So I'm selling some stuff on gumtree, it's been a slow sell and now a guy has contacted me and is really keen. Probably a bit keen for what I'm expecting. He has offered to pay by direct deposit, and asked for the items to be posted ( I wanted the usual cash on pick up) but coz he isn't free to pick up and DD in my experience has been safe I agreed. I haven't sent the items yet.
But I wanted to know can people reverse a DD after I post an item?
just make sure the available balance is the same as the actual balance, but sounds like someone's trying to pull a shifty on you..
Bank will need to get your consent prior to taking the money out
Can Banks Reverse Direct Deposits?
under certain circumstances, yes
how many $$$ are you talking about? cash is preferrable.
Under certain circumstances is very true.
We're talking about $220. Big enough to make me uncomfortable.
For authorised transactions by the account owner, even mistakenly made, the transaction typically can't be reversed without the receiver's consent.
The risk is of an unauthorised transaction, where the account owner claims someone else fraudulently made the transaction. These transactions can be reversed without the receiver's consent (it's considered stolen funds), but depending on circumstances the banks may cover the loss.
(Quite a few people unfortunately learnt the difference a year ago when bitcoin prices went crazy.)
BEen on gumtree for a long time, if they are too keen and push on you to do something. They're probably trying to scam you.
How can you be sure that the DD has happened ? Took me 2 minutes in PS to make one up.
the buyer could also be using a hijacked account. simply put, bank transfers are not 100% safe.
Yea, if the account is stolen, I will be worried, coz I know I must return the money. But I'm not sure how likely that would be. I'd assume if someone hacked my account it won't take long for that to be closed.
I was gonna make sure I wait for funds to clear before I post the items, which could mean a couple of days after the funds clear.
So what about using AusPost Cash on Delivery?
http://auspost.com.au/money-insurance/cash-on-delivery.html
just get him to send you a cheque (then you deposit and wait to clear before you send the stuff) or a Australia Post money order (you can cash in at the post office just before you post the stuff)
No to personal cheques - problem.
Yes to bank written cheque.
Bank cheques aren't safer than personal cheques, you still have to wait until the funds clear.
Yes you still have to wait for them to clear but sorry, they are safer (bank written cheques that is) as they are completed by a bank and not an individual writing a personal cheque.
However, one bank cheque costs $10, try getting the buyer to fork out an extra $10 for that. Likewise, Post Office money order also costs money.
@whodidthat: to the recipient, a bank cheque is only as safe as a personal cheque. Whether or not the drawer has sufficient funds is only one of several potential issues. You don't know if a personal or bank cheque is good until it clears - it takes the same amount of time and there's no guarantee it will.
Bank cheques are generally treated by the law in the same manner as ordinary cheques. Although some people regard bank cheques as equivalent to cash, there are certain circumstances where a bank cheque may not be paid.
Blank bank cheques get stolen:
If the signature of an officer of NAB is forged or placed on a bank cheque without NAB's authority, NAB is not legally liable for the cheque concerned.
Bank cheques can be inconspicuously altered:
NAB will dishonour a bank cheque that has been fraudulently and materially altered.
Bank cheques can be reported as stolen or lost:
If NAB is told that a bank cheque is stolen or lost and is satisfied that this is the case, NAB will not pay the cheque if it is presented for payment by a person who has no right to it.
Bank cheques can even be issued without being paid for:
Where NAB has not received payment for issuing a bank cheque to a customer (e.g. your cheque to NAB in payment for the bank cheque is dishonoured), NAB may refuse to pay the bank cheque
Bank Cheques should not be considered as good as cash.
A bank cheque provides no security over a personal cheque.
It can happen. Like most companies, mine paid by direct deposit transfer from their bank (starts with W) to mine at the time (starts with C). One time someone ran the payroll run twice and we got two DDs in one night. Their bank applied a reversal to the transfers. All of the majors complied. The juniors and the credit unions denied the reversal and the company had to negotiate with those people. Of course, they eventually got all the money back. If you refused I guess your employment may have been very much shortened.
I had an actual printout of the money in my account but over a very short period (hours) all indications of the transaction were completely erased. It was as if it never happened.
I changed banks after that incident to one that would not do a reversal.
If the buyer banks with Commonwealth they can send you cash via an ATM. They basically set up a cash paymenmt to you. you then get an acct code and pin number texted to you. Just goto any Commonwealth ATM enter the details and the machine gives you cash. No ATM card needed. Someone paid me this way a few weeks ago, its a great system.
The other way is to insist the buyer pays cash into your account over the counter at the bank. This shows up instantly in your account. That way there is no danger of them being able to get it refunded or reversed electronically if the account they are paying from turns out to be stolen.
over the counter bank deposit sounds very safe (at any bank really)
i also suggest the OP get a signature on package delivery
you would still have to give them all your details…name, surname, account number, bsb.
Don't like that…
well you need to give them a bsb & account number for a bank transfer anyway
No