BACS transfer, how safe? (2 Viewers)

[cornish boy]

I'm with Nationwide too.... I'll send them an email to check what their preferred method is, as at the moment if there's no daily limit, I'll be looking at 6 transactions on the day.

For larger one off sums you might wants to use CHAPS, there is a fee involved (£20.00 for Nationwide I think, you can do it online) and this is used for for larger one off sums but with Nationwide for a same day transaction you need to have sent the CHAPS transfer request by 15:00 - I might be incorrect on that it is almost year since I had to do it!

We have an account in Nationwide and via the online banking made a single CHAPS payment for our motorhome. Charge was £20 and we set up the payment instruction in advance although it could have been done on the day.

To provide some security, we ensured we had seen our new motorhome in the flesh and the VIN and conversion serial numbers were detailed on the invoice. That meant we took ownership of a physical vehicle at the point of the money transferring. Because of timings, the motorhome wasn't registered when the money was transferred hence using the VIN/serial numbers.

 

[zac]

I sold my Harley last weekend and even though i got them to send me a deposit via fast payment online, when they turned up they said that if they were to do that on the day the bank told them the funds might not get there instantly as it was a Sunday. So to my surprise out popped over 16k in cash, i nearly had a heart attach when i saw it as i didnt want the hassle of then having to take that to my bank. I think they were misinformed as i have always done an online transfer and even at weekends it goes in instantly, still for them they didnt want to transfer it then it be a black hole and me then not releasing the bike. However i wouldnt do that when paying for my next motorhome as i would need to draw out over 50k in cash which would be insane, i will pay by debit card using chip and pin like i have with the last 2 motorhomes. This has worked for us and never been referred, we were told as long as funds in the account and pin is correct it will go through, so far we have gone up tp 40k using this method.

Hope this helps others.

 

[gus-lopez]

I sold my Harley last weekend and even though i got them to send me a deposit via fast payment online, when they turned up they said that if they were to do that on the day the bank told them the funds might not get there instantly as it was a Sunday. So to my surprise out popped over 16k in cash, i nearly had a heart attach when i saw it as i didnt want the hassle of then having to take that to my bank. I think they were misinformed as i have always done an online transfer and even at weekends it goes in instantly, still for them they didnt want to transfer it then it be a black hole and me then not releasing the bike. However i wouldnt do that when paying for my next motorhome as i would need to draw out over 50k in cash which would be insane, i will pay by debit card using chip and pin like i have with the last 2 motorhomes. This has worked for us and never been referred, we were told as long as funds in the account and pin is correct it will go through, so far we have gone up tp 40k using this method.

Hope this helps others.

With my bank any transfer at the weekends or after 3pm is next working day. When I was transferring money at 10k a time some years back ,any payment done saturday/sunday counted as monday/tuesday . Only thing I use these days is the SEPA system.

 

[Minxy]

Doing a BACS transfer yourself is fine so long as your bank doesn't think it's a bit suspect ... if so they will stop it ... we've had this ourselves on much smaller amounts as some of them are extremely 'sensitive' now and would rather stop a genuine transfer than risk a fraudulent one ... pain in the bum though and Santander are the worst with Lloyds coming a close second.

 

[TJBi]

Doing a BACS transfer yourself is fine so long as your bank doesn't think it's a bit suspect ... if so they will stop it ... we've had this ourselves on much smaller amounts as some of them are extremely 'sensitive' now and would rather stop a genuine transfer than risk a fraudulent one ... pain in the bum though and Santander are the worst with Lloyds coming a close second.

Never had a problem with Lloyds and their transaction limit is £25k - probably among the highest.

^{_{Subscribers  do not see these advertisements}}

 

[Minxy]

Never had a problem with Lloyds and their transaction limit is £25k - probably among the highest.

Had it this week on £1,000 ... luck of the draw I assume!

 

[The Dotties]

@zac
Why did you sell the motor bikkle?

