How to safely take a large payment for a car sale?

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ItsDominare@reddit

You can phone or visit the bank and arrange what's called a CHAPS payment (Clearing House Automated Payment System) which will transfer the money to the seller's account.

Some banks will charge a fee for this (£25-30 is typical) but others will do it for free.

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danmingothemandingo@reddit

Why would the buyer need to do a chaps payment when they could just use faster payments, if the objective is to get money in the sellers account? (which obviously isn't the problem here)

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ItsDominare@reddit

Of course there are easier ways, but they will involve using online banking which OP's friend doesn't want to do.

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danmingothemandingo@reddit

You don't need to set up any online banking to recieve a faster payment.

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ItsDominare@reddit

I'm not going to bother arguing the point on a 4-day old thread mate. Jog on.

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Do they have a family member with internet/mobile banking, or a trusted friend (such as yourself maybe?) who could take the payment and then later that day after the sale you both go to the bank and transfer it to his account?

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danmingothemandingo@reddit

Terrible idea and great way to try and trigger your bank's aml/fraud algorithms

Being a money mule is very ill advised here. Receiving funds and passing them on is exactly how laundering chains operate. Your account activity may be flagged as suspicious, the bank can freeze or close your account without notice, you may be reported to the National Crime Agency.

Your intent here does not matter; the pattern does.

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AlfonsoX09@reddit

Does that really automatically flag as fraud and freeze an account?
I've done similar things (but only for smaller <£1000 amounts) a few times before and never had an issue, but maybe my account has been flagged for review in the background without me knowing.

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Acceptable-Split6348@reddit

Why would you need to go to the bank to do that?

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Harvsnova3@reddit

So that the old dude can check it's gone into his account maybe? I don't know, just guessing.

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AlfonsoX09@reddit

That's what I was thinking, just so he knows it's there. My parents used to have a savings book where the bank teller would write the current amount in it (Not sure if they're still a thing?)

If it gives him peace of mind and doesn't take too long then it could well be worth it. But yeah, you're right, you wouldn't have to if the old guy is happy to wait for his monthly statement to be posted out or something.

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danmingothemandingo@reddit

Buyer does faster payments, seller confirms their new balance at a safely located local cash machine with you present to offer him a little extra security around the atm.

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theyst0lemyname@reddit

Does he have a trusted family member or friend with online banking? The buyer could pay them the they transfer the money into your friends bank account.

It does add a few more steps but it does insure your friend doesn't end up with piles of cash laying around.

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danmingothemandingo@reddit

Terrible idea and great way to try and trigger your bank's aml/fraud algorithms

Being a money mule is very ill advised here. Receiving funds and passing them on is exactly how laundering chains operate. Your account activity may be flagged as suspicious, the bank can freeze or close your account without notice, you may be reported to the National Crime Agency.

Your intent here does not matter; the pattern does.

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Robotadept@reddit

Bank draft or cashier check would be your best bet but your friend may have to absorb the fee for the buyers bank issuing it

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danmingothemandingo@reddit

And tell the buyer to wait until the draft has fully cleared?

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AlfonsoX09@reddit

If the buyer is a young-ish person then they probably wouldn't know how to do that.
I'm 35 and I've never used a cheque or a bankers draft.
Someone asked me for a postal order payment once and I just took my business elsewhere to someone that took a bank transfer or paypal

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Which-World-6533@reddit

I have an elderly friend who is selling a second hand car. He has no idea about Internet banking and the like,

The simplest method is going to be to setup Internet banking for them.

Then hand over the car when the money clears.

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Superspark76@reddit

Or be there and take the payment for your friend and then transfer it to their bank

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danmingothemandingo@reddit

Terrible idea and great way to try and trigger your bank's aml/fraud algorithms

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Which-World-6533@reddit

Or run away into the sunset and live a hedonistic beach life in Mexico...!

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Obvious-Water569@reddit

I don’t know how much hedonism you’d buy for fifteen grand, but it’s not as much as I think you think it is.

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nanomeister@reddit

I reckon you’d get at least one really good hedonism

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Obvious-Water569@reddit

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Superspark76@reddit

Both seem like a good option

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danielroseman@reddit

I'm pretty sure you can still request a banker's draft - the buyer would have to go to their bank branch and the seller would have to do the same to deposit it. There will be a fee.

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danmingothemandingo@reddit

Sure you can, but it's still some relic from the past in security terms "trust me bro, this bit of paper is totally not fake" category, and is not even inherently guaranteed until funds are fully cleared (not even just funds available)

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ukbot-nicolabot@reddit

OP marked this as the best answer, given by /u/PracticeNo8733.

Does your friend's bank (or one of his banks) have a local branch? If so I'd suggest they meet there, the buyer does a bank transfer with Internet banking and then your friend verifies receipt of money with a teller before completing the deal.

Or if using cash, meet there and then your friend deposits it into his account before completing the deal (this provides a secure environment and assurance on both amount and the notes being real).

The cash option has the advantage that it avoids any risk of it being a scam where another victim is induced (or hacked) to send the money from their account on some other pretext, though I don't think that's a particularly high risk.

^(What is this?)

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PracticeNo8733@reddit

Does your friend's bank (or one of his banks) have a local branch? If so I'd suggest they meet there, the buyer does a bank transfer with Internet banking and then your friend verifies receipt of money with a teller before completing the deal.

Or if using cash, meet there and then your friend deposits it into his account before completing the deal (this provides a secure environment and assurance on both amount and the notes being real).

The cash option has the advantage that it avoids any risk of it being a scam where another victim is induced (or hacked) to send the money from their account on some other pretext, though I don't think that's a particularly high risk.

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cockneylol@reddit (OP)

!Answer.

Thanks very much to all who replied. It looks like the joint visit to the bank after transfer but before handing the keys over is the way to go.

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Proof-Order2666@reddit

If it is cash then if he wants to put it in his bank then there will be lots of questions. Be prepared.

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whodunnit20@reddit

Bank transfer whilst she waits for the money to show in her account. She gives the buyer her account number and sort code, then they put the money. Don’t let her give the car keys till money is in her bank. Has she got someone to be with her on the day? Do not let anyone test drive it by themselves as the car could get stolen, no matter how great the buyer is car thefts happen.

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