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Can someone reverse a bank transfer


Lloyd90
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I'm sure I asked this question before but wanted to check.

 

I have just provisionally sold my motorbike that I advertised earlier today, bloke came down quickly as I had a number of people coming tomorrow to view/take it so he asked if he can come tonight to have first choice... he came down, no messing about, I drove it round the block to show it works etc, he said he wanted it and said he will pay the asking price (£1,100) ... the motorbike is currently SORN as my licence expired and I didn't renew the insurance and tax etc. However did MOT it today.

The bloke gave me £100 in cash just now as a deposit to secure the bike as he didn't want it going / someone else buying it (to be fair I had a lot of interest)... and he said he is sending his mate tomorrow to pick it up in his van (reasonable as the bike is SORN and its only a little 125 and he came about an hours drive). 

 

I have given my sort code and account number, he said ring him when his mate arrives and he will transfer the remaining balance into my bank account and away his mate goes with the bike. 

Once someone transfers the money into my bank account it can't be reversed can it?

 

He seemed like a nice enough bloke, said he does motorbike photography. 

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Hi Lloyd90.  I don't know about the transfer thing but just be wary that it's not a scam.  Ask his 'mate' for some ID, get the reg of the van and a pic of it AND him.  if he's above board, then he should understand that you're just being  cautious. Hope you get it sorted ok. 

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If, hypothetically, a stolen or fake cheque was paid into my account by me and the due to automated processes then cleared i could come to yours and buy a motorcycle making an apparently legitimate transfer to you that would show on your account as cleared and ride away, later the banking process would catch up discovering the original deposit to be of a illegitimate nature therefore reversing the transfer as it was drawn against funds that never existed,

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5 minutes ago, DoolinDalton said:

Hi Lloyd90.  I don't know about the transfer thing but just be wary that it's not a scam.  Ask his 'mate' for some ID, get the reg of the van and a pic of it AND him.  if he's above board, then he should understand that you're just being  cautious. Hope you get it sorted ok. 


Yes I get ya, the bloke gave me his driving licence and I took a photo of it before he left and I text him to confirm he’s paid £100 deposit and there’s £1000 to be paid tomorrow. 

1 minute ago, Walker570 said:

..............and the lunatics want to do away with cash. Hope it is all straight and above board.  Check the drivers body language when you say your taking a picture of him and the van. If in doubt then tell him to go away and multiply.


Bloke let me take photo of his driving licence and seemed ok, bank transfers are pretty instant these days should show up immediately. Bike won’t be leaving unless it shows up in my account. 

8 minutes ago, Rupert said:

If, hypothetically, a stolen or fake cheque was paid into my account by me and the due to automated processes then cleared i could come to yours and buy a motorcycle making an apparently legitimate transfer to you that would show on your account as cleared and ride away, later the banking process would catch up discovering the original deposit to be of a illegitimate nature therefore reversing the transfer as it was drawn against funds that never existed,


I think if that happened I might be covered by the TSB fraud guarantee ... at least I’d hope so. 
 

I imagine it’ll all (hopefully) be fine though. 

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Speaking from a NAT West bank customer,if I do a bank transfer it warns me prior to sending and it also says it's difficult to reverse it . I don't believe it's possible with online banking as you would have to get the bank involved.

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1 minute ago, B725 said:

Speaking from a NAT West bank customer,if I do a bank transfer it warns me prior to sending and it also says it's difficult to reverse it . I don't believe it's possible with online banking as you would have to get the bank involved.


Sounds pretty safe then 👍🏻

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Some bank's now including Nat West now have a new system that actually check's the other person is who they say they are but you have to put the details in correctly. Not all bank's have joined it but they will eventually. It does work as I had a hickup transfering money to someone on here,it was just down to the details being right.

The other post should have said Speaking as a  Nat West customer.

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The bloke has transferred £1 into my account and asked me to check and confirm it was received so he has the right bank details - I confirmed it. 
 

He has said he will transfer the remainder balance (£999) a few hours before his mate comes so it has time to clear so I am happy it’s in the bank before his mate comes. 
 

Seems fair I suppose. I’d want to check 120% I had the right bank details before transferring that sum of money. 

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51 minutes ago, DoolinDalton said:

Hi Lloyd90.  I don't know about the transfer thing but just be wary that it's not a scam.  Ask his 'mate' for some ID, get the reg of the van and a pic of it AND him.  if he's above board, then he should understand that you're just being  cautious. Hope you get it sorted ok. 

If they are professional crooks, the van may be on false plates.    Best have a couple of your own pals on hand, just in case the buyer's mate turns up with his own assistant(s) to help lift the bike into the van (whether you agree or not).

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You’ll be absolutely fine.

If the funds have cleared in your account then would need banks to be involved to do any sort of reversed transaction.

Different game if Paypal, but BACS\CHAPS transfers are fine.

Great news on selling the bike quickly for the asking price.

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1 hour ago, Lloyd90 said:

 

Once someone transfers the money into my bank account it can't be reversed can it?

Yes if they claim it was fraud and done without their knowledge. 
Last week we noticed someone had paid money into our account and the next day was a transfer of the same amount out by our bank. 

To cut a long story short, it appears someone who once paid my wife for something by bank transfer had mistakenly paid money into our account and as banks won’t Reverse it if it’s your mistake, they claimed it was done fraudulently without their knowledge. 


