Giving out Bank details to a purchaser

[whatknot]

Hi all

Just a random one

I have an item someone is interested in on Gumtree, they asked for Bank details for a transfer

I have done this in the past, usually with family so they can pay for something and on a couple of occasions to a known customer, but not on an anonymous platform like Gumtree

They need a sort code and account number, and as far as I am aware they could *only* pay into your account

So thought I would ask advice from the Banks, Nat west & Barclays both said they wouldn't advise giving out those details to an unknown

Which begs the question, as the sort code and account numbers are on every cheque, every paying in book & statement , why would that be risky ?

The usual story that surfaces on this subject is Jeremy Clarkson who published his account number and sort code and someone set up a DD in favour of a charity, but that was thought to have been a bank employee

As it is I have sent a Paypal invoice rather than give out those details in this case

Thoughts anyone?

 

[Phil Pascoe]

My loved one has worked banks for 35 years - she doesn't hesitate to give the details to anyone who needs them. As she says you give them to anyone who happens to handle your cheques anyway (not that that's quite so relevant now).

 

[Rorschach]

Every business puts them on their invoices. It wouldn't worry me, I give out my bank details regularly to customers.

 

[whatknot]

Quite so, that was my thoughts on it, I was rather surprised the banks advised against it

If you give a cheque to anyone, as we used to do, but rarely so now, you give those details to a complete stranger in most cases

 

[whatknot]

Much as I thought myself

But having the banks advise against it, I felt it prudent to Paypal on this occasion

My loved one has worked banks for 35 years - she doesn't hesitate to give the details to anyone who needs them. As she says you give them to anyone who happens to handle your cheques anyway (not that that's quite so relevant now).

 

[transatlantic]

But if someone does know the account number and sort code, what stops them from setting up a direct debit? (for whatever reason!)

All they need is the name and address (they would know that too in most cases) .

 

[whatknot]

But should they try and set up a DD, and even manage to do so, the DD scheme would reverse the payment *if* the account holder notices of course

So there does seem to be a grey area and perhaps why the banks are advising against it

For me to set one up in my own account I have to use a security system with a little key pad in conjunction with a bank card, but it seems others can set up a DD with just the sort code and account numbers, which surprised me

 

[Phil Pascoe]

I just emailed swmbo, who works for Handelsbanken -
If someone has your account number and sort code could they POSSIBLY set up a DD from it?
I'll try to get some more info later, but here's her answer so far - "POSSIBLY".

 

[Noel]

Bear in mind bank transfers can be reversed. Ultimately any payment by any method can be reversed, as mentioned.
I wouldn't worry too much about somebody setting up a direct debit, it's not hard to prove that the account holder did not set it up.
Nearly every company I deal with in Europe has their bank account details on their paper work as it's a legal imperative. For companies that's not a big deal, slightly different for private individuals. Personally I'd want payment by another method, as done. Somebody up to no good may not be able steal or whatever from your account but there's enough free hassle in life without more.

whatknot said:
But should they try and set up a DD, and even manage to do so, the DD scheme would reverse the payment *if* the account holder notices of course

So there does seem to be a grey area and perhaps why the banks are advising against it

For me to set one up in my own account I have to use a security system with a little key pad in conjunction with a bank card, but it seems others can set up a DD with just the sort code and account numbers, which surprised me

That would be the bank with the blue bird on it....

 

[whatknot]

As you say, we have enough to contend with without making our lives even harder ;-)

Not for £6 anyway

The banks I asked were Nat West & Barclays, not sure who has the Bluebird

 

[Jacob]

Can't set up a DD on line with Nationwide without using card reader, card, knowing the pin number, knowing own customer number, and possibly security questions too.

 

[whatknot]

You can't, but can anyone else?

It appears they can

 

[Geoff_S]

As with all these things, they’re fine until they go wrong. Pay via PayPal, goods don’t arrive, try and get a refund. Good luck with that!

A bank every time for me.

 

[thetyreman]

not with my bank, it needs my approval, you can't just set up a direct debit without approval from the account owner, and in my case there are several layers of security, which starts with a fingerprint on my iphone, then codes e.t.c. I'd rather have a bank transfer than it go through paypal.

 

[whatknot]

With Paypal, they are always on the side of the buyer

If a buyer says they didn't receive it, Paypal will refund it with little or no quibble

One reason I don't really like using them for a private transaction, plus the fees

But the seller will always lose out

As with all these things, they’re fine until they go wrong. Pay via PayPal, goods don’t arrive, try and get a refund. Good luck with that!

A bank every time for me.

 

[whatknot]

Yes, you have to jumo through hoops (as I would with my bank) but apparently others can set up a DD without your knowledge or permission

not with my bank, it needs my approval, you can't just set up a direct debit without approval from the account owner, and in my case there are several layers of security, which starts with a fingerprint on my iphone, then codes e.t.c. I'd rather have a bank transfer than it go through paypal.

 

[Noel]

As you say, we have enough to contend with without making our lives even harder ;-)

Not for £6 anyway

The banks I asked were Nat West & Barclays, not sure who has the Bluebird

This:

https://www.womensbusinesscouncil.co.uk ... bank-logo/

 

[whatknot]

Ah, I was thinking of a Bluebird as opposed to a Blue Bird ;-)

White Cliffs and all that

 

[Noel]

Ah, I was thinking of a Bluebird as opposed to a Blue Bird ;-)

White Cliffs and all that

Coniston water?

 

[Rorschach]

Banks will advise against anything just to cover their backsides :lol: