posted on June 4, 2006 05:58:33 AM
Hi
I have an item on auction for 1495.00 the buyer asked me to put a buy it now for 1550.00 and the buyer is in Denmark and wants to wire my account the balance of the money since the first 500.00 is going to be paid with paypal.
How safe is it for me to accept wire transfer?
I have only one Checking Account and I have about 19,000.00 in that account so I want to know are my funds safe if I give out my bank tracking numbers and all other information?
Furstly, Ralphie wants to know WTF ya keep 19,000 smackeroos in a lousey ole checking account, when he & I would take it out & fly to Tijuana to hunt the elusive yet charming native...BUT, I digress...
Stick those clams in at least a MMF or CD and watch it grow (just like DUMBO'S nose)!
Anyhoo, to answer yer question:
1) Before we started accepting wire transfers, I went down to our bank & had a long discussion with the manager. He said that they have security features in place that prevent unauthorized hanky-panky and that wire transfers into my c-account are SAFE...
2) ALL yer prune Danish needs is YOUR BANK'S ROUTING NUMBER + YOUR CHECKING ACCOUNT NUMBER (both of which are ALREADY on all yer cheques anyway) + THE PHONE NUMBER OF YER PERSONAL BRANCH...
3) MY BANK (COMPASS) charges me $12 to RECEIVE incoming. On small orders, I pawn this off on the buyer, warning them ahead of time. HOWEVER, the THREE I've done so far have all been for MUCHO BUCKEROO ORDERS (over $1500), so I have eaten the FEES as a THANK YOU courtesy, making sure that the suck..I mean customer KNOWS that I'm being sooooo generous
4) THE LONGEST time period so far for the funds to appear has been 3 BUSINESS days...
TO DATE, RALPHIE & I LOVE DIRECT BANK-TO-BANK WIRE TRANSFERS...
posted on June 4, 2006 06:31:39 AM
Thank you so very much Tom for your advice. I never did a wire transfer before so I was kinda concerned about giving out information on my account but like you say this information is already on my checks.........lol
I just told the buyer that I will put a BIN on the Item and tomorrow I will call my bank and find more information out, but your information is great. Most likely I will go with the wire transfer according to what you say it is safe.
Thanks for taking to time to respond to me so quickly tom, I have been back and fourth for 1/2hr with this buyer in emails so you info was a great help to my decision.
toni
PS, also great advice about the money sitting in my account.
posted on June 4, 2006 08:22:39 AM
Wire transfers are fine, but I'd worry about "wants to wire my account the balance of the money since the first 500.00 is going to be paid with paypal."
You have absolutely no protection on that $500. Not only is it to Denmark, but another requirement of Seller Protection is that an item be paid in full in ONE PayPal payment.
posted on June 4, 2006 09:04:10 AM
I would ask him to wire the full amount instead of using Paypal for the first 500 dollars for the reasons cited above.
There is no way to wire money out of someone's bank account,there is no such thing as lifting money that way,the only time it could happen is when there is some error in transposing numbers either electronically or manually ,and this would be tracked down and corrected by the bank once reported.
What most people fret over giving away account information is that in some countries,say Nigeria,they can take that data to a friendly local printer and print up some checks and use them for payments.
These checks bearing your bank routing number,your account number will clear and then your 19k will start to disappear little by little,you wont know until you log on to your account online or reconcile your bank statement at month end or worse,get a call from your bank that you dont have enough fund to cover your checks,
posted on June 4, 2006 09:12:51 AM
The first time I used a wire transfer, if that is what is call. I used Western Union. My bank account was never involved. They go to a western union office in denmark. They will be given a confirmation number. Then you go to a western union office near you with the number and your id. You get your money. They will have to pay the fees for the wire transfer. Here is a link to the offices in denmark
I checked USPS website. It doesn't look like Denmark is a partner country. So that's out.
I hope this helps
If Bidpay was in operation, you might have been able to use that. It doesn't look like they will be in operation any time soon.
