you called his work and asked to be put through to him?
Just do that and then make a question up, like "is there anyway you could draw the other half out today so we can pay it into the account tomorrow? Just that if any of the notes were fake it would make it very awkward afterwards.'
If he says he just hasn't got time, at least you know he works where he says he does.
£6k in cash could be snide.
£6k transfer can be pullled at anytime if done from a hacked account.
I would insist on driving to the nearest branch that is open where you can pay the cash into your account.
There will be a branch open somewhere on a Saturday morning.
Have you called his work and asked to be put through to him?
Just do that and then make a question up, like "is there anyway you could draw the other half out today so we can pay it into the account tomorrow? Just that if any of the notes were fake it would make it very awkward afterwards.'
If he says he just hasn't got time, at least you know he works where he says he does.
contrary to the instant positives above, I had the opposite. I (as a buyer) paid a few grand via internet banking at the sellers house. It didn't appear in his account. Then the rest of the day was spent on the phone to the banks who basically didn't know anything.
it turned out my own bank had sidelined the outgoing payment as suspicious and it was held in some cyber-security room somewhere while a little man counted it all. The people on the phone at the bank couldn't see this and kept insisting it had left my account (and therefore thats all they could tell me).
wasted a whole f
king saturday with me sat on some blokes settee trying to find out where the money was. It was for approx 6k iirc.
it turned out my own bank had sidelined the outgoing payment as suspicious and it was held in some cyber-security room somewhere while a little man counted it all. The people on the phone at the bank couldn't see this and kept insisting it had left my account (and therefore thats all they could tell me).
wasted a whole f
king saturday with me sat on some blokes settee trying to find out where the money was. It was for approx 6k iirc.CoolHands said:
contrary to the instant positives above, I had the opposite. I (as a buyer) paid a few grand via internet banking at the sellers house. It didn't appear in his account. Then the rest of the day was spent on the phone to the banks who basically didn't know anything.
it turned out my own bank had sidelined the outgoing payment as suspicious and it was held in some cyber-security room somewhere while a little man counted it all. The people on the phone at the bank couldn't see this and kept insisting it had left my account (and therefore thats all they could tell me).
wasted a whole fking saturday with me sat on some blokes settee trying to find out where the money was. It was for approx 6k iirc.
I had the exact same situation happen, but I happened to have my heavily pregnant wife with me just to add insult to injury.it turned out my own bank had sidelined the outgoing payment as suspicious and it was held in some cyber-security room somewhere while a little man counted it all. The people on the phone at the bank couldn't see this and kept insisting it had left my account (and therefore thats all they could tell me).
wasted a whole f
king saturday with me sat on some blokes settee trying to find out where the money was. It was for approx 6k iirc.I made multiple phonecalls to the bank and eventually discovered it had triggered their fraud warning - once i had ranted at their Fraud Dept it was in by the time i got off the phone - A whole day wasted in Birmingham :-(
If only someone had said on the first call that the amount (£9750) may have triggered the fraud warning I could have had it sorted in 30 mins.
Faster Payments has to be the easiest and safest way to pay for a car. Sometimes the transfer is almost instant, but sometimes sending large amounts to a new account can flag it up on the banks' systems and it'll go through further security which can delay things. This happened when I last bought a car, but it's worth ringing up the bank and asking them to put you through 'manual' security (basically someone just asking you questions like "name a DD on your account, DOB, etc) to speed things up.
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