Joined Sep 2011
Permanently Banned
Forum Thread
is bank wire transfer safe for seller?
July 24, 2012 at
06:18 PM
Thread Details
Last Edited by regguiy July 24, 2012 at 06:27 PM
About the OP
16 Comments
Your comment cannot be blank.
Sign up for a Slickdeals account to remove this ad.
That is one of the reasons why wire transfers are strongly discouraged for buying cars. As a buyer, you should never transfer money via a wire transfer.
How to recognize a vehicle scam attempt on CL:
•Shipping a vehicle to you is suggested by seller
•eBay Motors or another intermediary is specified by seller
•Payment by Western Union or a money wire is requested
•Price is unusually low (fraction of blue book value)
If you see these tell-tale signs, flag ad as "prohibited" and avoid
Offers to ship a vehicle are virtually 100% fraudulent
eBay has no involvment in craigslist for sale ads, and any eBay or similar emails or web pages you receive are fake
Never use Western Union or wire transfer to pay for goods - only a scammer will ask for this, and any funds sent will be lost
Do not buy vehicles sight-unseen, regardless of low price. The vehicle does not exist, and any money you send will be lost.
Stories about divorcees or departing servicemen needing to sell quickly at a low price are generally fraudulent
If a deal sounds too good to be true, it probably is!
More information is available for avoiding scams
How to recognize a vehicle scam attempt on CL:
•Shipping a vehicle to you is suggested by seller
•eBay Motors or another intermediary is specified by seller
•Payment by Western Union or a money wire is requested
•Price is unusually low (fraction of blue book value)
If you see these tell-tale signs, flag ad as "prohibited" and avoid
Offers to ship a vehicle are virtually 100% fraudulent
eBay has no involvment in craigslist for sale ads, and any eBay or similar emails or web pages you receive are fake
Never use Western Union or wire transfer to pay for goods - only a scammer will ask for this, and any funds sent will be lost
Do not buy vehicles sight-unseen, regardless of low price. The vehicle does not exist, and any money you send will be lost.
Stories about divorcees or departing servicemen needing to sell quickly at a low price are generally fraudulent
If a deal sounds too good to be true, it probably is!
More information is available for avoiding scams
i'm no legal expert but wire transfer is pretty safe for the seller/reciever. Ever see those movies where they don't do the drug deal until the wire transfer is complete? That's the reason why, once sent it cant be taken back.
But be aware that some states do have a "lemon" law when selling vehicles, in that the buyer is protected for xx amount of days and is entitled to a refund if the vehicle breaks down during that period. While the buyer may not be able to get the money from you that was sent in the wire, the buyer may legally sue you and retrieve the money through other methods.
Sign up for a Slickdeals account to remove this ad.
I realize most people here are probably right about the whole wire transfer can't be taken back, but ask yourself, is it worth taking the chance? Cash is king. Meet at your bank, receive cash, immediately deposit.
I'd say once you have the cash and you ship the car who cares if you're the seller
clear as day, YES bank wire to bank wire transfer CAN be pulled bank and there are many cases of it occurring more and more.
the problem? when a person goes into the bank they must have the cleared funds and prove they are who they are to the bank , then they are allowed for a fee to send the approved bank wire to ones account, .. Now this one is secure cause they know who you are and that you have the funds BUT and I say BUT banks like Bank of America actually have a wire fraud department .. the reason why they do? because banks like Bank of America allow you to perform a Bank wire transaction from your computer and NOT in person, they do add another measure of security but its not fool proof, therefore if you sell something to someone who performs a wire transfer via the computer and you receive the money, weather you pull it out or not, and the other person even 15 days later says I didn't send the money someone must of used my computer or has my password, THEN the problem begins, the money can now be frozen and returned and a investigation is performed, if the person sticks to their guns and say they did not do this and jumps threw the necessary hoops they will get their money back leaving the seller high and dry!
Bank of America has a Wire Fraud department..... why? because this occurs because banks like them exist.
Many banks including Fifth Third have said this is why all our banks accept western union to prevent this since you just need to prove identity and have the proper information. But then this is not secure for the buyer, leaving them open
SO if you think Bank wire transfers a safe, then your 100% wrong they are not.
by the way if you think you can just open a account and then pull the money out so this cant happen , think again the bank you will you a negative balance and then come after you.
Oh and you are NOT allowed to find out if the wire was done in person or online because you are not the owner of the account , you may be the receiver but not the sender so your SOL here all so.
clear as day, YES bank wire to bank wire transfer CAN be pulled bank and there are many cases of it occurring more and more.
the problem? when a person goes into the bank they must have the cleared funds and prove they are who they are to the bank , then they are allowed for a fee to send the approved bank wire to ones account, .. Now this one is secure cause they know who you are and that you have the funds BUT and I say BUT banks like Bank of America actually have a wire fraud department .. the reason why they do? because banks like Bank of America allow you to perform a Bank wire transaction from your computer and NOT in person, they do add another measure of security but its not fool proof, therefore if you sell something to someone who performs a wire transfer via the computer and you receive the money, weather you pull it out or not, and the other person even 15 days later says I didn't send the money someone must of used my computer or has my password, THEN the problem begins, the money can now be frozen and returned and a investigation is performed, if the person sticks to their guns and say they did not do this and jumps threw the necessary hoops they will get their money back leaving the seller high and dry!
Bank of America has a Wire Fraud department..... why? because this occurs because banks like them exist.
Many banks including Fifth Third have said this is why all our banks accept western union to prevent this since you just need to prove identity and have the proper information. But then this is not secure for the buyer, leaving them open
SO if you think Bank wire transfers a safe, then your 100% wrong they are not.
by the way if you think you can just open a account and then pull the money out so this cant happen , think again the bank you will you a negative balance and then come after you.
Oh and you are NOT allowed to find out if the wire was done in person or online because you are not the owner of the account , you may be the receiver but not the sender so your SOL here all so.
Personally, my advice would be for you to either bring the car to the buyer, or that he come and pick it up. You should be meeting in person and signing documents while sitting in the same room with a notary public.
You should receive cash or some sort of certified funds (Cashier's Check). Preferably you already have an account with the issuing bank. If you do not or can not have this account, use your existing account. Make a copy of the check, front and back, and save with all of your documentation copies. Deposit the item immediately.
The wire transfer is like an instantly cleared personal check. The funds are available in the receiving account immediately, but could be called back due to a returned item if the sender claims the item is fraudulent and the bank agrees with them.
The certified funds will help you avoid the "fraud" aspect. The money coming to you from the check is sent out of a bank's general account and not the account of the seller. Also, your name is printed on the check at issuance - meaning the buyer went to the bank and requested a check with your name on it and presented proper identification to obtain that check.
Many businesses use wiring regularly and so do individuals making purchases. Your circumstances are different only because you're dealing with an unknown entity who you assume wants to screw you over.
For example, I own an M3. These cars were limited in production compared to others. On the M3forums, many buyers look outside of their local area to purchase the specific model they're looking for. Many purchase a car across the country and have it shipped to them.
The last M3 I sold, I had a potential buyer from Pennsylvania (I'm in California). We spoke through the forums first, email second, and finally on the phone. He was a legit buyer and I was a legit seller. I'd say it's a case by case situation.