[ edited by paloma91 on Jun 4, 2006 09:14 AM ]
posted on June 4, 2006 09:18:53 AMpaloma91 states:
"The first time I used a wire transfer, if that is what is call. I used Western Union"
Please note that eBay SPECIFICALLY opposes THIS form of money transfer, while ebay SPECIFICALLY supports DIRECT BANK-TO-BANK WIRE TRANSFERS as an approved method under their SAFE PAYMENTS POLICY
IOW: you can promote ONE type in yer auctions, but don't get caught promoting WU in yer auctions or they be CLOSED DOWN...
WHY? Because once the WU moola is picked-up in LAGOS or ELBONIA, there's NO way to trace the crook...
posted on June 4, 2006 09:23:45 AMSafe Payments Policy:
eBay wants to ensure that the marketplace offers an array of safe and convenient payment choices for its buyers. As described in our safe buying guide, eBay strongly encourages sellers to offer payments through PayPal – PayPal is not only convenient to use, but it also offers buyers and sellers industry leading protection against fraud, chargebacks and theft of financial data. Merchants with their own merchant credit card processing account, and those who use a third-party processor, may also offer their buyers the option of paying directly with a credit card online (including through third party checkout) or by phone.
From time to time, as new payment services arise, eBay will evaluate them to determine whether they may present trust and safety concerns and are appropriate for the marketplace. eBay will consider the following factors, among others, in making its determination:
Whether the payment model offers substantial financial, privacy and anti-fraud protection for buyers and sellers
Whether the payment model raises the potential for confusion among eBay users, or involves incentives that may present fraud concerns
Whether the payment model involves precious metals, or other non-cash (points, miles, minutes, coupons, discounts) as consideration
Whether the payment service has a substantial historical track record of providing safe and reliable financial and/or banking related services (new services without such a track record generally cannot be promoted on eBay)
The identity, background and other business interests of the payment service sponsor
The license/regulatory status of the payment provider in the countries where it provides payment services
Offline payment methods generally do not offer the same level of protection or convenience as online payments. Nonetheless, they may be appropriate for certain types of transactions and sellers may use listings to offer acceptance of most valid financial instruments including personal checks, cashier’s checks, money orders or COD.
Policy:
Permitted on eBay.com: Sellers may offer to accept PayPal, credit cards including Mastercard/Visa /Amex/Discover, debit cards and bank electronic payments online for eBay purchases. Sellers may also offer to accept bank-to-bank transfers, often known as bank wire transfers or bank cash transfers. Sellers may accept COD (cash on delivery) or cash for in person transactions. Sellers may offer to accept payment through Certapay and Propay. Sellers may offer to accept personal checks, money orders, cashier’s checks, certified checks and other negotiable instruments.
Not permitted on eBay.com:
Sellers may not solicit buyers to mail cash. Sellers may not ask buyers to send cash through instant cash transfer services (non-bank, point-to-point cash transfers) such as Western Union or Moneygram. Sellers may not ask buyers to pay with Stormpay. Finally, sellers may not request payment through online payment methods not specifically permitted in this policy.
Violations of this policy may result in a range of actions including:
Listing cancellation
Forfeit of eBay fees on cancelled listings
Listing cancellation
Limits on account privileges
Loss of PowerSeller status
Account suspension
This policy does not affect any payment method commonly offered on eBay today. However, there are some sellers who have listings offering to accept cash and Western Union instant cash transfer, and a few who offer other payment methods that are not permitted under this policy. To avoid disruption of these sellers’ business during the holiday shopping season, eBay will delay enforcement of this policy against existing payment methods until Jan 15, 2006. This policy will be localized for other eBay sites in the coming months.
Some Examples:
Under the above criteria, eBay does not permit sellers to solicit payment for eBay items through Greenzap.com, Stormpay or e-gold payments. Sellers may not solicit payment through “topping off” of a seller’s pre-paid credit or debit card.
Why does eBay have this policy?
