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Bank transfers, risky?

Discussion in 'CycleChat Cafe' started by Panter, 7 Nov 2007.

  1. Panter

    Panter Just call me Chris...

    I'm a big fan of bank transfers when buying or selling through forums. Someone told me that it may be risky though.

    If I sell my MTB and have to post it, I assume its safe to send my account number and sort code to a stranger for payment because they can't do anything else with that info, surely?
     
  2. sheddy

    sheddy Veteran

    Location:
    WGC
    They might be able to set up a direct debit or summat. I think even well known businesses have done this without a signature
     
  3. barq

    barq Senior Member

    Location:
    Birmingham, UK
    Individual people wouldn't be able to set up a direct debit would they? I assume you'd be covered by the direct debit guarantee anyway. But presumably whenever you write a cheque you give away your account name, number and sort code.

    Reminds me slightly of when I worked in a shop and a customer didn't want me to keep the credit card slip that she'd signed because it had her card number on (they weren't partial back then). I kept explaining that I wasn't trying to con her, but yes we did need those details because that was how we got the money! :biggrin:
     
  4. Well section 419 fraudsters can do it, so it's clearly not safe
    http://www.re-quest.net/internet/myths/nigeria/

    But on the other hand I've bought and sold this way half a dozen times and not had a problem
     
  5. Lord of the Teapot

    Lord of the Teapot New Member

    Your bank account number and sort code are on every cheque you write out, enough said :biggrin:
     
  6. starseven

    starseven Guest

    The only problem is that nobody makes any money from the tranfer.

    paypal, visa etc are unlikely to promote that.
     
  7. Membrane

    Membrane New Member

    Indeed, as someone who refuses to use credit & debit cards or paypal I like to get my online shopping from German shops. Paying by bank transfer ("Vorkasse") is common there and offered as a payment option by most online retailers.
     
  8. Will1985

    Will1985 Über Member

    Location:
    South Norfolk
    At the risk of hijacking the thread (although relevant), perhaps someone can help me out regarding the CC jerseys. When you receive money from someone through paypal, do they charge you immediately, or when you take the money OUT of the paypal account and put it in a regular bank account? I only ask, because we have the option of paying for jerseys with paypal, and if all the money was stored on the PP account, I'm hoping that we don't have to pay any fees which puts the price up....

    Anyone know???
     
  9. Panter

    Panter Just call me Chris...

    Thanks for the replies peeps, appreciated. :biggrin:
     
  10. Pete

    Pete Guest

    Back to dodgy bank transfers, here's an example which looked particularly risky to us - but it was the other guy taking the risk! We recently needed to book a B&B in France, found a suitable one on the internet and fired off an E-mail. Along came an answer asking us for a 20€ deposit and suggesting we pay it by means of a virement (direct transfer), and attaching their full bank details including IBAN number! To me, a Brit, a total stranger who'd just sent them an E-mail out of the blue. But apparently that's common practice in France, maybe French people are more trusting.

    As it happens I sent off a cheque. And no, I didn't keep their bank details!
     
  11. Fnaar

    Fnaar Smutmaster General

    Location:
    Thumberland
    Had same as Pete for a trip to Italy....
     
  12. starseven

    starseven Guest



    Hi Pete

    You didnt keep his details but sent him yours printed on a piece of paper?
     
  13. Jaded

    Jaded New Member

    Ah, yes.

    Sort Codes, bank account numbers, account names, Branch addresses, these cannot be used in a fraud if they are obtained via a piece of paper, as opposed to in an email.

    as any fule kno.
     
  14. Pete

    Pete Guest

    Maybe, maybe not... some of you young'uns may not know this :biggrin: but time was when a cheque - other than hard cash - was the only way to settle a payment. I must have written thousands of them in my lifetime - all with my account details - and my signature - clearly visible on each and every one of them. Methinks I come from a more trusting generation?
     
  15. bonj2

    bonj2 Guest

    most companies require a written mandate, but some will do it over the phone - yorkshire water is an example.