Advantages and Disadvantages of offering BACS?

[meebo1]

People in the Euro zone like it because they can pay all other Euro-currencied countries for free.

They can? I know there was talk about setting this up, but never heard any more about it.

[craig7501]

Why should you be worried that people have your Sort-code and Account Number. Its on all your cheques that you send to strangers when you buy something.

Thought cheques were phased out now. might be just in shops though. I personally don't write cheques, just like I don't use credit cards.

How? What are the odds of any such lie being successful?

It could happen, most people use internet banking so the buyer could turn round and say they had no idea that transaction went through as they have not authorised it. Co-op are cutting down on these types of fraudulant activities by issuing a card reader to the account holder where only the account holder enters their pin into the machine then enters an 8 digit number on the co-op website to confirm it's them using it, not sure about other banks though.

As for it happening I would say there is about a 1 in 10 chance that there would be a scruptious buyer out there that will try it on.

[bykimbo]

They can? I know there was talk about setting this up, but never heard any more about it.

That's what I've understood, but I could have been misinformed, I've not checked it since it doesn't apply to me anyway.

[bykimbo]

Thought cheques were phased out now. might be just in shops though. I personally don't write cheques, just like I don't use credit cards.



It could happen, most people use internet banking so the buyer could turn round and say they had no idea that transaction went through as they have not authorised it. Co-op are cutting down on these types of fraudulant activities by issuing a card reader to the account holder where only the account holder enters their pin into the machine then enters an 8 digit number on the co-op website to confirm it's them using it, not sure about other banks though.

As for it happening I would say there is about a 1 in 10 chance that there would be a scruptious buyer out there that will try it on.

Sorry Craig, as far as I can see you've just invented a scenario and said "it could happen". I don't see where you've got "1 in 10" from except to make it up, and I'm not going to touch "scruptious".

[meebo1]

That's what I've understood, but I could have been misinformed, I've not checked it since it doesn't apply to me anyway.

must ask my sister, she'll know and then I can change all my listings to say I'll take transfer from any € account

[bykimbo]

must ask my sister, she'll know and then I can change all my listings to say I'll take transfer from any € account

Let me know, will you? Ta muchly. x

[bluebedouin]

Strangers have your Sort-code and Account Number

Why should you be worried that people have your Sort-code and Account Number....

Because they could set up a direct debit from it,a la Clarkson.

[bykimbo]

Because they could set up a direct debit from it,a la Clarkson.

He did so much damage to the reputation of BACS with that little stunt!!

[lejoueurdepipeau]

Never used it before I came to live in France - since then have paid by BACS and received BACS payments many times without any problems!

[peddler]

I used to sell Barbour jackets all over Europe all by bank transfer, the buyers paid in Euros with shared charges (just a nominal currency exchange charge) a few pence really, no other charges. I found in Europe buyers were not paranoid about using bank transfer. You give them your IBAN & Bic codes, they can only pay in with this information and they put the auction No. reference with it. Only downside some transactions take a few days but very good otherwise. You need to be using a real bank Lloyds etc Building societys do make a charge.