Electronic transfer and cash payment for car - problem?
Discussion
R6VED said:
I had the exact same situation happen, but I happened to have my heavily pregnant wife with me just to add insult to injury.
I made multiple phonecalls to the bank and eventually discovered it had triggered their fraud warning - once i had ranted at their Fraud Dept it was in by the time i got off the phone - A whole day wasted in Birmingham :-(
If only someone had said on the first call that the amount (£9750) may have triggered the fraud warning I could have had it sorted in 30 mins.
We all want to be protected from fraud ! Whilst banks are a complete nightmare with their latest security demands you created your own problem. Always call and pre warn them about the amount , beneficary and reason for the transfer I made multiple phonecalls to the bank and eventually discovered it had triggered their fraud warning - once i had ranted at their Fraud Dept it was in by the time i got off the phone - A whole day wasted in Birmingham :-(
If only someone had said on the first call that the amount (£9750) may have triggered the fraud warning I could have had it sorted in 30 mins.
Done this several times works a treat. Latest car purchase for the wife they insisted on use of a debit card ! Unfortunately for them their bank screwed up and as I bank First Direct we could track the funds and they failed to grab them. Took a few hours but we left with car which they had to wait 10 days for cash lol. Note the transfer could not be reversed
P700DEE said:
We all want to be protected from fraud ! Whilst banks are a complete nightmare with their latest security demands you created your own problem. Always call and pre warn them about the amount , beneficary and reason for the transfer
NatWest are a pain for blocking things - I've called in advance and they've still done it. When I asked why, they said they don't take pay any regard to the advance call, they still follow their normal procedures! They even blocked a payment to an ISA fund I subscribed to.OTOH my daughter used her HSBC debit card to pay the full price of a new car and it went through based on her tapping n her pin number!
Faster Payments _SHOULD_ work and I always try to use it. However for the past few sales I have hit:
Always a pain in the arse and you can guarantee that the branch will tell you a different story to telephone banking operator. Still, it's either that or CHAPS @ £20 plus you still need a branch to be open.
- Doesn't work on a Saturday afternoon, sorry
- Maximum of £10k, rest will have to go as a separate transaction tomorrow, sorry
- Buyer's building society account doesn't support Faster Payments, sorry
Always a pain in the arse and you can guarantee that the branch will tell you a different story to telephone banking operator. Still, it's either that or CHAPS @ £20 plus you still need a branch to be open.
ecs0set said:
....resorted to getting the buyer to withdraw large quantities of cash which is then instantly deposited in my bank.
Someone we know who works in a bank says this is the ideal thing to do, even if you both use the same bank. The buyer taking the money out and then the seller paying it back in completely isolates the transactions from each other.Sheepshanks said:
Someone we know who works in a bank says this is the ideal thing to do, even if you both use the same bank. The buyer taking the money out and then the seller paying it back in completely isolates the transactions from each other.
Exactly what I suggested, you know that the money is kosher that way, and as far as you and your bank are concerned it is purely cash paid in, no way of ever clawing that back. I've had 12k or so directly transferred into my account whilst the chap was sat in my lounge. I've also had in excess of that sum handed to me in cash in my lounge.... That said, my preference is to go to the buyer's bank, see them draw out the cash, then proceed to my bank and pay it in..
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