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Purchasing a car (privately). Payment methods
On 19/07/2011 09:51, Nightjar wrote:
On 19/07/2011 09:25, David WE Roberts wrote: "Vortex10" wrote in message ... Q. I am contemplating purchasing a car (not finally chosen yet), and it will cost several thousand pounds. Probably a private purchase. When researching it seems every possible payment mechanism - even cash - has horror stories associated with it There are quite a few about the cars in private transactions too. If I were thinking of buying second hand, I would only go to a dealer. If the seller is a private individual, is there any reason I cannot offer to go with them to THEIR bank, and make a payment into THEIR account with a debit card? Hopefully this would be safe. There are problems with some forms of transfer where they appear to have been accepted but then the funds fail the final clearing process about 3 days later. I think this is mainly with clearing cheques, though. Card transactions also take three days to clear, but that is from when the terminal is polled, not from when the transaction takes place. Thus, the funds from a card transaction on a Monday may not be available as cleared funds until Friday. There is, of course, also a 180 day period during which a charge back can be applied, although the bank will defend that for a PIN verified transaction. I have noted that the 'instant transfers' now available between accounts sometimes seem to have a limbo status for a couple of days. They only work quickly if both banks are part of the scheme. Payments to HM Revenue and Custom, for example, always take three days because they are not. I've never been able to work that one out. They have special arrangements for cheques, allowing them to pay them in long after normal banking hours so as to avoid an extra day's delay and then they elect not to join the faster banking scheme and so add three days to simple electronic payments! OTOH, transfers within the same bank group can go through within minutes. I used to have a customer who would phone in an order, get the price, walk next door to the bank, make the transfer and phone us back when that was done. The money was always in the account when we checked. Colin Bignell Even with different banking groups - this morning, as usual, I paid money from my RBS business account to my NatWest personal account and then part of it from my NatWest account to our LloydsTSB joint account. The money was there as fast as I could log in! SteveW |
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