 

[Bart]

As others have said make sure the sort code and a/c number are correct by doing a small transfer , as if you make a mistake with a bank transfer , good luck getting help from a bank if it goes to the wrong account.

 

[Minxy]

As others have said make sure the sort code and a/c number are correct by doing a small transfer , as if you make a mistake with a bank transfer , good luck getting help from a bank if it goes to the wrong account.

Its advisable to do this smaller transaction a day or two before simply because if you do this then a larger transfer on the same day it can initiate a security check and cause the second transfer to be suspended ... I speak from experience!

 

[RogerThat]

We have a Visa Debit card so it may also give us a bit of protection through VISA

Does it?

I thought only applied to credit cards, not debit cards?

By the way, what a brilliantly informative thread!!

^{_{Subscribers  do not see these advertisements}}

 

[TJBi]

Does it?

I thought only applied to credit cards, not debit cards?

By the way, what a brilliantly informative thread!!

Chargeback is available on debit cards. What you don't get is the full protection afforded by section 75 of the Consumer Credit Act.

 

[RogerThat]

Ahhhh right, good to know, thanks !

 

[clanjones]

Bit off piste but even if you pay the deposit of you motor home say 5K but pay the rest by BACs or whatever you do have protection afforded by section 75 of the Consumer Credit Act but if my memory servers me right this is limited to 30K.

 

[zac]

@zac
Why did you sell the motor bikkle?

Fell a little short on the new MH purchase, something had to go and as i have only done 275 miles in a year on it since i brought it i had to make a tough decision and a costly one as i lost 4.5k in 11 months. Didnt want to get a loan out for the new MH as only just got debt free (first time in our lives) well aside from the mortgage that is

 

[Lenny HB]

I'm with Nationwide too.... I'll send them an email to check what their preferred method is, as at the moment if there's no daily limit, I'll be looking at 6 transactions on the day.

Paid for my van using Nationwide sent 5 payments to the exchange company (paying in Euro) all within a few minutes of each other no problems, money arrived instantly.

I have found Santander can be a bit slow often takes a couple of hours and at weekends can be 12 hours or more.

^{_{Subscribers  do not see these advertisements}}

 

[The Dotties]

Fell a little short on the new MH purchase, something had to go and as i have only done 275 miles in a year on it since i brought it i had to make a tough decision and a costly one as i lost 4.5k in 11 months. Didnt want to get a loan out for the new MH as only just got debt free (first time in our lives) well aside from the mortgage that is

Can't argue with that. Sensible decision. I managed to lose £11000 in 13 months on a 1800 Electra Glide. Broke my heart. Stupid decision to buy in the first place, heart ruling head. Enjoyed while I had it but certainly costly.
Geoff

 

[buttons]

Only thing you need to check is whether it can withdrawn after the transfer is actioned. Some forms of payment can be...

 

[buttons]

Can't argue with that. Sensible decision. I managed to lose £11000 in 13 months on a 1800 Electra Glide. Broke my heart. Stupid decision to buy in the first place, heart ruling head. Enjoyed while I had it but certainly costly.
Geoff

Wow that is some devaluation, personally I cant see the attraction but then I am not a motorbike person.

 

[Lenny HB]

Only thing you need to check is whether it can withdrawn after the transfer is actioned. Some forms of payment can be...

Faster payments can not be withdrawn so a safe option.

 

[PeteH]

MOST. banks nowadays automatically "Scrutinize", (they may not stop) ALL transactions over £10.000. This has to do with "Money Laundering" . When we transferred the Money to buy the Winnebago in the USA, we did it in tranches of £9,990, to avoid the Automated, "Stop" (delay) which is put in place for that very reason. I use BACS quite regularly to punt cash to various Grand-kids!, for birthdays etc; with no issue.

BTW, it is true that using a CREDIT card for a deposit, covers you for the whole amount up to a quite high limit, even if you pay the balance on a debit card or even a cheque. We recently did just that to pay for new D-G Windows and Door.

