Reversal of BACS payment

Author
Discussion

KungFuPanda

Original Poster:

4,324 posts

169 months

Monday 16th October 2017
quotequote all
Under what circumstances can a BACS payment be reversed?

I’m selling a car on AT and someone has called and agreed to put a deposit down with a view to buying in a couple of weeks time. He’s transferred £1000 into my account and I’ve moved it to a different account with the same bank.

I’m a bit hesitant as I’ve only spoken to the guy once and he’s not even seen the vehicle.

Now edited to state that it was in fact a Faster Payment as confirmed by my Bank.

Edited by KungFuPanda on Monday 16th October 19:11

eybic

9,212 posts

173 months

Monday 16th October 2017
quotequote all
I'm not sure they can be reversed, have you spoken to your bank?

Thankyou4calling

10,595 posts

172 months

Monday 16th October 2017
quotequote all
KungFuPanda said:
Under what circumstances can a BACS payment be reversed?

I’m selling a car on AT and someone has called and agreed to put a deposit down with a view to buying in a couple of weeks time. He’s transferred £1000 into my account and I’ve moved it to a different account with the same bank.

I’m a bit hesitant as I’ve only spoken to the guy once and he’s not even seen the vehicle.
Don't worry.

Your money is safe.

If the bank determine the transaction is in any way erroneous and has to be reversed (extremely rare) it is they who will suffer the loss, not you.

TY4C

lost in espace

6,135 posts

206 months

Monday 16th October 2017
quotequote all
He has paid over a grand into your account and doesn't know you, he should be the one who is worried!

KungFuPanda

Original Poster:

4,324 posts

169 months

Monday 16th October 2017
quotequote all
I was thinking exactly the same! He just seems a bit blasè about everything.

Gary C

12,312 posts

178 months

Monday 16th October 2017
quotequote all
Next, he will want to meet you at a mway service station where he will have a building society cheque, and having build up trust with the 1k, you will sign over the car and go on your way.

Then you will find out the bs cheque is one of the stolen ones and not valid.

Be careful, building trust can be the first step in a scam.

havoc

29,918 posts

234 months

Monday 16th October 2017
quotequote all
It can take a few days to properly clear in the banking system (even if it shows as available to you), so there IS a risk. Unless both with the same bank, I believe.

This is why you always use CHAPS or cash for car sales...

OddCat

2,515 posts

170 months

Monday 16th October 2017
quotequote all
It is sad that, despite only a very small proportion of people being pro-active fraudsters, we always have to assume something is a fraud until we prove differently.

I'm guessing the car is something fairly rare / interesting and the sort of thing that only an enthusiast would own. And the advert reflected that. And the subsequent correspondence between seller and buyer has been comprehensive and pleasant. Hence the buyer feels confident enough to send the money.

If the above is true then I'll stick my neck out here and say that it is far, far, more likely that this is a kosher transaction than any kind of fraud.

If it is a bog standard car, the bloke lives miles away despite there being loads for sale more locally to him, there has been little interaction, the bloke doesn't seem to have a good grasp of English and has pretty much randomly agreed to send £1,000 without doing any sensible due diligence then that might be a reason to be suspicious.....


Your Dad

1,924 posts

182 months

Monday 16th October 2017
quotequote all
havoc said:
It can take a few days to properly clear in the banking system (even if it shows as available to you), so there IS a risk. Unless both with the same bank, I believe.

This is why you always use CHAPS or cash for car sales...
BACS payment into your account is cleared funds on day 3 of the BACS payment cycle, day 1 being the day the payer makes the payment instruction.

KungFuPanda

Original Poster:

4,324 posts

169 months

Monday 16th October 2017
quotequote all
Just been down to the bank. They’ve confirmed the payment is there in cleared funds and it went through as faster payments.

I’ve transferred the £1000 into a savings account.

