Bank Transfer from purchaser
Discussion
Hi all,
I've recently sold my Cupra and I'm waiting for the logbook to arrive as i've taken a private plate off.
The purchaser wants to pay me via bank transfer, however, he claims the money will be being sent from his fathers account.
Is this safe? Can the payment be reversed?
I've got a receipt drafted up which I will be requiring him to sign before the keys are handed over, but the last thing I want is for the money to be reversed.
He claims he will get his father to ring his bank to let them know of the upcoming transaction, but who knows.
I'm unsure what else I can do from my side to protect myself.
Cheers,
I've recently sold my Cupra and I'm waiting for the logbook to arrive as i've taken a private plate off.
The purchaser wants to pay me via bank transfer, however, he claims the money will be being sent from his fathers account.
Is this safe? Can the payment be reversed?
I've got a receipt drafted up which I will be requiring him to sign before the keys are handed over, but the last thing I want is for the money to be reversed.
He claims he will get his father to ring his bank to let them know of the upcoming transaction, but who knows.
I'm unsure what else I can do from my side to protect myself.
Cheers,
Simply do not hand over the car documents and keys until the money is in your account confirmed by you doing an online check on YOUR phone or laptop and/or you phoning your bank/ obtaining a print out from say a cash macine to confirm the moneys are in your account.
Cannot be reversed once transferred.
Simples.
Cannot be reversed once transferred.
Simples.
Sender cannot recall a bank transfer. I'm not sure why it matters if purchasers father is providing the funds. Just ask him to quote car reg as payment reference.
If in any doubt over source and validity of funds, you could phone your bank on receipt and ask them to confirm funds locked in.
If in any doubt over source and validity of funds, you could phone your bank on receipt and ask them to confirm funds locked in.
SFTWend said:
Sender cannot recall a bank transfer. I'm not sure why it matters if purchasers father is providing the funds. Just ask him to quote car reg as payment reference.
If in any doubt over source and validity of funds, you could phone your bank on receipt and ask them to confirm funds locked in.
I've seen conflicting stories of people receiving money from an account with a name different to the one 'buying' it. Just wanted to double check, as it's quite a large whack of money. If in any doubt over source and validity of funds, you could phone your bank on receipt and ask them to confirm funds locked in.
I've had my bank Barclays hold up a purchase for a car because they had to check the transaction. It took hours. But then I've bought other cars and it went straight through.
There was a thread on here a few weeks ago about a chap who sold a car to a trader and the trader sent a bank transfer and then for some reason the bank reversed the transaction? I think I've got that right. Luckily the trader phoned up and sorted it out.
I think the recommendation was to move the money out the account it's been paid into straight away so if the bank try and recall the money they can't because it's not there.
There was a thread on here a few weeks ago about a chap who sold a car to a trader and the trader sent a bank transfer and then for some reason the bank reversed the transaction? I think I've got that right. Luckily the trader phoned up and sorted it out.
I think the recommendation was to move the money out the account it's been paid into straight away so if the bank try and recall the money they can't because it's not there.
davek_964 said:
Even if the father is paying, I don't see why he can't transfer the money to his child so that the payment to you is coming from the person who's buying your car.
I’ve already suggested this but he’s coming up with the excuse of “I don’t want my account being locked” which is nonsense. You ought to do a short letter of agreement regarding the sale,
Identifying the seller
Identifying the buyer
Identifying the car, by both reg number and VIN number as well as make and model
Setting out the price
Confirming that the price has been paid
It doesn't matter where the money comes from. If you're jumpy, just move it to another account immediately upon receipt. (Although if the amount is large it's possible that money laundering questions may arise)
Remember that "ownership" is different from "registered keeper".
You can find drafts of suitable letters of agreement online. For instance,
https://www.theaa.com/car-buying/buyers-sellers-co...
Identifying the seller
Identifying the buyer
Identifying the car, by both reg number and VIN number as well as make and model
Setting out the price
Confirming that the price has been paid
It doesn't matter where the money comes from. If you're jumpy, just move it to another account immediately upon receipt. (Although if the amount is large it's possible that money laundering questions may arise)
Remember that "ownership" is different from "registered keeper".
You can find drafts of suitable letters of agreement online. For instance,
https://www.theaa.com/car-buying/buyers-sellers-co...
P4D said:
davek_964 said:
Even if the father is paying, I don't see why he can't transfer the money to his child so that the payment to you is coming from the person who's buying your car.
I’ve already suggested this but he’s coming up with the excuse of “I don’t want my account being locked” which is nonsense. These things can make you paranoid but bank transfer is usually safe. That assumes we are talking about a direct UK bank to UK bank transfer and there is no third party involved like PayPal.
To feed the paranoia, if anyone believes a transfer cannot be reversed, ask yourself what would happen if Bill Gates/HMRC/Rishi Sunak accidentally transferred a couple of million to your account.
To feed the paranoia, if anyone believes a transfer cannot be reversed, ask yourself what would happen if Bill Gates/HMRC/Rishi Sunak accidentally transferred a couple of million to your account.
Bank transfers can be reversed, specifically in the case of fraud.
