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      09-16-2012, 01:36 AM   #1
gchild
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Bank transfer

Someone looking to buy my car today and suggested online bank transfer.
Is this ok, any pitfalls withies approach?
Does it being Sunday make a difference?
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      09-16-2012, 01:53 AM   #2
Yoro35i
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Different bank transfer can take up a few days.. Make sure funds are cleared before you let the card go. Funds that are not cleared can be stopped bu calling the bank .
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      09-16-2012, 02:38 AM   #3
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Yep... All is ok with this as long as you can see the funds creditted to you account. Make them sign something also..
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      09-16-2012, 02:57 AM   #4
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whatever else you do

ALWAYS draw up a contract of sale for the vehicle. That way, if something does go awry with the payment, you have legal grounds for repossession.
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      09-16-2012, 03:00 AM   #5
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A BACS payment can be recalled whereas a CHAPS payment cannot. The later is a same day transfer so it's the one you want.
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      09-16-2012, 03:23 AM   #6
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Quote:
Originally Posted by Yoro35i View Post
Make sure funds are cleared before you let the car go. .
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      09-16-2012, 03:54 AM   #7
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Thanks all.
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      09-16-2012, 04:09 AM   #8
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I bought my car on a sunday with bank transfer, Lloyds have an instant payment system which is cool, although they blocked the payment so I had to ring up to get it approved, but was instant etc.

should be fine
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      09-16-2012, 04:30 AM   #9
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Quote:
Originally Posted by J44KPR View Post
I bought my car on a sunday with bank transfer, Lloyds have an instant payment system which is cool, although they blocked the payment so I had to ring up to get it approved, but was instant etc.

should be fine
Had the same problem with Halifax two months ago, payment blocked in the morning, but a quick call sorted it out and picked my car up that same Sunday afternoon!

OP if in doubt, give your bank a call to verify the payment.
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      09-16-2012, 05:28 AM   #10
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i bought my current car on a bank transfer. INstant payment through RBS... however sadly on the day I bought my car, RBS were having a computer melt down, screwed up the payment and put it on hold for almost 3 days.

I phoned and went mental at them. They eventually sorted it out, and compensated me for the weekend lost without a car, as well as the additional expense for having to go back out again to collect the car.

But generally, instant payments are safe, effective and secure.
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