BACS payment for car

[AdeTuono]

I've bought and sold a few cars over the years, and have routinely used BACS to pay the seller, and to receive payments for anything that I've sold. Never had a problem, and the transactions have always gone smoothly.

I sold a car last Sunday, using the horror that is eBay. Had the usual 'Wots ur best price bruv?' e-mails, which I replied to politely (apart from one who offered 7k less than the asking price and gave me a torrent of abuse when I pointed out the error of his ways.) One buyer offered the reserve price. I suggested that he place a bid, as I wanted the auction to run to completion. This he did, and 'won'.

Now, my scam-radar is fairly well tuned. The language and grammar used suggested that he was probably East European. I asked for contact details, and a deposit, as he claimed that he would be unable to collect until next weekend. Neither were forthcoming. Tonight, I pushed for a collection date, and how he intended to pay. He said that he would pay by bank transfer when he collects the car, which will be Saturday morning.

I'm aware that you sometimes need to set up a recipient in advance of a large payment to someone you haven't paid before. So, my question; if you give a stranger your sort code and account number, is there any way they can use this info to your detriment? I've always been happy to do this before, and I know every time you write a cheque you're handing this information out.

I generally give the benefit of the doubt, but alarm bells are ringing in this case. Some background checks have established that the buyer is indeed Romanian, but I really don't want to tar a whole nation with the same brush...

[Mr Pointy]

The safest way is for you to be paid by Bank Transfer which the buyer can do when he comes to see the car, if it's set up on his phone & the only issue would be if the transaction was flagged by the banks systems & held for fraud checking. If that's the case (all you'll know is the money doesn't arrive in your account) tell him to come back when it's cleared. I alaways get a new payer to send £1 through first to make sure the details are correct.

Seal the coolant filler cap with tape as well.

[AdeTuono]

Mr Pointy said:

The safest way is for you to be paid by Bank Transfer which the buyer can do when he comes to see the car, if it's set up on his phone & the only issue would be if the transaction was flagged by the banks systems & held for fraud checking. If that's the case (all you'll know is the money doesn't arrive in your account) tell him to come back when it's cleared. I alaways get a new payer to send £1 through first to make sure the details are correct.

Seal the coolant filler cap with tape as well.

Bank transfer is just what I intend. I was just wondering if there is anything nefarious that can be done with my bank details.

[red_slr]

Technically he could try to set up some direct debits etc.

I keep an old account active with about £50 in it for this very situation.

Then as soon as the money comes in I move it to my "real" account.

[red_slr]

Just to add be aware if its over the faster payments limit you might have to get him to split it into 2 or more payments.

Depends on the sum though and the bank.

[Fulmentaljack3t]

Mr Pointy said:

.

Seal the coolant filler cap with tape as well.

What's the purpose of this?

[red_slr]

IIRC some buyers have been known try and fake head gasket failure.

[Mr Pointy]

Fulmentaljack3t said:

Mr Pointy said:

Seal the coolant filler cap with tape as well.

What's the purpose of this?

Previously on PH:

https://www.pistonheads.com/gassing/topic.asp?t=15...
https://www.pistonheads.com/gassing/topic.asp?t=16...
https://www.pistonheads.com/gassing/topic.asp?t=17...

[Jefferson Steelflex]

You're right to be wary, but with a little bit of caution the benefit of the doubt can be exercised. After all, not all Eastern Europeans are scam artists, I sold a car a few years back to a nice chap from Poland, he was terrible at comms but he arrived when he said he would and paid for the car and left.

Giving out your sort code and account is no issue, but no point if he is not going to be paying you until the day of collection.

A lot of the 'coolant scam' stories relate to having 3 or more chaps hovering around the car while the owner is distracted, all you have to do is manage that should it look possible. If the guy turns up by himself then surely it's less of an issue.

[Fulmentaljack3t]

red_slr said:

IIRC some buyers have been known try and fake head gasket failure.

Mr Pointy said:

Fulmentaljack3t said:

Mr Pointy said:

Seal the coolant filler cap with tape as well.

What's the purpose of this?

Previously on PH:

https://www.pistonheads.com/gassing/topic.asp?t=15...
https://www.pistonheads.com/gassing/topic.asp?t=16...
https://www.pistonheads.com/gassing/topic.asp?t=17...

