Bank transfer problem

[NOACROSS 414]

Nat West are brilliant. Unless you need anything. I’m lucky as have my own personal banking slave so I never have to do anything. 

[MJG50 7]

I had a buyer who supposedly paid by Faster Payments with Santander and it took a full 24 hours to come through. I'm not 100% sure she actually made a Faster Payments payment or whether it was a normal transfer though.

About 15 years ago, a Natwest manager told me that any bank transfer can be cancelled within 24 hours so he advised me to get the transfer in 24 hours before selling the car. On the same day, another member of Natwest said that a BACS transfer was as good as cash!

It's tricky enough selling cars without expecting the buyer to pay in full 24 hours before and if coming a long way, they natually want to pay after viewing the car.

Is it still true that a Faster Payments payment can be cancelled afterwards?

I'd never personally release a car until the funds are showing as cleared in my account but even then I'm a bit concerned there is potentially a 24 hour window period to cancel.

In some ways, I prefer cash although it needs to be checked at the bank and it costs a lot to pay in and of course there is a limit to how much you can pay in.

Edited May 1, 2019 by MJG50

[Tony911 79]

Will just wait until tomorrow evening if not will drive over with my bodyguards

[MJG50 7]

I'm sure it will be ok as the buyer is still in touch. I've always been a tad paranoid about bank transfers getting cancelled but it's no good being paranoid in this game! Personally, I've always made sure funds are clear before releasing cars but I've known dealers who release the car once they know the funds have left the buyer's account.

[Tony911 79]

3 hours ago, MJG50 said:

I'm sure it will be ok as the buyer is still in touch. I've always been a tad paranoid about bank transfers getting cancelled but it's no good being paranoid in this game! Personally, I've always made sure funds are clear before releasing cars but I've known dealers who release the car once they know the funds have left the buyer's account.

Always release car once we know foundation have left customers account same on this occasion the, might just be better off reinvesting in a chip and pin again as you never know these days. Will keep you guys updated, thanks for all the advice. Customer seems genuine enough so lets see what happens

[MJG50 7]

I'm sure it will be ok, it's not as though the customer has vanished. Banks can be such a pain to deal with.

[Arfur Dealy 823]

As long as the customer has shown me the funds have gone out of his account (I photo it) I'll let them go. I can't be assed to wait now until it shows. All my customers pay an initial payment by transfer so there is a paper trail. 90% show immediately, some go off for further checks and can take longer. I trust my nose.

[Tony911 79]

1 hour ago, Arfur Dealy said:

As long as the customer has shown me the funds have gone out of his account (I photo it) I'll let them go. I can't be assed to wait now until it shows. All my customers pay an initial payment by transfer so there is a paper trail. 90% show immediately, some go off for further checks and can take longer. I trust my nose.

Yeah but 4 days you ever had to wait that long before?

[A & S 20]

We are with natwest, a payment we made to buy a van had been stopped by the fraudulent team as we never made payment to this guy before, we were not told by natwest what had happened we waited and waited as the funds did not show in the sellers account, made a phone call to natwest and told me what has happened, asked me a few questions and money was sent.

However we would never let a motor go until we see the money in our account. Think it's best practice and a lesson to be learnt. Better wait than sweat and worry about it.

[MJG50 7]

I quite admire the nerve of the dealers who release the car before they see the money in their account - I must admit I'm the other extreme! Even when I see the money in the account I think I hope it's still there tomorrow! As I said earlier, I was told by Natwest years ago that transfers can be cancelled within 24 hours but I'm not sure this is still true with a Faster Payment. At the end of the day, the vast majority of buyers are not scammers but in my case, I do sometimes wonder if I'm too much of a worrier for car dealing! 

[Arfur Dealy 823]

8 hours ago, Tony911 said:

Yeah but 4 days you ever had to wait that long before?

Yes, once over a bank holiday. Transfers regularly go for fraud checks, it’s part of the process. I will only release the car when I have seen the funds have left the customers account, or heard their bank on the phone confirm payment will be sent. 

Every customer has already added me as a payee and transferred a deposit, I only accept transfers for the balance so I feel it’s unreasonable of me to expect the customer to wait for the funds to arrive. 

[David Horgan 564]

Reading this thread makes me love my card terminal 

Cash thats 4 days in unknown cyber space would really make my blood boil 

I dont trust people now days to pay unless it in my bank showing up on the screen or chip and pin debit they are NOT leaving 

[Rory RSC 596]

3 hours ago, Arfur Dealy said:

Yes, once over a bank holiday. Transfers regularly go for fraud checks, it’s part of the process. I will only release the car when I have seen the funds have left the customers account, or heard their bank on the phone confirm payment will be sent. 

