How does bank transfer work?

[Kestonian]

I was comfortable handing out my bank details until recently when Clarkson got bitten http://news.bbc.co.uk/1/hi/entertainment/7174760.stm

Having said that, you get as many details from a cheque, etc, etc

 

[stew-b]

bank transfers are free and safe

 

[speedplay]

I prefer bank transfer.

I know that there is a certain level of "protection" with paypal but I really dont like their handling fees

....not that I'm tight you know, just careful

 

[billinjah]

so after reading the clarkson story does this mean that cheques are completely unsafe now?

 

[xizang]

Just read the Clarkson thing myself :shock: It looks like Paypal may be the only safe way even if they do like to charge 3-4%. Once they read that they'll probably put up the charges for their 'money laundering business', allegedly

 

[amt27]

there is potential for a scam with bank transfer, which happened to a few computer component suppliers a few years ago,

scammer (posing as a customer) asks for supplier's bank details, pays a duff cheque into the supplier's account at a branch, payment appears on the account immediately as a debit (although not as cleared funds),
scammer phones supplier asking for delivery date and says they are not fast enough and asks for an immediate return of the transferred money, supplier tranfers money via telephone or internet banking,
a couple of days later the original cheque paid in by the scammer bounces,

simple solution, check the funds have cleared,

 

[stevet1]

bank transfers are free

I was under the impression that most banks charge a fee, or is this just if the money is transferred overseas?