Requirements

• UK Bank Account
• Buyer needs Internet or Phone Access to their Bank Account

• The Seller gives the Buyer their banks Sort Code & Account Number (in some cases the Bank and/or Account Holders Name is also needed).
• The Buyer then accesses their own bank account and sends the Seller the money (Barclays Online describes this as 'pay someone', Natwest call it 'Third Party Payment')

• If the Buyer & Seller Bank with the same company the Fund Transfer is Instant otherwise it takes approx 3, working, days
• The transfer is of cleared funds. (The buyer may only send cleared funds from their account & Once it appears on the Sellers account it is immediately available to withdraw)
• No more waiting for cheques to clear, waiting for cheques in the post etc etc
• Quicker and less risky then sending a cheque.
• No fees for Buyer or Seller
• No minimum or maximum amount (limited only by buyers available cleared funds)

• UK only (Overseas EFT is available from some banks but usually carries a fee)
• Buyer must have Internet or Phone access to his account.
• To a lesser degree the Seller will only know the money has arrived when they check bank statements or check their balance online / by phone etc
• The "Instant" transfer might have to wait until the next working day if it is done outside banking hours

• Funds sent by Electronic Fund Transfer can be 'Clawed Back' by the sender provided the request is made on the same, working, day the funds are transferred, therefore the funds do not really clear until the next working day after receipt. (I have been informed by an ex bank manager that "In some cases clawback can also be done the day after payment is sent as long as the sending bank is happy to do so.")

• To access your bank account and withdraw funds a person needs to know much more then just your Account Number and Sort Code. (Those with Phone or Internet banking need only consider the number of stages of authentication they have to go through to access their funds)

  Most banks provide a guarantee against Internet fraud, for example here is the Barclays Online Banking Guarantee

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