Safety and convenience are at the core of eBay’s policies toward payments. This policy is designed to promote safe online shopping, and to encourage online payment methods that are safe, easy to use, reliable, and offer high levels of protection for users. The policy also attempts to preserve some flexibility for users that still prefer offline payment methods.
posted on June 4, 2006 09:25:20 AM
Tom, really? I had no problems. I had to give them my name and address along with 2 pieces of ID to pick it up. Along with having the transaction or confirmation number. It looked pretty safe to me. I would never give out my bank account number to anyone but my own bank. is there a way to give your bank id but not your account number? How would you do that?
posted on June 4, 2006 09:29:19 AM
I never understand why Ebay ban Western Union on Ebay,what is the difference if an Ebay seller in Nigeria receive your fund thru bank to bank wire transfer and would not ship or ship you a box of rocks,what can Ebay do for us??
Ebay is limited as to what it can do,besides saying it is just a venue,it can naru'd the seller or offer partial refund thru its insurance policy,and I am not even sure they still offer any insurance??
/ lets all stop whining !! /
posted on June 4, 2006 09:41:04 AM
Here we go again! I have accepted and made bank transfers with no problem but I had a heart to heart with my bank manager and she said that anyone with your account and bank routing number can present a phony automatic payment request and the bank will honor it. What! :-0 This is M&T and I hope your bank has a different policy. She suggested setting up a small savings account with very little money in it and using that account number for transfers.
In the past I have taken bank transfers without question because the former manager told me they were absolutely safe. My sister and I were considering one and her bank manager told her not to do it. That is when I questions mine closely and she told me that it was possible to clean out you account with the automatic thingie (don't remember the exact term) and I backed off.
-----o----o----o----o----o----o----o----o
“The illiterate of the future will be the person ignorant of the use of the camera as well as of the pen.”
Maholy-Nagy, Vision in Motion, 1947
posted on June 4, 2006 09:45:56 AM
Do not be intentionally obtuse -- there is a huge & obvious difference between owning a real bank account in ANY country (NIGERIA; ELBONIA; EREWHON; OZ; UTAH) and picking up moola at a WU station in same said countries...
ALL ya need for WU is:
1) PHONEY NAME +
2) ANSWER to the "SECURITY" question +
3) PHONEY ID (but, from what I've read, this is NOT a requirement, as long as the NAME & ANSWER are correct)...
THAT's a far cry different than establishing a BANKING ACCOUNT!
Tis all true -- ANYBODY who posesses your BANK ROUTING NUMBER + C-ACCOUNT NUMBER can wreak havoc with yer account...
What do ya do? STOP WRITING CHECKS ALL TOGETHER??
According to my babk manager (COMPASS) they have security measures in place that would STOP an out-going DRAFT of unusual nature (say $2000 to Fred J. Poopybreath of LAGOS NG) and call me for confirmation.
CROOKS can also go to Q-CHEX and print up phoney RALPHIE J. DAWG corporate checks and go on a spending spree with the $13 we try to keep in our account...
Tis why we both recommend that all PRACTICE SAFE CHEX!
posted on June 4, 2006 09:59:18 AM
There was a time when Ebay bidders were sending money via Western Union overseas to buy once in a lifetime bargain laptops and other electronic goods from Eastern European sellers based in their own country or UK.
These sellers showed up at the Western Union window and like Tom said with phoney names and ID and never ship anything,these Ebay sellers cried to EBAY so Ebay ban Western Union as local authority cant trace them and Ebay sure cant recover the money for its bidders.
So Ebay ban any seller listing Western Union as a form of payment.
There is really nothing wrong with sending and receiving money thru western union,people do it every day.
/ lets all stop whining !! /
posted on June 4, 2006 10:09:08 AM
photo said-
Here we go again! I have accepted and made bank transfers with no problem but I had a heart to heart with my bank manager and she said that anyone with your account and bank routing number can present a phony automatic payment request and the bank will honor it. What! :-0 This is M&T and I hope your bank has a different policy.
////////////////////////////////////////////
I have never heard of anyone presenting an automatic payment request and expect your bank to start debiting your account ,most of these requests come from business ,not individuals such as insurance co,mail orderhouse.There is no loose form in the bank lobby any Joe Doe can grab and fill out and give it to your banker.
Besides,the one who makes such request have to provide the bank account where it should be CREDITED,so here is the trace right there.
