Bacs Bank Transfer - Reassurance Please!

[horseshoes]

Hi everybody. I'm just looking for some reassurance really. I have sold a sofa and the lady who has bought it is sending a removal man to pick it up. Obviously she doesn't want to give a stranger over £600, so she wants to pay me by BACS, in which case she needs my bank details; account number and sort code. I just want to check that this will be an instant payment and that those details are safe to give her. I'm thinking it's only the same information which is on a cheque. Am I correct? Thanks in advance.

[dzug2]

Correct

It should be a faster payment and not BACS as such and normally arrives in minutes

[horseshoes]

Thank you Dzug2.

[Eve]

Depending on your bank and her bank, BACS payments can take around 3 working days (i.e. if it was done on last Friday then the Saturday, Sunday or Bank Holiday Monday wouldn't count). CHAPS payments are the quicker transactions and often there is a bank fee for this.

Make sure you bear in mind working days for the bank system.

[pixie373]

Why does she not want to give it to you on collection? Sounds a bit suspect to me.

[Prudie]

Because understandably she doesn't want to give the money to the man who's picking it up for her pixie. Those details are perfectly safe, I had to buy a car like this. It is exactly what would appear on a cheque so you are correct.

[porkchop]

Whatever you do make sure you do not release goods before payment has been lodged and cleared into your account. Anyway, i do not see why the the lady should not give the removal man cash and that should satisfy everyone,

[needawin]

Dodgy looking.

[murraymints]

I'd wAnt money up front !

[murraymints]

I would not give bank details out to someone like this...why can't she come with man to uplift...no don't do it !

[pixie373]

Oh sorry. Thought she was worried about giving it to the seller. Should have read it properly!

[flump1]

It is ok if not abused, so don't let go of the furniture until you have cleared funds. It could be a scam .

[pixie373]

But yes, wait for clearance until you let it go

[Prudie]

Your name, bank address, sort code and account number appear on every cheque you write, never bothered people before. Getting paid by BACS is getting it up front (wait for the payment to show up before you part with sofa) otherwise it's perfectly safe and a very common way of paying for things. Don't worry horseshoes.

[Peter Pedant]

yeah if you want the money.

I dont like giving out my details but in your case I think you have to.
and anyway it is no more than what would be on a cheque as you say.

yeah should be instant

[Yorky Lass]

No problems with this type of payment. Presuming you have online banking you can check it is in your account before handing over the sofa.
How strange that she doesn't trust the removal man with the money but trusts him to bring the sofa to her.

[horseshoes]

That's true Yorky lass.

[Eve]

Some more info re BACS.

http://www.payyourway.org.uk/payments-explained/bacs/

[dzug2]

Assuming she's a private buyer it won't be paid by BACS anyway

Faster payments have largely replaced BACS and usually go through in minutes