[gchild]

Someone looking to buy my car today and suggested online bank transfer.
Is this ok, any pitfalls withies approach?
Does it being Sunday make a difference?

[AlanYoro35i]

Different bank transfer can take up a few days.. Make sure funds are cleared before you let the card go. Funds that are not cleared can be stopped bu calling the bank .

[-TARBY-]

Yep... All is ok with this as long as you can see the funds creditted to you account. Make them sign something also..

[SteveC]

ALWAYS draw up a contract of sale for the vehicle. That way, if something does go awry with the payment, you have legal grounds for repossession.

[davyk31]

A BACS payment can be recalled whereas a CHAPS payment cannot. The later is a same day transfer so it's the one you want.

[QLD]

Originally Posted by Yoro35i

Make sure funds are cleared before you let the car go. .

[gchild]

Thanks all.

[J44KPR]

I bought my car on a sunday with bank transfer, Lloyds have an instant payment system which is cool, although they blocked the payment so I had to ring up to get it approved, but was instant etc.

should be fine

[Dragon88]

Originally Posted by J44KPR

I bought my car on a sunday with bank transfer, Lloyds have an instant payment system which is cool, although they blocked the payment so I had to ring up to get it approved, but was instant etc.

should be fine

Had the same problem with Halifax two months ago, payment blocked in the morning, but a quick call sorted it out and picked my car up that same Sunday afternoon!

OP if in doubt, give your bank a call to verify the payment.

[shrink]

i bought my current car on a bank transfer. INstant payment through RBS... however sadly on the day I bought my car, RBS were having a computer melt down, screwed up the payment and put it on hold for almost 3 days.

I phoned and went mental at them. They eventually sorted it out, and compensated me for the weekend lost without a car, as well as the additional expense for having to go back out again to collect the car.

But generally, instant payments are safe, effective and secure.