Bank Transfer from purchaser

[McMoose]

OR ask him to send the money from the fathers account to his own account and then finally to OP.

[McMoose]

Just seen you have already suggested this.

In your shoes I would insist the money comes from his account or the deal is off.

[blue al]

Big deposit paid same way from same account 24 hours beforehand could be insurance of some sort …

[Krikkit]

Panamax said:

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.

This.

Also, get yourself a second account to transfer the money to - give the buyer the details of your throw-away account (e.g. Monzo, Starling etc), then when the funds hit, transfer it elsewhere. That way you don't give your regular account details out to anyone.

[TimmyMallett]

Krikkit said:

This.

Also, get yourself a second account to transfer the money to - give the buyer the details of your throw-away account (e.g. Monzo, Starling etc), then when the funds hit, transfer it elsewhere. That way you don't give your regular account details out to anyone.

Really, not necessary. Once the funds hit your account, the sender cannot recall it.

Any other scenarios people may claim are usually to do with fraud tools that put a hold on a transaction at the originating bank or building society and they never actually make the destination account, they may show as a pending transaction but they wont have cleared before they mysteriously disappear. Either way, never ever part with something you are selling unless you see it cleared. You can always phone your bank to confirm all this.

[undred orse]

I asked a similar question recently -
https://www.pistonheads.com/gassing/topic.asp?h=0&...

My buyer is coming in the next couple of days and doesn't do internet banking so is making the transfer from her partner's account. I've made it clear that the only way I will accept this is if he's is present with photo and address i.d. and he will sign the sale document along with her. I won't let the car go or hand over the keys and new keeper slip until the funds are in my account at which point I will immediately transfer them out to another bank entirely.

Hopefully it will go ok and I can't really see that there is anything else I can do. I believe what she says about internet banking having spoken a number of times.

Any tips or suggestions welcome.

[TimmyMallett]

undred orse said:

Any tips or suggestions welcome.

undred orse said:

until the funds are in my account at which point I will immediately transfer them out to another bank entirely.

You don't need to so this as a matter of course, unless you would do it anyway.

I can't comment on a consequence of who pays for the car and ownership, but it doesn't technically matter where the funds come from. As long as it's cleared, it cannot be 'cancelled' or 'recalled' by the sender. Period.

[KTMsm]

P4D said:

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.

^^^ This

I've personally had money reversed, if it's fraud or they even think it's fraud it's reversed and your account can be frozen - mine was for 5 days !

It was a lot of hassle and I ended up getting compensation as it was all BS but that's hardly the point

Easy option - tell the buyer to get his Dad to transfer him the money and he transfers to you - ask for ID too

[E63eeeeee...]

TimmyMallett said:

Not without full agreement from BOTH parties and a dispute is raised. This is the 'Credit Payment Recovery' process.


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

1 and 2 are both incorrect in my recent experience. I did a bank transfer payment for a car that was held up by my bank due to fraud checks and would have remained blocked until the next day, but because I was sitting in the seller's garden with no viable way of getting home (this was Covid time) I ended up phoning them to cancel it and paid through PayPal.

[KTMsm]

TimmyMallett said:

but it doesn't technically matter where the funds come from.

As long as it's cleared, it cannot be 'cancelled' or 'recalled' by the sender. Period.

Rubbish - go and ask your bank when funds are 100% cleared in your account

They will tell you as soon as you can see them

Now ask if it's fraudulent is that still the case and they'll say THERE IS NO TIME LIMIT on when a fraudulent payment can be clawed back

I've had it done to me - and my account was frozen - without warning, for days and they won't even talk to you, everything has to be written out

Thankfully I have multiple accounts

[ninjag]

If it is the son is buying and collecting the car, could it be possible for the father to claim he never received the car after making payment and raise a fraud claim with the bank?

[Starfighter]

Contacting the bank in advance of payment can also help make sure the funds don’t get held up. I have phone as well as internet banking and the last vehicles we bought were all above the £10k threshold and went through without issue by calling ahead.

[undred orse]

TimmyMallett said:

undred orse said:

Any tips or suggestions welcome.

undred orse said:

until the funds are in my account at which point I will immediately transfer them out to another bank entirely.

You don't need to so this as a matter of course, unless you would do it anyway.

I can't comment on a consequence of who pays for the car and ownership, but it doesn't technically matter where the funds come from. As long as it's cleared, it cannot be 'cancelled' or 'recalled' by the sender. Period.

Thanks, that’s my understanding as well.

[KTMsm]

undred orse said:

Thanks, that’s my understanding as well.

Then you're both wrong

Its pointless transferring the funds - if it was withdrawn, at best you'd just have a negative balance incurring interest

[jvr]

Yes the payment can be reversed, it happened to me.
But by the bank not the purchaser. They weren't happy with the security but I was by him when he did it. My bank never told me of this and were not apologetic and said they were allowed in their terms and conditions although it all seemed a bit cloak and dagger and I think could have been taken to the ombudsman.