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AnneL

Paypal for receiving a largish sum

I'm currently trying to sell my car privately and wondered if using Paypal was a safe/good option. I've used Paypal for E-bay and a few other purchases and it seems a safe choice.

Has anyone ever used Paypalfor largish sums?

I don't want to risk a personal cheque and thought that asking the buyer to use my Bank details for a transfer might not go down too well. Cash is an other option but it's a lot of counting for several thousand pounds.

Anyway has anyone any thoughts or experience of this?

Thanks Anne
Nell Merionwen

banker's draft?
Jamanda

BACs?
AnneL

Any idea of how much a Bankers draft costs?
Nell Merionwen

Any idea of how much a Bankers draft costs?


I don't know but it would cost them not you as far as I remember.
AnneL

Just 'googled' Bankers Draft it's a cheque directly from Financial institution.
Thinking back I think I did that years ago to buy a car from a Garage. It's a great idea can't think why I didn't remember it.
Thanks Nell and Jamanda
henchard

What's the problem with paying directly into your account?

I'd keep away from Paypal because of the fees and the possibility of someone raising a dispute after they have thrashed the car driving it home (I'm no expert on Paypal but think that they have a dispute procedure)

Personally I'd make it clear that you need cleared funds before releasing the car and offer them the option to pay

1. By cash
2. Bank transfer (and funds must be in your account before they can collect)
3. Possibly Banker's draft (but be aware that there are forged drafts going around)

see

http://www.autotrader.co.uk/safety_and_security/forged_bankers_drafts.jsp

4. Cheque and wait for clearance

Any legitimate buyer is going to recognise that you will not release until you have cleared funds and should be happy with that.
Shan

If you do a BACs, make sure they do a cash transfer. Do NOT accept a cheque deposited into your account. It is a common scam because the cheque initially clears and then a month later it bounces.
Rob R

How does it bounce after a whole month? I don't understand. I thought cheques cleared after 3 or 4 days.
stumbling goat

I would go for a BACS transfer, cleared funds.

Paypal, high fees and a dispute process which does not rely upon the truth just who is believed wins.

Bankers Drafts - have been known to be forged or stolen.

I would ask for cash, maybe even ask them to come to the bank with you, and let the bank staff count it out and pay it into your account, keep enough back for a cab home.

sg
stumbling goat

How does it bounce after a whole month? I don't understand. I thought cheques cleared after 3 or 4 days.


I understand that cleared funds is not the same as a cleared cheque? Something about the cheque may have funds to clear but it takes days for that cheque to be presented to the bank where the account where it drawn from is held, and then it can still bounce.

Any doubt? Check with your bank clerks.

sg
sean

How does it bounce after a whole month? I don't understand. I thought cheques cleared after 3 or 4 days.

Funds are available after 4 working days (if you count the day you paid it in as zero but that's a different issue) but the cheque isn't actually 'cleared' until later than that. Can't remember exactly how many days it takes.
Penny Outskirts

How does it bounce after a whole month? I don't understand. I thought cheques cleared after 3 or 4 days.

It actually takes around 10 to 14 days for the banks to sort it out between them. They allow us to draw on them after three working days because 99% of the time it's fine, or they are backed by a guarantee card.

Giving someone your bank account number, and sort code is a very standard thing to do, and there is nothing anyone can do with the details other than give you money.

It's always the preferable way to do it, after cash, and with digital payments so easy from online banking, most people shokd be able to do it.

( ex bank manager)
sean

Can tell you're ex. They don't issue cheque guarantee cards nowadays. Wink Penny Outskirts

Can tell you're ex. They don't issue cheque guarantee cards nowadays. Wink

you're right they don't Laughing

God I'm getting old!
Pilsbury

Yep give them your account nimber and sort code, its safe enough, if you look at a cheque they are printed on them anyway so you hand them out everytime you write one.
I paid for my last car that way.
Rob R

Next question; why do they employ monkeys to tell you any old made up rubbish over the phone? Twisted Evil Nick


Giving someone your bank account number, and sort code is a very standard thing to do, and there is nothing anyone can do with the details other than give you money.

Not true.

http://www.theguardian.com/money/2008/jan/07/personalfinancenews.scamsandfraud
12Bore


Giving someone your bank account number, and sort code is a very standard thing to do, and there is nothing anyone can do with the details other than give you money.

Not true.

http://www.theguardian.com/money/2008/jan/07/personalfinancenews.scamsandfraud
and http://www.telegraph.co.uk/news/uknews/1574781/Jeremy-Clarkson-eats-his-words-over-ID-theft.html
Penny Outskirts


Giving someone your bank account number, and sort code is a very standard thing to do, and there is nothing anyone can do with the details other than give you money.

Not true.

http://www.theguardian.com/money/2008/jan/07/personalfinancenews.scamsandfraud

I don't believe that, sorry.....

An ordinary person cannot set up a direct debit on your account...
RichardW



Giving someone your bank account number, and sort code is a very standard thing to do, and there is nothing anyone can do with the details other than give you money.

( ex bank manager)

Thats what Mr Clarkson thought too when he gave out his details on TV. If I remember right his account was signed up to give money to a charity.

Oops bit late lol
Nick


Giving someone your bank account number, and sort code is a very standard thing to do, and there is nothing anyone can do with the details other than give you money.

Not true.

http://www.theguardian.com/money/2008/jan/07/personalfinancenews.scamsandfraud

I don't believe that, sorry.....

An ordinary person cannot set up a direct debit on your account...


