Delayed bank transfer?

[blue max]

Anyone know if this is common? I've sold my car and the buyer has paid me late afternoon. They bank with the Co-op bank and I'm with Nationwide. They made the payment at 5.15pm, but I've seen nothing of it and they say they have called the bank and the details are correct.

They are dropping off a printout of the transfer, but want the car tomorrow. They are elderly and live on the same street. They wanted to use it before lockdown. I really feel torn about it.

What would you do?

 

[outoftheknow]

It’s harsh but I wouldn’t hand it over. Most likely teh transfer is just delayed in bank processes but at teh moment it is no different to “cheque’s in the post”. Even copies of transfer things can be dodgy.

I’m sure they are a lovely couple and maybe I’m mean - but no I wouldn’t hand the (ownership of the) car over

 

[Miss Mandy]

Don't hand the car over until it's cleared, but it'll probably turn up overnight anyway. I've found that if it's a high value and/or unusual transaction for either party it can take longer to clear.

 

[shotokan101]

Should be a max. Of two hours but usually instantaneous........

 

[shotokan101]

Ask them to get their bank to check......

 

[outoftheknow]

Don't hand the car over until it's cleared, but it'll probably turn up overnight anyway. I've found that if it's a high value and/or unusual transaction for either party it can take longer to clear.

Indeed - lovely couple up the street may not have many high value transfers. Bank systems will hold things for some people/transactions - usually at the most annoying/critical time possible

 

[blue max]

Yes, I've found it pretty much instantaneous in all my dealings before.

They did check with their bank and they said it may be because it was a large (1350?) amount it may be a problem. Or restrictions by my bank. None of which I can understand.

 

[anticlaus105]

Maybe print off a copy of your bank statement with redactions to show you haven't recieved the money. With them being elderly maybe the bank have flagged it as potential fraud. What if they prang the car and then have the money returned? Sorry no money no car.

 

[blue max]

Indeed - lovely couple up the street may not have many high value transfers. Bank systems will hold things for some people/transactions - usually at the most annoying/critical time possible

He works - and think she does too. They don't sound like criminals and live down my street. But how long can I expect to wait is the question?

 

[brunation]

Cue thread from elderly couple about being scammed by a neighbour .....

 

[blue max]

Maybe print off a copy of your bank statement with redactions to show you haven't recieved the money. With them being elderly maybe the bank have flagged it as potential fraud. What if they prang the car and then have the money returned? Sorry no money no car.

Can you have the money returned though? They say they have insured it. I want them to tax it too. I would presumably report it stolen if the payment didn't arrive.

 

[hippo99]

Being elderly it’s probably the banks doing extra checks they’ve not been scammed into doing a bank transfer to a Microsoft engineer, for safekeeping, while he cleans their PC of viruses.

Can you phone your bank and ask if there’s any money incoming/why the holdup?

 

[anticlaus105]

It's an awkward one. The bank may have put a stop on the transfer until they can confirm it's genuine, or it may just be held up. I have several bank accounts and regularly transfer money. I can't recall a transfer not showing up instantly for a long time. If you really trust them it's your call. Just check they didn't receive an email from you recently with new bank details.

 

[NorvernRob]

I paid someone via BT (£6500) for a car a couple of years ago. He watched me send the money and saw the confirmation on my account, and off I drove.

I got home and had a load of missed calls and messages from him (it had been raining heavily and I hadn’t heard my phone). I called him straight back, he thought he‘d been scammed! It must have been subject to further checks due to the amount, as it cleared into the guys account at the close of business that day. Only transfer I’ve ever done that didn’t clear almost instantly.

 

[RBZ5416]

It's a bit ambiguous but this suggests that there's a £250 limit for a new payee from a Co-op account.

If it doesn't arrive overnight, give Nationwide a call first thing. They may be able to see it as "in progress" before it actually shows for you.

 

[brunation]

it’s probably the banks doing extra checks

My first transfer from a new bank used confirmation of payee and validated the recipient but the fraud software marked it as suspicious. I was forced to converse with a human to get it authorised.

No money, no car.

 

[blue max]

Thanks all. I just have received a printout of the transfer from their bank. Under Outcome, it says "Unknown: Outcome not available please check later."

And underneath is says "Please note: the Outcome column above confirms if the payment has been sent by us, and when the receiving bank will make the funds available to the recipient.

Certainly sounds legit...

 

[outoftheknow]

Can you have the money returned though? They say they have insured it. I want them to tax it too. I would presumably report it stolen if the payment didn't arrive.

Just to be clear who is the legal owner of the car at the moment? Not the registered keeper - the legal owner.


IIRC tax can be done by the registered keeper with their insurance?

Anyway is the agreement that ownership transfers when you receive the money? That’s what it should be - if they want to insure your car so they can drive it they can knock their socks off - I trust they have informed the insurer they don’t own the car........

I would expect transfer may take up to 24 hours a Co-Op may have stricter processes given they are smaller.

 

[Thug]

I bought my current car in July and travelled from Middlesbrough to Cardiff (about 580 miles round trip) for it.
The guy still owed finance on it, so when i paid by BT he was going to pay the finance off immediately, except my BT didn't go through straight away, so i couldn't (didn't want to) leave until it did and watched him pay it off.
Only took about 40 minutes, and that was £15,000 (Halifax to Barlcays).

 

[outoftheknow]

The guy still owed finance on it, so when i paid by BT he was going to pay the finance off immediately,

I had (novated lease) finance on a car when trading in to the dealer and they promised to pay the balance. Took them 4 weeks.......I bought another car from them on a novated lease so not the end of the world financially for me - just so easy to be screwed around with the finances .....

 

[blue max]

Seems my bank have not received any payment from their bank. Never had a problem with my bank (Nationwide), but theirs is questionable (Co-op)!

 

[brunation]

Seems my bank have not received any payment from their bank. Never had a problem with my bank (Nationwide), but theirs is questionable (Co-op)!

Do the Co-op use confirmation of payee?
Personally, I still prefer the £1 test payment first .....

 

[RBZ5416]

I still prefer the £1 test payment first .

Me too, doubles up as insurance & also less chance of the second payment being flagged IME.

 

[The Dreamer]

TBH, with the couple living where they do, I'd give them the benefit of the doubt - it's not like they can 'do a runner'.

You could pop round with a letter for them to sign that states ownership of the car remains with you until the funds have cleared, but still give them access to the car. Take a photo of their insurance documents - just in case they prang it before the funds have cleared.

Maybe I'm too trusting - but with a near neighbour, with precautions, I'd probably cut them some slack.

 

[Gavin_Hall]

I would imagine the Co-Op have put a block on the payment. It happened to me when I made a payment from my Natwest to Nationwide. Natwest blocked the payment. Lots or awkward shuffles in front of seller. I rang my bank to ask wtf is the money and they explained it was an anti-laundering/fraud block due to unusual transaction. After I answered a few questions all blocks lifted and 2 minutes later the payment was released and it appeared within the sellers account.