BACS transfers?

[Mike56]

Could just do with a bit of reassurance. Unaccustom to these things.

I have just sold a car to a trader who has offered to pay me by BACS transfer prior to collecting the car. I will be able to establish the money has been transferred into my bank account before letting the car go.

This is my concern

I am aware with cheques that once the value of the cheque shows in your bank account it is not necessarily there to stay. I understand a cheque takes several days to clear and although it shows as a balance on your account initially it can be removed later.

Please can anyone advise if this is the same with BACS.

Once it shows in your bank balance is it there to stay?

Thanks

Mike

[Peripatetic Phil]

I believe it should be safe : BACS transfers are used commercially.  But for the ultimate reassurance, check with your branch first before parting with the car.  And don't forget that the buyer /must/ complete his part of the registration document and /you/ must send it off -- forget either of these, and any parking fines (etc) following the sale will still be down to you !

** Phil.

[Mike56]

Thanks Phil,

We will phone the bank once it opens but just looking for some early reassurance. I have googled but failed to come up with any definitive statements. Even the BACS web site does not address the question.

Thanks for advice ref completing paperwork.

Mike

[Peripatetic Phil]

Thanks for advice ref completing paperwork.

Ever since I was stung by a rogue dealer from the west country who promised faithfully to complete his part of the paperwork and send it off to the DVLA (after which I received numerous summonses, letters from bailiffs, etc, for traffic offences and parking infringements that took place after  he had taken ownership of the car), I have been only too aware of the perils of not making sure that all is in order before  parting with a vehicle !

[moonster]

mike,

you have no worrys mate.

It is the best way to recieve payment. if anything he is the one taking the gamble. once you see the money in your account he wont be able to take it back.

regards

Alan ;D