It's easy to test. What are your bank details?
Penny Outskirts


Giving someone your bank account number, and sort code is a very standard thing to do, and there is nothing anyone can do with the details other than give you money.

Not true.

http://www.theguardian.com/money/2008/jan/07/personalfinancenews.scamsandfraud

I don't believe that, sorry.....

An ordinary person cannot set up a direct debit on your account...


It's easy to test. What are your bank details?

090126 35374047

Fill your boots
vegplot

PayPal is 'safer' than most other methods. Penny Outskirts

PayPal is 'safer' than most other methods.

It is, but when dealing in large transactions, the cost of using them is very high. A bank transfer isn't.
Nick


Giving someone your bank account number, and sort code is a very standard thing to do, and there is nothing anyone can do with the details other than give you money.

Not true.

http://www.theguardian.com/money/2008/jan/07/personalfinancenews.scamsandfraud

I don't believe that, sorry.....

An ordinary person cannot set up a direct debit on your account...


It's easy to test. What are your bank details?

090126 35374047

Fill your boots

Before I hit submit, I want you to confirm I have your permission.
Penny Outskirts

the direct debit guarantee provides for the customer’s bank to refund disputed payments without question, pending further investigation. (For fuller information about the direct debit guarantee, see the April 2003 edition of ombudsman news).

direct debits can only be set up for payments to beneficiaries that are approved "originators" of direct debits. In order to be approved, these beneficiaries are subjected to careful vetting procedures – and, once approved, they are required to give indemnity guarantees through their banks.
Nick

OK.

Probably want to check your email.

Mr Cameron says thanks.
Penny Outskirts

OK.

Probably want to check your email.

Mr Cameron says thanks.

Laughing Laughing Laughing
Penny Outskirts

But an individual cannot get to my account, neither can they, as the direct debit guarantee stops them doing so.

You got my address and postcode wrong, by the way.
Nick

Feh, a 20 second google search.

I bet I made you younger, too, and £1 a month to the Tory party buys you youth that would cost you far more with L'Oreal.
Penny Outskirts

Feh, a 20 second google search.

I bet I made you younger, too, and £1 a month to the Tory party buys you youth that would cost you far more with L'Oreal.

Why thank you. But still, there are any number of people who have my bank account and sort code, a lot of them on here, and none of those individuals can get money out of my account, without me either knowing about it by e-mail, or being able to get it back immediately from the bank.

Don't spread fear where none is required.
Nick

I didn't need to provide your email, and, unless you check your statement every month, it can be done.

I did, because I am not a complete bastard, NOT sign you up to offers and information from our carefully vetted organisations you may wish to hear from. Smile
Penny Outskirts

I didn't need to provide your email, and, unless you check your statement every month, it can be done.

I did, because I am not a complete bastard, NOT sign you up to offers and information from our carefully vetted organisations you may wish to hear from. Smile

Yes, but an individual will still not be able to get money out of my bank account. Is that correct or not?
Nick

Well, I am an individual. Let me know how it goes.

I would agree that an individual might not be able to *receive* money from your bank account, but that's not the same thing.
Penny Outskirts

Ok, but no cheating and using a company. If you can get money out of my bank account using just my account number and sort code, I'll say sorry, and sue the banking industry. Penny Outskirts

Well, I am an individual. Let me know how it goes.

I would agree that an individual might not be able to *receive* money from your bank account, but that's not the same thing.

Ah now you're changing the definition and that's cheating. Money that I can't get back?
Nick

It's not cheating. The question was, is it safe or not.

It sounds like I've given the wrong address and postcode and date of birth, but the phone and email were simple to find, and I guessed at the account name. Be interesting to see if it passes the checks. It'll leave on the 1st Oct, I think.
Nick



Giving someone your bank account number, and sort code is a very standard thing to do, and there is nothing anyone can do with the details other than give you money.


Did I do something other than give you money? I am 'anyone'?
Penny Outskirts



Giving someone your bank account number, and sort code is a very standard thing to do, and there is nothing anyone can do with the details other than give you money.


Did I do something other than give you money? I am 'anyone'?

Sorry?
Nick

Sorry. I meant, I am 'anyone', not someone special, with magic powers. Penny Outskirts

It's not cheating. The question was, is it safe or not.

It sounds like I've given the wrong address and postcode and date of birth, but the phone and email were simple to find, and I guessed at the account name. Be interesting to see if it passes the checks. It'll leave on the 1st Oct, I think.

Well it won't because I've already stopped it. The question was in the case of giving an individual your bank details, was that safe, as in could they take money for their own use from your bank account.

The answer is no they can't. They may try and donate to the Conservative party in your name, or to a charity, but you can stop that in an instant .
Nick

Ah, I missed the bit about being for your own use. *


* Because you made that bit up. Wink
Penny Outskirts

Ah, I missed the bit about being for your own use. *


* Because you made that bit up. Wink

Laughing
vegplot

PayPal is 'safer' than most other methods.

It is, but when dealing in large transactions, the cost of using them is very high. A bank transfer isn't.

Transferring money is usually fee.

Quote:
It's free* when you use your PayPal balance or your bank account linked to your PayPal account.
Penny Outskirts

PayPal is 'safer' than most other methods.

It is, but when dealing in large transactions, the cost of using them is very high. A bank transfer isn't.

Transferring money is usually fee.

Quote:
It's free* when you use your PayPal balance or your bank account linked to your PayPal account.


Transfers between family and friends are usually free.
Treacodactyl

http://www.bbc.co.uk/news/business-24085200
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