Recently sold something on eBay. The transaction has been a little odd so far (we haven’t finalised yet) and now the purchasor has requested my banking details to transfer funds into my account.
The purchasor has been (apparently) up front with their address etc, but I wonder if I’m exposing myself to unnecessary risk in proiding them with my BSB and account number.
Thoughts?
Thanks all.
M
Lots of people seem to get really fearful about giving out banking details; some people claim it is possible to be defrauded by someone who has no more information than your bank sort code and account number, but this information is on every cheque you write (along with a sample of your signature!)
If they’re not asking for any more information than that which your bank specifies as being necessary to conduct transfers, it should be fine. If they’re asking for passwords, PINs, mother’s maiden name, copies of your statement or anything like that, then they’re trying to con you.
Thanks Mangetout - that was kind of where my head was at but I just wanted to make sure…
Will sleep just that little bit more soundly tonight.
All the best.
M
Just make sure that you confirm with your bank that the money has been deposited before you send the goods out - once it’s in your account the cash is yours.
This is now my preferred method for sending/receiving payment - lots easier (and secure) than using cheques.
Not to mention free of commission/charges.
I wouldn’t be so sure about that. Banks normally reserve the right to reverse transactions in the cases of error, fraud, and dispute.
if the transfer is fraudulent, your bank can reverse the deposit & suck the money back out up to a year later depending on the details.
The only way for you to be 100% assured of keeping the money is to prommptly withdraw it in cash, close the account, and disappear from the banking system forever. Not a realistic option.
Banks can reverse fraudulent transfers, but what can’t happen is the sort of transaction reversal that happens on Paypal - where the buyer falsely claims it never arrived.
There oughta be a limit as to the time that a bank can reverse a deposit (like 14 working days or so). The onus should be on the bank to expedite the completeness of the transfer or deposit, otherwise people could really get screwed if they’ve waited 60 days or so and then choose to spend the money only to realise that on the 61st day it was reversed.
I find it hard to believe that banks can operate this way.
See http://www.greensheet.com/PriorIssues-/030902-/8.htm for information on ACH (Automated Clearinghouse) fraud in the USA. There is a 60-day right of recredit/return, so that the consumer has an opportunity to get a monthly bank statement, discover the error, and dispute the transfer.