Every customer has already added me as a payee and transferred a deposit, I only accept transfers for the balance so I feel it’s unreasonable of me to expect the customer to wait for the funds to arrive. 

They can cancel them even after sending the payment and you seeing it leave if they wanted to. Negligible chance but i won't let anyone go until money shows in my account and ask anyone collecting a car to have made payment in advance not turn up in the office pissing around with wifi, bank fobs etc.

Santander seem to block every customer payment and then text about 2 hours later asking if they have sent it, seen it etc. They could cancel it then if they wanted and be a couple of hours from you. Small risk, small chance but personally not one I will take.

[EPV 631]

18 minutes ago, Rory RSC said:

They can cancel them even after sending the payment and you seeing it leave if they wanted to. Negligible chance but i won't let anyone go until money shows in my account and ask anyone collecting a car to have made payment in advance not turn up in the office pissing around with wifi, bank fobs etc.

Santander seem to block every customer payment and then text about 2 hours later asking if they have sent it, seen it etc. They could cancel it then if they wanted and be a couple of hours from you. Small risk, small chance but personally not one I will take.

Indeed.

I used to let people go but now I have got a better rate from a card merchant, I'm happier to sacrifice £20-£50 per transaction to put it through the machine, get it paid next day and know the money is there and safe. 

[MJG50 7]

39 minutes ago, Rory RSC said:

They can cancel them even after sending the payment and you seeing it leave if they wanted to. Negligible chance but i won't let anyone go until money shows in my account and ask anyone collecting a car to have made payment in advance not turn up in the office pissing around with wifi, bank fobs etc.

Santander seem to block every customer payment and then text about 2 hours later asking if they have sent it, seen it etc. They could cancel it then if they wanted and be a couple of hours from you. Small risk, small chance but personally not one I will take.

Totally agree with this personally, I've never let anyone take the car before the payment shows in my account. It's not like we are selling £20 items and can take a risk.

[Rory RSC 596]

Drive away now instantly - Card payment I don't mind to take the fee or transfer if you can / we are not to busy to wait about.  1 sales person with 3 or 4 customers milling about card payments far easier.

Deposit placed and coming back - Transfer only before collection no real reason for any excuses. 

Edited May 2, 2019 by Rory RSC

[NOACROSS 414]

Any update on this OP? Is the dough there now?

[Tony911 79]

Yes. Contacted the customer yesterday saying there is definitely something wrong so he called up his bank straight away and called me back saying after spending an hour on the phone doing security checks and everything that goes with it turns out the lady who did the original transfer via phone banking put the last digit of our account number wrong and they had sent the money elsewhere and have managed to rectify everything nearly but he must go in to branch to show his I'd and few more security checks and all should be sorted, only issue is that he's a coach driver and doesn't arrive home until this evening but has promised he will go into branch first thing and sort it and was very apologetic. So no money yet but just looks like a mistake from natwest. Will post update tomorrow either way we get paid or the cars getting collected. 

[Rory RSC 596]

2 hours ago, Tony911 said:

Yes. Contacted the customer yesterday saying there is definitely something wrong so he called up his bank straight away and called me back saying after spending an hour on the phone doing security checks and everything that goes with it turns out the lady who did the original transfer via phone banking put the last digit of our account number wrong and they had sent the money elsewhere and have managed to rectify everything nearly but he must go in to branch to show his I'd and few more security checks and all should be sorted, only issue is that he's a coach driver and doesn't arrive home until this evening but has promised he will go into branch first thing and sort it and was very apologetic. So no money yet but just looks like a mistake from natwest. Will post update tomorrow either way we get paid or the cars getting collected. 

I truly hope that is the case and not someone trying it on. I wouldn’t be so relaxed. 

[Tony911 79]

Will find out tomorrow, he's keeping in contact which is a good sign I suppose, if he didn't answer and phone was dead I would be panicked 

[TangoVictor32 90]

Typical a daft dopey mare on the other end of the phone...who cant even put in 0 to 9 digits correctly... Sometimes i wonder how these people landed the job in the first place.

She's gone home and Couldn't give a monkey's 

[Tony911 79]

BOOM in this morning after a visit to his shit bank natwest who messed it all up. HAPPY

[David Horgan 564]

8 minutes ago, Tony911 said:

BOOM in this morning after a visit to his shit bank natwest who messed it all up. HAPPY

Phew that's great news , Don't panic Mr Mannering any more 

 

Seriously , we can laugh now , pleased the money is with you Tony . 

[Dave2302 387]

58 minutes ago, Tony911 said:

BOOM in this morning after a visit to his shit bank natwest who messed it all up. HAPPY

Glad it all turned out good

[Tony911 79]

Wasn't so simple still took 2 visits to the bank for the poor chap, told him he needs a new bank as Natwest not happy for him to spend his own monies