Who is BU - transferring money online

[cashmerecardigans]

My son is buying a car privately. He has transferred the money through online banking but it has not yet appeared in the sellers account as is being processed. The seller can see the transaction in my son’s account as sent to the correct account . A sample £10 sent appeared after one hour so he can see the money is being sent to the correct account
He won’t release the car until the money is in his account, but from my sons perspective the money has been paid to his account and he can’t get it back now even if he wanted to, so won’t leave without the car.
Seller is chasing with his bank but apparently it could take all day (why I have no idea).
Would you release the car or is he being reasonable to make my son wait?

I definitely wouldn't release the car until I physically had the money in my account

Is it a large sum? They have to do money laundering checks if so.

You'd be mad to give someone a car when you haven't recieved the money for it.
He should have paid cash.

I wouldn't release the car either. Should have both went to the bank, and witnessed the transfer if it was too much to have in cash.

I wouldn't release the car till I had the money in my account either. Waiting one day to chase the bank isn't such a big deal, is it? Hopefully it all gets sorted and he can collect the car tomorrow.

I wouldn't release the car if I couldn't see the money either. I only ever accepted cash when I sold my cars, counted in front of the buyer, I also did 2 receipts signed by both of us.
Hopefully money will show soon and everyone will be happy.

Of course you're going to wait until you have the money before you release the car...why on earth wouldnt you

Of course the seller won't release the car until he has the money! Why do you think he should?

If it is a large amount that is unusual on the account then the sending bank will carry out further checks to ensure it is legitimate. I wouldnt give the car until I saw the money was there either

i wouldnt release the car until the cash showed in my account - duh, who would?

i sold a car this way earlier this year and we both had our laptops out and the seller didnt leave, with the car, until we both saw the money appear in my account. It happened within seconds though.

For a private sale absolutely. But it might not show as cleared funds for over a day.

My other half is a motor trader and he too wouldn't release the car until the money was in his account.
We've see too many con tricks to ever trust what is seen on someone elses screen - he will check his account on his own devices and when the money is there the vehicle will be handed over.

It would normally arrive very quickly if using the faster payments service but as it's a large amount it could take longer as they do more security checks on the transaction

Why would you release a car (or anything come to that!) to a complete stranger without receiving the money for it?

I had the same with my flat deposit. It was a pain because we then had to move in later than planned but I think it does take longer if it’s a large amount of money

Haven't there been scams where the money appears, goods are released, and then it turns out the transaction was fraudulent, and the bank get the money back leaving the seller without money and goods ?

Your son might have sent it to the wrong account so the seller is wise not to rush to hand over. Until he has it confirmed that he has the money, the car is still his and should not be handed over. It is the same principle with a house purchase. Until the bank has actually confirmed the money has been processed, the purchase has not concluded. Alternately (and if suitable) he could have taken the money out as cash and handed it over.

Lurking that scam has been tried on with me. I received an email supposedly from paypal to say some money had been received in my account. I was suspicious and checked directly as it went to the wrong email account. It had not been received and I received some awful emails from the supposed buyer when I queried this. I offered to get the police involved and they backed off.

Sounds a bit dodgy to me to say the least. Your son should get in touch with his bank and ask why the money isn't showing up in the seller's account. But don't blame the seller for not releasing the car if the money hasn't appeared in his account.

Is it with your Sons bank for a security check? Some banks will earmark the funds and appear as debited when really it's still sat in a fraud system until a member of staff gets to it?

Also you need to be very careful because you have zero protection if seller does a runner.

I don't think it's with sellers bank here unless sellers bank are holding his funds.

www.theregister.co.uk/2017/11/02/black_horse_down_halifuxed_lloyds_banking_group_goes_down/

The seller is not being unreasonable. Transfers can sometimes take a couple hours. I wouldn't allow anyone to just take off with a car when the money hasn't fully come through.

Seller is being reasonable and sensible.

Why on earth would you think he should give him the car ?

Your son was very sensible to send a sample £10 so at least he knows it hasn’t gone to the wrong account. I do all my banking online and frequently send several £1000s on line - my last was for £19000. What my bank does when I first set up a new person to pay to is make me go through the main webpage and use the card reader. Once that new account is set up,I can transfer any amount I want using the mobile app in tranches of £10,000s. What’s happened sounds odd but the seller is being sensible - hope it works out soon.