 

 

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13 minutes ago, McSpredder said:

If they are professional crooks, the van may be on false plates.    Best have a couple of your own pals on hand, just in case the buyer's mate turns up with his own assistant(s) to help lift the bike into the van (whether you agree or not).


Good luck to them I’m almost 20 stone ex Welsh prop / amateur boxer 👍🏻🤣🤣🤣

I’d enjoy them trying tbh.  

3 minutes ago, grrclark said:

You’ll be absolutely fine.

If the funds have cleared in your account then would need banks to be involved to do any sort of reversed transaction.

Different game if Paypal, but BACS\CHAPS transfers are fine.

Great news on selling the bike quickly for the asking price.


Yes it’s totally mad at the moment I think I could have sold 5 of them! 
 

I have heard lots of things going mad atm, dogs, chickens, fishing gear etc. 
 

Seems motorbikes are not immune either. 

3 minutes ago, simonm said:

Yes if they claim it was fraud and done without their knowledge. 
Last week we noticed someone had paid money into our account and the next day was a transfer of the same amount out by our bank. 

To cut a long story short, it appears someone who once paid my wife for something by bank transfer had mistakenly paid money into our account and as banks won’t Reverse it if it’s your mistake, they claimed it was done fraudulently without their knowledge. 


As I understand it, your bank should have contacted you to ask you and make sure that you authorised it being sent back. 
 

Otherwise your bank has taken money out of your account without your consent. It can only be your bank that’s taken the money out surely ... no other bank could take money out of another banks accounts without their approval. 

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6 minutes ago, grrclark said:

You’ll be absolutely fine.

If the funds have cleared in your account then would need banks to be involved to do any sort of reversed transaction.

Different game if Paypal, but BACS\CHAPS transfers are fine.

Great news on selling the bike quickly for the asking price.

Very much this based on what you’ve said. I bought my last truck the same way. £1 to check I had the right account, then the balance standing in front of the seller by bank transfer. Took a couple of minutes. 

Less chance of being defrauded doing this, than by being given a dodgy £50 note or two in a cash sale. 

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2 minutes ago, hod said:

Very much this based on what you’ve said. I bought my last truck the same way. £1 to check I had the right account, then the balance standing in front of the seller by bank transfer. Took a couple of minutes. 

Less chance of being defrauded doing this, than by being given a dodgy £50 note or two in a cash sale. 


Cheers mate :) 

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Yes it can be reversed - I've done it myself. Sent my brother a sum of money by Bank Transfer as a surprise then, on speaking to him, found out that he no longer used that account as it had been seized by a German Bank (he had been a naughty boy) - rang my bank and , for £30, they reversed the transaction. I seem to recall hearing a Radio discussion that suggested that, upon funds being deposited, you ring that bank and asked for verification of fund transfer, make sure you get a name, then transfer the money into another account i.e. the wifes.

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30 minutes ago, bruno22rf said:

Yes it can be reversed - I've done it myself. Sent my brother a sum of money by Bank Transfer as a surprise then, on speaking to him, found out that he no longer used that account as it had been seized by a German Bank (he had been a naughty boy) - rang my bank and , for £30, they reversed the transaction. I seem to recall hearing a Radio discussion that suggested that, upon funds being deposited, you ring that bank and asked for verification of fund transfer, make sure you get a name, then transfer the money into another account i.e. the wifes.


Hmm some very mixed answers on this one it seems. 

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37 minutes ago, TIGHTCHOKE said:

Lloyd

Just for your piece of mind transfer it to my account, you have the details and i will transfer it back to you the next day.:good:

I’ve got an over draft anyway so if they reverse it won’t matter 🤷‍♂️
 

Bloke just text me to say he has transferred the money and man on the way. 
 

Checked my account and the money is showing in the account. 
 

Fingers crossed. 

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Someone probably COULD reverse a bank transfer by getting their bank involved, not doing it online themselves. Probably not on a Sunday though for obvious reasons. 

Same as someone COULD come and pay cash with counterfeit money, bankers draft with a dodgy cheque, or hold you up at gunpoint when they get there. 

I understand the need for caution in this day and age, but assuming the worst case scenario in any situation would mean you never bought or sold anything ever.

The only thing that seems a little strange to me is the fact his mate is collecting it but he's not coming himself. 

Short answer - No. It isn't completely risk-free but you've taken all reasonable steps to ensure a good outcome. 👍

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14 minutes ago, walshie said:

Someone probably COULD reverse a bank transfer by getting their bank involved, not doing it online themselves. Probably not on a Sunday though for obvious reasons. 

Same as someone COULD come and pay cash with counterfeit money, bankers draft with a dodgy cheque, or hold you up at gunpoint when they get there. 

I understand the need for caution in this day and age, but assuming the worst case scenario in any situation would mean you never bought or sold anything ever.

The only thing that seems a little strange to me is the fact his mate is collecting it but he's not coming himself. 

Short answer - No. It isn't completely risk-free but you've taken all reasonable steps to ensure a good outcome. 👍


Yes however bike is currently SORN and imagine he most likely wants to get it home and sort it all 🤷‍♂️ 
 

I wouldn’t want to drive a 125 that far myself tbh so let’s hope all good. 

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Well picked up and gone he sent man with van type thing.

 

The bloke told me the fella buys and sells as he picked one up for him last week and dropped it to him. I said I don't care if he flips it, he was the first person to come out and gave me full asking price for it so happy days. I had the bike for over a year and got my money back.

 

Just as long as the money stays in my account now and I'm ok :lol: 

 

 

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