^{_{Subscribers  do not see these advertisements}}

 

[Lenny HB]

BTW, it is true that using a CREDIT card for a deposit, covers you for the whole amount up to a quite high limit, even if you pay the balance on a debit card or even a cheque. We recently did just that to pay for new D-G Windows and Door.

Only if the total amount is less than 30k which is naff all in Motorhome terms.

 

[PeteH]

Only if the total amount is less than 30k which is naff all in Motorhome terms.

I would agree the limit is too low, but better than "a poke in the eye with a sharp stick". Covered our new windows/door. And I would be pushed to be able to afford much more than 30K anyway now! (I suppose I could put SWMBO up for Auction??, or sell my body?)

 

[BusyBuilder]

What is the best way to pay for a motorhome with a private seller not a business ?

Our current Hymer which we bought 7 years ago took about 6 hours to pay via debit card to a dealer (£50k). We may be buying another moho privately for £70k. What is the best/safest (for both parties) to do this ? We bank with Nationwide.

 

[Lenny HB]

Bank transfer using faster payment (standard online transfer) can't be recalled.
Most banks limit you to £25 but you can do multiple payments of up to £100k in 24 hours with most banks.

When we paid for our new van a few weeks ago, we paid in £25k lots from different accounts to make sure there weren't any problems.

 

[Minxy]

Some apps have lower limits than doing the payment via their website by using a card and card reader to give security codes.

^{_{Subscribers  do not see these advertisements}}

 

[meanders]

There seems to be confusion over terminology!

A faster payment is an Internet banking instant transfer or payment available to personal customers and some business customers.

A CHAPS payment is a same day payment that costs about £20 a go and you fill in a CHAPS form, deliver it you your bank by a certain time and they will then guarantee the payment that day. Commonly used by solicitors to pay for houses on completion.

A BACS payment is a business system which gets used to pay staff salaries and wages and suppliers accounts and is a three day process. On day one you send your electronic transmission file to your bank BACS service centre. On day 2 the file gets processed by all the banks concerned and on day 3 the money is all credited to wherever you sent it!

I don't think there is any real confusion.

Being very pedantic for a minute, Faster Payments still all go though the Banks Automated Clearing System i.e BACS.
BACS Direct Credit you referred to is not a business system per se rather a system used by anyone but primarily businesses to send multiple payments in a single file or tape. To do so, you have to go through a BACS approval and testing regime with your bank. That is what most banks refer to as BACS but is a short form of the name. The vast majority of all payroll is done by BACS Direct Credit. I have the T--shirt.

There is also BACS Direct Debit which is how a merchant calls for payment against the direct debit electronically. That in itself is a complex system. I have that t-shirt as well.

So yes, people should say BACS Faster Payments, but the acronym has moved into the current vernacular to such an extent, everyone knows what it means when asked to pay by BACS in the same way that everyone knows you can Hoover up with a Dyson. Certainly if you went into your bank and said you wanted to pay a bill by BACS from a personal account, I can't imagine for a second they would try to correct you and indeed the money would go through the BACS systems.

Hopefully of some clarity.

 

[The Wino]

You could pay the whole amount by CHAPS but there is a fee probably worth double and triple checking you have all the details correct!

 

[Grianan]

It's totally safe
If it's a large amount of money you might like to do a test transfer first.

This. Good advice. We always do a test drop of £1 first.

 

[The Wino]

This. Good advice. We always do a test drop of £1 first.

I usually do too. That being said my wife says don't be daft it's never been a problem

 

[TheBig1]

What is the best way to pay for a motorhome with a private seller not a business ?

Our current Hymer which we bought 7 years ago took about 6 hours to pay via debit card to a dealer (£50k). We may be buying another moho privately for £70k. What is the best/safest (for both parties) to do this ? We bank with Nationwide.

Absolutely do a test £1 payment before transferring large amounts of money. But first check there is no outstanding finance etc on the vehicle if buying privately

^{_{Subscribers  do not see these advertisements}}