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Thread: Bank transfers and payment protection

  1. #1
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    Bank transfers and payment protection

    As it applies more widely than just watch purchases I thought I would post in the G&D.

    I purchased a watch via a F2F yesterday (outside the Forum) and was going through the bank transfer process after checking all was OK with both the watch and the seller. A big red "scam" warning came up prior to me actually transferring the funds and gave me a number to call my bank (Nationwide). Never had this happen before so I called them. Went through a whole process of double checking the account, sellers details, what i was purchasing and the nature of the transaction (being face to face) and what documentation I had checked regarding the watch. Had all the paperwork plus original sales receipt in the sellers name. The upshot was that the transaction qualified for scam protection so even though it was a bank transfer, if something ends up being "wrong" with the deal then Nationwide protect those funds for me.

    This may not be news to some and obviously I don't know how robust the process would be if I ever had to make a claim. But I was impressed that the bank went through this process for a bank transfer and it gave me an added layer of comfort on the purchase.

    Thought this may be useful if other banks are doing the same. I imagine remote transactions (such that happen on here every day) may not be covered or will have extra layers of questioning.
    Last edited by midgetda; 25th November 2021 at 08:08.

  2. #2
    No never had that with Santander after using the system for years, perhaps itís time to consider changing bank accounts?
    So would that level of protection only apply to the transactions notified as scams or all transactions?

  3. #3
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    For Nationwide you have to go through the clearance process and they will then confirm whether the transaction would be covered by their scam protection.

  4. #4
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    I sold my vw camper about two weeks ago and the couple who bought it paid by two bank transfers. His (20k), and barclays like me went straight in. Hers (14k) with nationwide took an age while she had to jump through hoops to authenticate it. A good thing ultimately though.

    Sent from my SM-A125F using Tapatalk

  5. #5
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    Quote Originally Posted by Ruggertech View Post
    I sold my vw camper about two weeks ago and the couple who bought it paid by two bank transfers. His (20k), and barclays like me went straight in. Hers (14k) with nationwide took an age while she had to jump through hoops to authenticate it. A good thing ultimately though.

    Sent from my SM-A125F using Tapatalk
    Nationwide bank transfer limit is £10,000 a day so maybe she was using CHAPS or had arranged a higher payment, hence the hoops

    Barclays is a lot higher, £50,000 I think.

  6. #6
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    Quote Originally Posted by thenikjones View Post
    Nationwide bank transfer limit is £10,000 a day so maybe she was using CHAPS or had arranged a higher payment, hence the hoops

    Barclays is a lot higher, £50,000 I think.
    Thanks, that'll explain it. The money all came through fine but it took her about twenty minutes in all.

    Sent from my SM-A125F using Tapatalk

  7. #7
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    A few things mightíve kicked in here: first of all is the basic protection of making you think twice about why youíre transferring funds and encouraging you (or any generic punter) to double check.

    There may be additional checks fired if youíve just added a new payee and if the amount of money exceeds a certain threshold (which might vary bank to bank, by customer, or more advanced and moving metrics).

    Lastly, and a newer validation thatís been introduced is Confirmation of Payee (https://www.wearepay.uk/what-we-do/o...tion-of-payee/), which not all banks use/support, which checks the name of the target account with the payee details you enter.

    Be careful ignoring warnings from Confirmation of Payee as I believe banks will take that as an excuse to wash their hands of anything goes wrong.

  8. #8
    Craftsman enndriz's Avatar
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    Bank transfers and payment protection

    Same thing happened to me with First Direct a few days ago, has never happened before. I think itís just to make you think twice, the warning I got even says something like Ďdue to the time of year there could be more scams out there,í or something to that effect.

    Now that the bank details are matched with the name you provide itís a lot less nerve wracking anyway. I just clicked thru and the payment was made as normal, no delays other than the time it took for me to read the blurb

  9. #9
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    I was paying for some building work the other week and attempted a transfer from my Santander account, it immediately stopped the payment and suspended my internet banking, then the mobile rand, it was Santande warning me about fraudulent transfers, I was on hold for 65 minutes before I got to talk to someone, it took another 25 minutes to convince him it was my account and yes I was happy to send the money, now I know they are protecting my interests but on hold for that amount of time is not good enough and asking questions about my banking and needing precise amounts of incoming/outgoing transfers is hard to authenticate when accounts are paperless. I asked in the bank branch this week if I could pre authorise payments to save this again and was told NO! I don't have a cheque book and a lot of guys don't want large amounts of cash in payment, gonna look at using a different bank account in future for stuff like this, there must be an easier way.

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