Can bank transfers be reversed?

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sysops

sysops

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Feb 1, 2007
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  • #1
    I'm usually a very trusting person, but you know how you sometimes just have a bad feeling about something?

    We've just had a large order, paid by bank transfer from an overseas account via Swift. Are bank transfers via Swift final, or can they be reversed?
     
    K

    KDMINX

    Free Member
    Jan 6, 2010
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  • #2
    sysops said:
    I'm usually a very trusting person, but you know how you sometimes just have a bad feeling about something?

    We've just had a large order, paid by bank transfer from an overseas account via Swift. Are bank transfers via Swift final, or can they be reversed?
    Click to expand...

    Yes they can be reversed, there are plenty of scams based around this.

    An amount of trust is involved in all transactions. Credit card transactions in particular are VERY easy to reverse.
     
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    cjd

    cjd

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    • Nov 23, 2005
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  • #5
    sysops said:
    Any more info on this? How can they be reversed? I know that when I make a transfer, I'm told very emphatically that "this transaction cannot be reversed".
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    We've been in the same situation a few times. I rang our two banks and was told that a bank transfer, once fully completed (ie the cash available for use in your account - which can take a couple of days - not just transferred and pending), can't be reversed. I still have doubts.
     
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    KDMINX

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    Jan 6, 2010
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  • #7
    sysops said:
    Any more info on this? How can they be reversed? I know that when I make a transfer, I'm told very emphatically that "this transaction cannot be reversed".
    Click to expand...

    I am by no means an expert but from my understanding scams are possible because banks show the ballence before the cash has cleared.

    See this example of bank transfers not being quite as "cleared" as the bank would have us believe: http://www.ukbusinessforums.co.uk/forums/showthread.php?t=134234
     
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    Zeno

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    Jun 12, 2008
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  • #12
    MikeJ said:
    Granted, we often have over a million quid with them, which I guess keeps them on their toes.
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    You would be surprised. I have individual tax clients who are fairly wealthy and have maintained healthy balances on their accounts for up to 40 years, with all the premium accounts etc but who still get a level of service akin to a Ryanair customer complaint.

    You can sometimes be fortunate in your relationship manager but it is a lottery. They tend only to last a few months before they move on as well.
     
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    cjd

    cjd

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    • Nov 23, 2005
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  • #13
    Swift (UK) is a member of UK Payments Administration - they may be able to help. I'm not sure you can trust a phonecall to the random bank clerk or even your account manager (I don't).

    If you're a member of the public with an enquiry about any payments issue, we will be happy to help out where we can and you can contact us by email through [email protected] or by phone 020 7711 6259 where you will be asked to leave a short message.
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    The web site confirms that UK CHAPS payments are irrevocable.

    CHAPS Sterling is a same-day automated payment system for processing sterling payments made within the UK, between its member banks.

    The main benefit of CHAPS is that it is fast as the money is transferred the same day. Unlike other forms of payment such as cheques, CHAPS payments are irrevocable.
    Click to expand...

    http://www.ukpayments.org.uk/
     
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