Bank transfers being cancelled / reversed
Discussion
The buyer of my car has sent a "fast pay" transfer from his bank to mine (Coutts to Barclays).
The transfer is showing up on my drawable balance and in the detail on the statement.
Is it safe to let the car go... Can the transfer be cancelled or reversed? If it can, for how long is the case?
Anyone in the know id much appreciate confirmation on this!
Thanks :-)
The transfer is showing up on my drawable balance and in the detail on the statement.
Is it safe to let the car go... Can the transfer be cancelled or reversed? If it can, for how long is the case?
Anyone in the know id much appreciate confirmation on this!
Thanks :-)
Prizam said:
Nope. Fast pay is safe once its there.
for extra piece of mind, transfer the money to another account of yours. cant get returned then.
This.for extra piece of mind, transfer the money to another account of yours. cant get returned then.
I got paid by bank transfer, told the buyer that I wanted to move the money to another account, he was more than happy. Never had any problems at all.
O.K
Word of warning, obviously we don't know the amounts involved but a pal of mine had her bank account frozen after a transfer of funds for a car sale, due to "money laundering" laws apparently? They didn't feel it necessary to tell her either, and the transfer was sent from the same bank as well...
Gary
Gary
devnull said:
Can't be reversed. In fact to the point where it has been shown on programs that people who have typoed account numbers (which were in a valid format) and accidentally sent money to strangers bank accounts can't even get the money back!
Yer - this I don't believe.Please don't say it was a "Watchdog" program.
Mistakes happen all the time and when genuine mistakes are made things are always reversible.
Stoofa said:
Yer - this I don't believe.
Please don't say it was a "Watchdog" program.
Mistakes happen all the time and when genuine mistakes are made things are always reversible.
That's as maybe but when my OH sent £180 to the wrong account and we asked to reverse it, we were told it won't be done.Please don't say it was a "Watchdog" program.
Mistakes happen all the time and when genuine mistakes are made things are always reversible.
jasandjules/stoofa,
I think you are talking across purposes here.
Transfer from bank account A to bank account B.
Typo happens & money is instead sent to bank account C.
Bank A CANNOT then reverse the mis-sent transaction.
However as it is a genuine mistake the owner of bank account C would be then REQUESTED to return the error.
Whether they do or not, and under what terms, is another matter.
I think you are talking across purposes here.
Transfer from bank account A to bank account B.
Typo happens & money is instead sent to bank account C.
Bank A CANNOT then reverse the mis-sent transaction.
However as it is a genuine mistake the owner of bank account C would be then REQUESTED to return the error.
Whether they do or not, and under what terms, is another matter.
wildoliver said:
If he has an account at Coutts I don't think you have many concerns.
In March 2012, Coutts was fined £8.75m for what were described as: "serious and systematic" failings when handling money from suspected criminals or foreign despots.The report stated that: "Private bankers did not conduct appropriate checks on [the] customers and, as a result, failed to identify serious criminal allegations against those customers. In other instances, there were: "allegations of misappropriation of state funds and close business and/or personal associations with individuals wanted by law authorities; and in two cases, current international arrest warrants were in force".
Remember too, that Coutts is owned by RBS.
Streaky
Not many bounced cheques though. Any elite banking service like coutts will have unsavoury clientele sadly its just the way life works. To the op I really wouldn't worry it should be fine. But if he turns up in a Mercedes with blacked out windows and a flag on the front wing I'd make sure you offer him a coffee!
andyiley said:
jasandjules/stoofa,
I think you are talking across purposes here.
Transfer from bank account A to bank account B.
Typo happens & money is instead sent to bank account C.
Bank A CANNOT then reverse the mis-sent transaction.
However as it is a genuine mistake the owner of bank account C would be then REQUESTED to return the error.
Whether they do or not, and under what terms, is another matter.
This is exactly what happens. A colleague changed banks and managed to give the wrong account number to payroll. We were paid by bank transfer at the end of the month her salary went straight to a strangers bank account. The bank refused to reverse it because they had done the transfer correctly. They asked the recipient to return it. Silence followed. As far as I know it never came back.I think you are talking across purposes here.
Transfer from bank account A to bank account B.
Typo happens & money is instead sent to bank account C.
Bank A CANNOT then reverse the mis-sent transaction.
However as it is a genuine mistake the owner of bank account C would be then REQUESTED to return the error.
Whether they do or not, and under what terms, is another matter.
gareth_r said:
How easy is it to create a valid sort code/account number combination with a typo? Do bank account numbers have check digits?
Don't know.I've spent a fair bit on 3 cars bought over the Summer months and used bank transfer every time. Sensible thing is to send a small test payment first, wait for seller to confirm its safe arrival and only then send the big amount using the payee details that you've already saved.
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