Is it safe to give out my Bank account and sort number for a transfer of cash?
I have a potential buyer of my Boat and he wants to transfer the money direct to my account. Is it safe to do so? I was planning on giving a old account which I never used. I have met the guy and happy he is honest. Help please! Thanks!
Personal Finance - 5 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You say you've met him in person, which implies that he's local. If that's the case, why can't he just physically hand you the cash? The alternative would be a cashier's check from a local bank. I'd be suspicious of giving any stranger my bank account details, no matter how honest he seems.
Answer 2 :
Errrr, you wouldn't cross the road without looking would you?
Answer 3 :
Well, with the bank account number, the only thing another person could do is deposit cash into it. I possibly cant withdraw the cash out or use it to make any payments, atleast without your signature. If you still dont trust this, use this old account or simply open a new one. There is absolutely nothing he could do to offend you in any way using only your bank account number. Or else just use a fund transfer method lke Western Union
Answer 4 :
Personally I would be cautious of that. For example one time my company paid me too much because they paid me for full 2 weeks plus vacation days instead of 2 weeks total. They called me on Monday and told me they were taking the direct deposit back and sending me a check. Maybe he would not be able to get other money from the account, but there might be some way he could undo the transfer. Is this 3 or 4 figures or 5 figures or more (over $10,000)?
Answer 5 :
get him to transfer the money by paypal
Read more other entries :