Faster payments...not always fast!
Discussion
Hi,
Just wanted to share and warn you all about my experience today.
I went to view a car on Saturday. The car looked great and the paperwork was in order so I agreed to buy it. I logged onto my online banking and set the seller up as a payee, then transferred £500 as a deposit. The payment was received by the seller within a couple of minutes.
I returned today to collect the car and pay the balance.
I transferred £9500 to the seller. The money left my account. Then we waited for the funds to show up in the sellers account.
And waited.
And waited.
And waited.
After an hour or so, we both called our banks. Both said that it can take up to 2 hours, sometimes longer if the payment is suspected of fraud.
We waited another hour or so, and still no sign of the money.
To cut a long story short, I called my bank again 6 hours after the payment was made and they told me that the payment had been processed and not held up by them, so it must be the receivers bank that hasn't released it. They offerered to put a trace on the payment.
The seller called their bank and they said that no payment was being held by them.
After another 2 hours, the seller contacts me to say they just received the payment.
TLDR: Be careful buying cars with faster payments and have a backup plan for if your payment disappears for hours!
Just wanted to share and warn you all about my experience today.
I went to view a car on Saturday. The car looked great and the paperwork was in order so I agreed to buy it. I logged onto my online banking and set the seller up as a payee, then transferred £500 as a deposit. The payment was received by the seller within a couple of minutes.
I returned today to collect the car and pay the balance.
I transferred £9500 to the seller. The money left my account. Then we waited for the funds to show up in the sellers account.
And waited.
And waited.
And waited.
After an hour or so, we both called our banks. Both said that it can take up to 2 hours, sometimes longer if the payment is suspected of fraud.
We waited another hour or so, and still no sign of the money.
To cut a long story short, I called my bank again 6 hours after the payment was made and they told me that the payment had been processed and not held up by them, so it must be the receivers bank that hasn't released it. They offerered to put a trace on the payment.
The seller called their bank and they said that no payment was being held by them.
After another 2 hours, the seller contacts me to say they just received the payment.
TLDR: Be careful buying cars with faster payments and have a backup plan for if your payment disappears for hours!
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