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[Worf]

In the editorial of another club mag, there is a warning that  bank transfers can be reversed within 24 hours, thus allowing someone to buy your vehicle and transfer the money to you, and then reverse it once they have driven away. They are advising people not to release the vehicle till 24 hrs have passed since the transfer.

This is either total bilge, or is something only recently introduced by banks. I find no mention of this on banking websites (just the opposite) but some mention on other forums. Anyone know more 

[58paul]

This is correct,  I was only talking about it last night in the pub,  a friends uncle sold an expensive phone, some guy buys it via bank transfer,  walked off with the phone,  5 mins later the transaction was reversed, rang the blokes number, number not recognised,  these people operate at stealth speed to close all loops unfortunately.

Seller beware!

[Worf]

This is correct,  I was only talking about it last night in the pub,  a friends uncle sold an expensive phone, some guy buys it via bank transfer,  walked off with the phone,  5 mins later the transaction was reversed, rang the blokes number, number not recognised,  these people operate at stealth speed to close all loops unfortunately.

Seller beware!

Yes, but it always anecdotally a "relative of a friend" that it happened to. If it is completely true then why are the banks still saying this  https://help.bankline.natwest.com/help/account_info/BACS_Faster_Payment_Cleared

[Wittsend]

Conversely:

Just in Christmas week there was a story in the national press about a BACS payment going tot he wrong account by just one digit out.
The Bank's line was "tough luck" your mistake, it can't be changed.

So the Banks can't have it both ways.

What then is the best suggestion on how to receive monies from a sale

[Worf]

Conversely:

Just in Christmas week there was a story in the national press about a BACS payment going tot he wrong account by just one digit out.
The Bank's line was "tough luck" your mistake, it can't be changed.

So the Banks can't have it both ways.

What then is the best suggestion on how to receive monies from a sale

Cash used to be king, but now we are told it is money laundering 

[109+1]

Cash 

[Porkscratching]

I've never done bank transfers and I wouldn't touch it, with a face to face sale it's cash only for me...

[Raybis]

As long as it isn’t counterfeit. Thank goodness there are genuine people about

[milesr3]

If true, then how does the buyer arrange for the transfer to be reversed?

BT is generally considered to be the safest method of payment because you can only pay with cleared funds and once transferred it cannot be reversed.

http://www.fasterpayments.org.uk/faqs

"Faster Payments are processed in matter of seconds and once your payment is sent, it cannot be stopped or reversed.

For this reason it’s vital that you are certain that you are sending a Faster Payment to the right account. Before you make a payment to someone for the first time, double-check with them that you have the correct account number and sort code.

If you have been advised that the beneficiary’s account details have changed, check directly with them.  Unfortunately fraudsters have been known to intercept mail/email and amend the account details.

If you do make a mistake (such as paying the wrong beneficiary, or sending the wrong amount), there is no guarantee that money can be recovered. There are processes in place for your bank or building society to follow to try to get your money back".

http://www.fasterpayments.org.uk/consumers/what-happens-if-i-have-sent-payment-wrong-place

"Faster Payments, once sent, cannot be cancelled.

Whilst the vast majority of payments are made without issue, in rare cases problems can arise if the wrong information (e.g. sort code and account number), is entered - resulting in a payment being made to the wrong account.
It’s vital to double check the sort code and account number before sending a payment: payments are processed only using these numbers and getting them wrong is like sending a letter with the wrong address and post code".

[oilstain]

Cash 

Yes cash is king!
But with cash machines going, and many trade folk insist on bank transfers and young people I know dont want to do anything with cash but only pay with cards, what the world comming to 
Next thing everone will want to pay income tax

[Gunk]

When transferring larger sums of money by bank transfer, I always send a £1 first and check the recipient has got it before sending the rest. The recipient can get a digit wrong or I can, so this way 'only' a pound is lost if there's been a mistake.
Simon. 

[milesr3]

When transferring larger sums of money by bank transfer, I always send a £1 first and check the recipient has got it before sending the rest. The recipient can get a digit wrong or I can, so this way 'only' a pound is lost if there's been a mistake.

I do the same. Mistakes can and do happen; my parents got a payee's account number wrong just recently but luckily another account with that number did not exist. This chap was not so lucky; https://www.theguardian.com/money/2019/dec/07/i-lost-my-193000-inheritance-with-one-wrong-digit-on-my-sort-code

The last time a sold a car privately the buyer transferred £1,000 to check the process ahead of it being inspected and collected, then contacted me after a couple of days realising that he'd gifted me a grand and could have been scammed.

[rustynuts]

I don't know if all banks are doing this, but Santander now require you to enter the name of the account when you make a bank transfer to  a new payee. This extra check makes it as good as impossible to make a payment to the wrong account by mistake.

[Clifford Pope]

Sending a pound first to check you have the details right is a good idea.
But it doesn't address the problem raised by the OP, that a dishonest buyer can apparently reverse the payment.

Cash every time is the only secure way.
One suggested method for large sums is to meet the buyer in his or your bank, the cash withdrawal pre-arranged, then immediately pay it in again into your own account.

[milesr3]

This is either total bilge

Possibly not; http://cardealermagazine.co.uk/forum/topic/5866-faster-payment-recalled/