selling car on ebay

Post by **unc.si.** » 25 Feb 2018, 21:10

Selling a car on ebay - if someone does a bank transfer to my account the day before they pick the car up and I check online that the cash is in my account, is there any risk that it can later be recalled?

Post by **hancockjr** » 25 Feb 2018, 21:43

Can you ring your bank and ask them? Pretty sure in the days of cheques the cheque would be credited before the funds cleared hence yes you would have been at risk. I think cheque kiting is linked with this.

Post by **unc.si.** » 25 Feb 2018, 21:58

I'll try and ring them tomorrow - internet bank though so have to go through call centre hell!

In the old days there was definitely a risk. Pretty sure these days once the transfer has gone through on FPS then its definitely mine, but it's about £12k so I don't really want to take the risk!

Post by **primitive man** » 26 Feb 2018, 09:37

Beware - Look for thread - A Cautionary Tale in financial & Shopping forum.
Heres a link-

viewtopic.php?f=45&t=73533&p=1637526&hi ... r#p1637526

Post by **Zimmerman** » 26 Feb 2018, 09:51

If they are doing a cash transfer (via FPS) I think once it hits your account, it hits. There won’t be a facility to cancel/recall.

However, I assume they could perhaps ring the bank to dispute it - but that would follow normal processes (of their bank engaging your bank and trying to recoup etc. Which might mean your bank put a hold on the funds).

Post by **unc.si.** » 26 Feb 2018, 10:41

Zimmerman wrote: ↑26 Feb 2018, 09:51 If they are doing a cash transfer (via FPS) I think once it hits your account, it hits. There won’t be a facility to cancel/recall.

However, I assume they could perhaps ring the bank to dispute it - but that would follow normal processes (of their bank engaging your bank and trying to recoup etc. Which might mean your bank put a hold on the funds).

I've got a call into the bank to confirm, but yes, thats how I understand FPS. I don't think they can block the funds though and I'll have an invoice signed when they collect anyway. Hopefully my bank will confirm.

Not that keen on that amount of cash either tbh, but if its not certain to be safe doing an FPS I'll take them to a bank, get them to withdraw the funds (presume they'll have to clear this with their bank in advance for that amount) and then pay into my account before they leave.

FISO