Very interesting, thanks! I've learnt something.

[romeogolf]

This is one of the great features of some of the new challenger banks, such as Monzo. You can request money with a personalised link that can be texted or emailed.

The recipient gets the link as:



And can click it, see what the cost relates to, and either pay using Apple/Google pay, or pressing "Send (person) £x" and entering their card details as if they were buying anything else online. They can amend the amount if they wanted to send more/less than requested (so they could send a deposit, then use the same link later to send the balance).



Neither of you see the other's personal details, and the transaction goes through instantly.

[RC1807]

romeogolf said:

This is one of the great features of some of the new challenger banks, such as Monzo. You can request money with a personalised link that can be texted or emailed.

The recipient gets the link as:



And can click it, see what the cost relates to, and either pay using Apple/Google pay, or pressing "Send (person) £x" and entering their card details as if they were buying anything else online. They can amend the amount if they wanted to send more/less than requested (so they could send a deposit, then use the same link later to send the balance).



Neither of you see the other's personal details, and the transaction goes through instantly.

These are all good, but BACS isn't the only UK payment system via the usual banking system.
You have the Faster Payments Service, which are almost instant (seconds), not batches every couple of hours.
Unless you're selling a Bugatti, you won't breach the (current GBP250k) limit on FPS.

It's a good safety feature, though, as someone else said, if you have a secondary bank a/c to be CR there, then move it as you need, rather than handing out your main a/c details.

[AdeTuono]

Thanks all. Furnished him with details and he's sent a small deposit over. Will transfer the balance whist here, and he can wait until it clears.

I will reserve judgement on the nationality issue...for now.

[coldel]

Yes just do the transfer on the day have laptop/phone handy. Check the limits though, Lloyds is £25k Barclays £10k (I think) for example.

[AdeTuono]

coldel said:

Yes just do the transfer on the day have laptop/phone handy. Check the limits though, Lloyds is £25k Barclays £10k (I think) for example.

It's only £10k, so shouldn't present a problem.

[Mr Pointy]

RC1807 said:

Unless you're selling a Bugatti, you won't breach the (current GBP250k) limit on FPS.

Not true: my bank has a limit on each payment (£10k) & a daily limit as well (£50k I think).

[red_slr]

AdeTuono said:

coldel said:

Yes just do the transfer on the day have laptop/phone handy. Check the limits though, Lloyds is £25k Barclays £10k (I think) for example.

It's only £10k, so shouldn't present a problem.

You might want to send 2 x 5k payments if your/their bank is 10k limit if its this weekend with it being a BH.

I know someone will chime in and say its fine but as its over the EU money laundering limit (£8800) and on your banks own limit (assuming its 10K) its worth just doing 2 payments as there is nothing worse on a non working day, on a bank holiday weekend, than stood in the rain looking at your phone with the buyer saying well I sent it and you saying well its not arrived..

[xjay1337]

AdeTuono said:

Thanks all. Furnished him with details and he's sent a small deposit over. Will transfer the balance whist here, and he can wait until it clears.

I will reserve judgement on the nationality issue...for now.

Don't really see why you are concerned, nothing nefarious by handing over people your bank account details for purchases. Lost count of the number of people who have mine!!

[romeogolf]

xjay1337 said:

Don't really see why you are concerned, nothing nefarious by handing over people your bank account details for purchases. Lost count of the number of people who have mine!!

Didn't Jeremy Clarkson say something along these lines, published his bank account details in a national paper, and had a direct debit to a charity set up in his name?

[AdeTuono]

xjay1337 said:

AdeTuono said:

Thanks all. Furnished him with details and he's sent a small deposit over. Will transfer the balance whist here, and he can wait until it clears.

I will reserve judgement on the nationality issue...for now.

Don't really see why you are concerned, nothing nefarious by handing over people your bank account details for purchases. Lost count of the number of people who have mine!!

I know. several hundred people know mine as well, given that those details are on every cheque I've ever written. But with the reputation of certain sectors of society, and the fact that it was through eBay, I was wondering if anyone had ever come a cropper.

Will report back after Saturday...