EFT Transfer

D

dyanamo

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Cape Town - Strand
I am about to sell my PS3 tomorrow and am meeting the guy at a local eVida Cafe. He wants to pay me via EFT (FNB -> FNB) so I will wait till I see the funds in my account before I hand the PS3 over.

Is there any risk in this? Can he cancel or dispute the EFT later leaving me out of pocket? I am a bit concerned as the guy cant make it himself but is sending a friend to collect the PS3. Obviously I will tell his friend to phone him and to do the EFT immediately before handing over the PS3.
 
Ensure the funds are cleared under detailed balance. If it's a cheque deposit - you're gonna get screwed over...
 
dyanamo said:
I am about to sell my PS3 tomorrow and am meeting the guy at a local eVida Cafe. He wants to pay me via EFT (FNB -> FNB) so I will wait till I see the funds in my account before I hand the PS3 over.

Is there any risk in this? Can he cancel or dispute the EFT later leaving me out of pocket? I am a bit concerned as the guy cant make it himself but is sending a friend to collect the PS3. Obviously I will tell his friend to phone him and to do the EFT immediately before handing over the PS3.
Click to expand...

If you have ANY reason to doubt, then don't go through. Even a small worry is justification enough to call a deal off. Get him to either send his friend with the cash, or give his friend the money, and let him geopay you or something.
 
It should be fine. Done many deals like this.
The buyer cannot get the EFT reversed without writing to FNB requesting it, and FNB getting your permission. So as long as the funds reflect in your account before you hand over the goods all should be good.
 
I think you're nuts to go ahead with a deal like this. So much can go wrong and as bullzeye says, even a small worry is enough to just let it go. Find another buyer rather that's willing to pay cash, in person.
 
So this is what will probably go down... The guy will arrive, call his connection and say the PS3 is legit and he must do the EFT. You will then get an SMS saying a cheque has been deposited into your account for the amount you asked for. Usually the do this at an ATM. You give the guy your PS3 and the cheque deposit bounces.

Don't do it. But if you do, make sure to log into your Internet banking to verify that it is an EFT. Hell, even call the bank to make sure.
 
If the money has not cleared into your account then it can be reversed. Once it has cleared it is much harder for them to take it back.
 
Thanks guys. He sounds legit but he is in Saldana and his friend works in Cape Town hence him getting his friend to collect it. What I will do is ask him to EFT then once money is in my account transfer it to my Credit Card to make sure it has cleared. Only then will I hand over PS3.
 
Just tell him to give his friend the money and his friend can pay you in cash?
 
I have done alot of these transactions and I can tell you please don't take the risk. Do it cash. There is nothing preventing him from doing it cash.
 
dyanamo said:
Thanks guys. He sounds legit but he is in Saldana and his friend works in Cape Town hence him getting his friend to collect it. What I will do is ask him to EFT then once money is in my account transfer it to my Credit Card to make sure it has cleared. Only then will I hand over PS3.
Click to expand...

You are crazy. get him to deposit cash into his friends account and the friend can pay you in cash
 
Yeah, cash is probably safest. Although there is an option on EFTs for immediate clearance. You can see it on the notification of payment, too, I think. Tell him to do that.
 
Nobody buys stuff without seeing it first.

Cash or walk away.
 
Use FNB geo-payments with their apps.. It kicks ass and ensures the deal is legit.
 
Update

So he did a cheque deposit at a ATM. I showed his friend where I work and said I will not give him the PS3 till funds have cleared into my account.

He (after a phone call) and his friend agreed and we parted ways. Lets see if the funds clear. Will update if they do.

I smell a scam though so I dont have high hopes. At least I did not lose my PS3.
 
Unless he pays UP FRONT via EFT and you can verify the transaction 100% with the bank I wouldn't risk it and he'll need to pay cash instead.
 
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