KungFuPanda

Original Poster:

4,324 posts

169 months

Monday 16th October 2017
quotequote all
The account the initial payment got paid into had £6 in it. The £1000 got paid into that account.

I moved £1000 into a different savings account today.

There’s still £6 in the first account with no overdraft facility.

Silverage

2,023 posts

129 months

Monday 16th October 2017
quotequote all
What about these cases where someone is scammed into sending some money to another account then the receiving bank says they can't refund it as the payment was immediately transferred away? I was reading about a case like that just today.

SantaBarbara

3,244 posts

107 months

Tuesday 17th October 2017
quotequote all
Employers are able to request return from your bank of salary payments sometimes.

KevinCamaroSS

11,553 posts

279 months

Tuesday 17th October 2017
quotequote all
SantaBarbara said:
Employers are able to request return from your bank of salary payments sometimes.
Only if it is written into your contract of employment.

As regards normal day-to-day banking, no, the bank cannot refund a transfer without your permission.

Countdown

39,686 posts

195 months

Tuesday 17th October 2017
quotequote all
SantaBarbara said:
Employers are able to request return from your bank of salary payments sometimes.
That's b0110x. Whilst they can request the moon on a stick they won't get it.They're entitled to deduct it from any future salary payments (subject to certain other conditions).

Nobody can take a BACS payment out of your account once they have transferred it in. Banks might repay certain amounts if they suspect that fraud has taken place but AIUI it gets frozen/put into suspense until the matter has been investigated.

Your Dad

1,924 posts

182 months

Tuesday 17th October 2017
quotequote all
KevinCamaroSS said:
SantaBarbara said:
Employers are able to request return from your bank of salary payments sometimes.
Only if it is written into your contract of employment.

As regards normal day-to-day banking, no, the bank cannot refund a transfer without your permission.
Ignore the bot, she has limited response capabilities.

SantaBarbara

3,244 posts

107 months

Tuesday 17th October 2017
quotequote all
Countdown said:
That's b0110x. Whilst they can request the moon on a stick they won't get it.They're entitled to deduct it from any future salary payments (subject to certain other conditions).

Nobody can take a BACS payment out of your account once they have transferred it in. Banks might repay certain amounts if they suspect that fraud has taken place but AIUI it gets frozen/put into suspense until the matter has been investigated.
What I said is totally True.

750turbo

6,164 posts

223 months

Tuesday 17th October 2017
quotequote all
SantaBarbara said:
Countdown said:
That's b0110x. Whilst they can request the moon on a stick they won't get it.They're entitled to deduct it from any future salary payments (subject to certain other conditions).

Nobody can take a BACS payment out of your account once they have transferred it in. Banks might repay certain amounts if they suspect that fraud has taken place but AIUI it gets frozen/put into suspense until the matter has been investigated.
What I said is totally True.
Alexa - OFF

https://www.pistonheads.com/gassing/topic.asp?h=0&...

Your Dad

1,924 posts

182 months

Tuesday 17th October 2017
quotequote all
750turbo said:
SantaBarbara said:
Countdown said:
That's b0110x. Whilst they can request the moon on a stick they won't get it.They're entitled to deduct it from any future salary payments (subject to certain other conditions).

Nobody can take a BACS payment out of your account once they have transferred it in. Banks might repay certain amounts if they suspect that fraud has taken place but AIUI it gets frozen/put into suspense until the matter has been investigated.
What I said is totally True.
Alexa - OFF

https://www.pistonheads.com/gassing/topic.asp?h=0&...
The bot is almost correct, the AI must be improving.



If a BACS payment is made incorrectly then the payer can request the funds are returned. The payee can refuse but there's a legal way to recover (can't remember the legislation and I can't be bothered to walk over to our BACS bureau team and ask).




KungFuPanda

Original Poster:

4,324 posts

169 months

Tuesday 17th October 2017
quotequote all
Well the money is still there. The guy plans on paying three further instalments and then collecting when the final instalment has cleared...