Giving Out Bank Account Numbers

[whambam]

Exactly what is the worst case scenario of giving a stranger your bank account number and sort code to pay money in to it?

I am talking about a basic bank account that does not have an overdraft facility, does not allow direct debits and has £0 in the account. Just a basic account that allows ATM machine withdrawing and internet banking that would allow the transfer of funds deposited to be moved to another account for security?

[ummmm]

Can't see a problem. You can't draw any money out unless you have the card or relevant ID and your signature matches the mandate.

[ubasses]

There would not be a lot they could do with this information, at worst if they had enough information about you yhey could go into a branch and request a withdrawal form to take cash out, bit they would have to forge your signature. Hopefully the cashier would cheque both signature and balance of account. If it nil the transaction should be declined. A sloppy cashier may pay out, but you would not be liable as this would be fraud. As long as you do not let them have access to your card and pin or internet banking pass word, they could not access the account remotely

[craft1948]

It's only the same details as on your cheques....

[JoolsTwo]

You're not giving out any information that you wouldn't give by writting a cheque and handing it to someone - That information is printed on every cheque you write. So I don't think it would be helpful to anyone trying to take money from your account.

[joggerjayne]

The worst case scenario is that they pay less money into your account than you were hoping.

[whambam]

No, it would be purely account number and sort code..... I don't think they even need a name for the account to deposit money, they can just do it via online banking?

Thanks for all advice/opinion.

[whambam]

Just in case anyone is wondering.

I am an ex-teacher and have been asked by a few people to offer coaching over MSN to their kids, or to adult students. Some of the adult students do not even live in my town so cash is not an option and I don't trust postal services to take payments.

The amount we are talking is just £10 deposit, but last time I checked PayPal were getting strict about the number of payments you can take per month and how much before declaring it a business account.

The problem is I don't want to declare it a business as I am retired and this is just something I get asked to do sporadically, especially near exam times. Sometimes I dont have anyone want coaching for 3 or 4 months, other times I can literally fit in 15 hours a week for 3 weeks solid before exams start. If I declare it as a business I start getting hit with business rate fees and other declaring that isnt worth it for the £500 or so I make a year.

If there are other payment methods I havent thought about you would suggest that would be useful too. :)

[factor-fiction]

They can give your details to pay their direct debits for insurance premiums etc.
There were examples on Money Box this week of charities whose account were abused in this way.
But yes details are easily availble from cheques and other places

[R1Geezer]

as others have said the sc/account is the same as what is on every cheque anyway. If you are worried open one of those prepaid only accounts at the bank and use that.

[jake-the-peg]

Jeremy clarkson said this and gave out his bank account number to prove the point.

He had £500 taken from his account and paid to charity

http://news.bbc.co.uk/1/hi/7174760.stm

[mccfluff]

i remember jeremey clarkson doing this he printed his acc number and sort code and then someone set up a dd in his name giving moeny to a charity or something,

[mccfluff]

lol jake :-)

[bednobs]

couldn't they jusat send you a cheque?