When you look at your bank statement and find such transactions,all you have to do is to call your bank and ask them where they are coming from,they will track it down to his bank and his bank account and if it is not a legit transaction,they will not only reverse it ,but they can contact local authority to look into it.
What you need to watch out for is what has happened to me once-I bought a filing cabinet on installment term ,say 30 dollars for 6 months,but they keep billing me thru this automatic feature after 6 months is up.
/ lets all stop whining !! /
posted on June 4, 2006 10:10:25 AM
Actually Tom, it has gotten to the point where I write very few checks. I'd rather not accept wire transfers, most of my sales are small (under $100) so I advise them just to get an international postal money order in US funds. As far as the person with that much in one account, I definitely would not do business with that account, I actually have a checking account set up that all of my online payments (amazon, paypal, etc) get routed through. Everyday, I log into my account and remove all but $5. It's just too easy for someone up to no good to cause problems. Oh, and with that much, you really should consider having an ATM card instead of a debit card, someone could go in and remove a lot of that without you necessarily even knowing. If it is a business account, it could take months to get the money back.
posted on June 4, 2006 10:16:47 AM"There is really nothing wrong with sending and receiving money thru western union,people do it every day"
TRUE, but the WU system was NOT designed for, NOR is it intended for: COMMERCIAL TRANSACTIONS...
This is the crux of da problem!
WU MONEY TRANSFER is meant so JOSE can send moola home to his bambinos, & Mama & Papa in MEXICO, etc,etc, and it works fine for THAT type of activity (although pretty expensive)...
TWAS NEVER meant as a means of paying for products purchased on the net!
"Oh, and with that much, you really should consider having an ATM card instead of a debit card, someone could go in and remove a lot of that without you necessarily even knowing."
DEPENDS on your BANK, as some of the banks are NOW extending FULL CC protections for transactions thru VISA/MC-branded "debit" (check) cards, and these protections are incorporated right in the DEBIT CARD's TOS.
THAT is a significant advantage OVER a plain-Jane ATM card, as both ATM CARDS & DEBIT CARDS fall under a very consumer-unfriendly Federal law, and, unlike CREDIT CARDS, provide virtually NO protections for the CONSUMER...
Tis a wise RALPHIE J. DAWG who reads ALL da FINE PRINT
You cannot ASK her to pay YOU via WU! If she later raises a stink with feeBay, and provides an email where YOU request WU payment, yer goose is COOKED!
CERTIFIED BANK CHEQUE from a foreign country is a killer for many US bank accounts as they have to be MANUALLY cleared & many banks charge a small fortune for this & they take FOREVER...
ASK HER for a BANK MONEY ORDER - DRAWN ON A USA BANK - IN USD THESE are essentiall the same as any MO anybody can buy here in any USA bank, just sold by an overseas bank. YOU BANK should charge NOTHING to deposit these...
/or/
INTERNATIONAL POSTAL MONEY ORDER IN USD which, if DENMARK is a member of the countries allied with the USPS for MOs, you can cash for FREE at any PO...
HOWEVER personally, I would REFUND her PayPal payment & start OVER AGAIN!
FOR THIS AMOUNT of MOOLA, I would want things to be PERFECT in every way -- a PARTIAL PP PAYMENT violates PP's TOS, and thus, yer getting off on the wrong foot right from the beginning...
posted on June 4, 2006 10:42:40 AM
I agree with Tom. I haven't done international transactions in a long time but when I did, that is one of the options I offered. International money order drawn on a bank based in the US. Then I gave them a short list of the banks that would be located over there. One bank comes to mind: citibank. They have them everywhere.
Tom, I looked at the old bidpay site this morning too. I guess sometime soon they will be up and operational. I just hope there are not too many changes when they do open up.
[ edited by paloma91 on Jun 4, 2006 10:44 AM ]
posted on June 4, 2006 10:44:19 AM
Toni,
let her wire you the money,the Scandinavians learn their good ethics and good manner from the MOOSE,you are safe.
Tom,
I agree,Western Union is not meant for business,it is for sending moola to your spoiled kid stranded in the Bahamas
/ lets all stop whining !! /
