Reversal of BACS payment

[KungFuPanda]

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

[KungFuPanda]

I was thinking exactly the same! He just seems a bit blasè about everything.

[KungFuPanda]

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]

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.

[KungFuPanda]

Well the money is still there. The guy plans on paying three further instalments and then collecting when the final instalment has cleared...