If we take the OP's scenario, if the son has unauthorised access to the father's account - or five minutes after he's left with the car, the father says his account was hacked, the transfer can be reversed.
OP needs to be wary with this one.
If we take the OP's scenario, if the son has unauthorised access to the father's account - or five minutes after he's left with the car, the father says his account was hacked, the transfer can be reversed.
OP needs to be wary with this one.
Unreal said:
Bank transfers can be reversed, specifically in the case of fraud.
If we take the OP's scenario, if the son has unauthorised access to the father's account - or five minutes after he's left with the car, the father says his account was hacked, the transfer can be reversed.
OP needs to be wary with this one.
Not without full agreement from BOTH parties and a dispute is raised. This is the 'Credit Payment Recovery' process.If we take the OP's scenario, if the son has unauthorised access to the father's account - or five minutes after he's left with the car, the father says his account was hacked, the transfer can be reversed.
OP needs to be wary with this one.
3 things to be aware of.
1: Whilst the 'Faster Payments' service is normally instantaneous, the banks and members of the scheme occasionally experience delays. This could be a couple of hours in extreme cases. Be prepared to wait just in case.
2: Once sent, the payer CANNOT cancel the payment.
3: Banks operate a 'Credit Payment Recovery process' which can be instigated by a payer who has inadvertently sent money to the wrong payee, even though there are measures to prevent this (confirmation of payee being one - this bit that asks you if the details match and highlights any discrepancies) before you send a payment
P4D said:
Hi all,
I've recently sold my Cupra and I'm waiting for the logbook to arrive as i've taken a private plate off.
The purchaser wants to pay me via bank transfer, however, he claims the money will be being sent from his fathers account.
Is this safe? Can the payment be reversed?
I've got a receipt drafted up which I will be requiring him to sign before the keys are handed over, but the last thing I want is for the money to be reversed.
He claims he will get his father to ring his bank to let them know of the upcoming transaction, but who knows.
I'm unsure what else I can do from my side to protect myself.
Cheers,
I'd sell it to someone else. There's no reason he needs to send from someone elses account.I've recently sold my Cupra and I'm waiting for the logbook to arrive as i've taken a private plate off.
The purchaser wants to pay me via bank transfer, however, he claims the money will be being sent from his fathers account.
Is this safe? Can the payment be reversed?
I've got a receipt drafted up which I will be requiring him to sign before the keys are handed over, but the last thing I want is for the money to be reversed.
He claims he will get his father to ring his bank to let them know of the upcoming transaction, but who knows.
I'm unsure what else I can do from my side to protect myself.
Cheers,
Taz1111 said:
P4D said:
Hi all,
I've recently sold my Cupra and I'm waiting for the logbook to arrive as i've taken a private plate off.
The purchaser wants to pay me via bank transfer, however, he claims the money will be being sent from his fathers account.
Is this safe? Can the payment be reversed?
I've got a receipt drafted up which I will be requiring him to sign before the keys are handed over, but the last thing I want is for the money to be reversed.
He claims he will get his father to ring his bank to let them know of the upcoming transaction, but who knows.
I'm unsure what else I can do from my side to protect myself.
Cheers,
I'd sell it to someone else. There's no reason he needs to send from someone elses account.I've recently sold my Cupra and I'm waiting for the logbook to arrive as i've taken a private plate off.
The purchaser wants to pay me via bank transfer, however, he claims the money will be being sent from his fathers account.
Is this safe? Can the payment be reversed?
I've got a receipt drafted up which I will be requiring him to sign before the keys are handed over, but the last thing I want is for the money to be reversed.
He claims he will get his father to ring his bank to let them know of the upcoming transaction, but who knows.
I'm unsure what else I can do from my side to protect myself.
Cheers,
I think there's some nonsense going on here.
The "Credit Payment Recovery process" someone mentioned above is for situations where a mistake has been made. Since there will have been no mistake the process is irrelevant. If the process does get started the seller will definitely get their money because they will be able to show the agreement for sale of the car (see my post above) and that the amount matches. It'll also be clear from the names that it was a family helping out.
Fraud is entirely different. Banks can do pretty much anything if they suspect fraud (or money laundering). Quite how the buyer's father could successfully convince the bank of fraud by the seller is far from clear to me. There will be an agreement showing sale of the car.
So don't panic. Bank transfers are safe.
The "Credit Payment Recovery process" someone mentioned above is for situations where a mistake has been made. Since there will have been no mistake the process is irrelevant. If the process does get started the seller will definitely get their money because they will be able to show the agreement for sale of the car (see my post above) and that the amount matches. It'll also be clear from the names that it was a family helping out.
Fraud is entirely different. Banks can do pretty much anything if they suspect fraud (or money laundering). Quite how the buyer's father could successfully convince the bank of fraud by the seller is far from clear to me. There will be an agreement showing sale of the car.
So don't panic. Bank transfers are safe.
Unreal said:
If we take the OP's scenario, if the son has unauthorised access to the father's account - or five minutes after he's left with the car, the father says his account was hacked, the transfer can be reversed.
Simple. If you're worried make sure the father comes and signs the agreement as well.But what if it's someone pretending to be the father? Ask for photo ID.
Gassing Station | Car Buying | Top of Page | What's New | My Stuff