Is it safe?

[kopenhagen5]

Just a quickie for all you experts out there.

Have had someone wanting to pick up one of my bigger items tomorrow and do bank transfer while they are here.

Rather sudden IMO.

Lets say I check my balance and funds are there, they leave with the goods, is there some way they can reverse the transaction minutes later?

I have never accepted bank transfer before. TIA.

[foxette-in-sox · Accepted solution]

No way could someone do a bank transfer and money is instantly in your account unless you were both with the same bank and even then it's debatable.

Cash on pickup Kopes-you should know that, tsk tsk lol

[kopenhagen5]

I know but when we have transferred pays for employees, they often appear minutes later. 

And I am all excited about a big sale.

Also it's an awful lot of banknotes for the seller to bring.

[thecatspjs · Accepted solution]

Combank transfer to most of the big four can be instant or within a couple of hours, but I would never hold my breath, particularly NOT over the weekend.

[amber-eyed-girl · Accepted solution]

Kopenhagen, a bank transfer can take several business days even if you have the same bank. I would not, personally, want to accept a bank transfer for that reason. Immediate transfer of funds only happens in the movies 🙂 as a rule...one cannot expect it.

the funds will go from the sender's account, and they will have a receipt number. But it will take time for your bank to verify the money is available in their account, for you to get it.

As far as I know, the internet transfer cannot be reversed by the sender, but I would call your own bank beforehand to confirm that, they will be able to tell you for certain 🙂

[digital*ghost · Accepted solution]

I have had a cash deposit reversed, a buyer paid over the counter at a branch, then reversed the payment straight away, then paid again... I presume they reversed the payment because the first one had no reference, and the second one had their eBay ID as a reference, but it proves that bank deposit (at least at a branch) is reversable... 

I personally don't get the opportunity to cancel an online transfer, though, which is how they would have to do it when out and about. It's possible I could contact my bank and say the transfer was unauthorised, but I don't know if they would do anything about that because to perform a transfer, it requires login info and an authorisation code sent to my mobile, (unless a previously saved / authorised destination), so a bit hard to argue "unauthorised". 

Probably raises more questions, or at least doesn't really answer yours, but that's all I really know from experience.

Edited to add: didn't think about transfer clearance time as the others have mentioned, makes it very much less than ideal to accept at point of sale.

[amber-eyed-girl]

Oh, and congratulations on the sale 🙂

I would check with your bank if it's reversible or not, after what Digi said, definitely

[kopenhagen5]

Yes, you all make good points.

Think I will suggest buyer picks up a bank cheque in the morning before they come.

Many thanks..................and go Richmond tigers. 

[horizon1907]

What about if they were to leave a large cash deposit. They could go to an ATM and withdraw say $800.00 ??? That way at least you have them in some control. Just a suggestion. PS Well done. 🙂 🙂 

[kopenhagen5]

I think I know why I got the kudos slr sales.  

(Notice all smileys are black n yellow)