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Thread: Wire Transfers

  1. #1
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    Wire Transfers

    I sold a guy a car and he wants to make a wire transfer of the funds into my banking account. This is new to me although I know its done. For those of you who have sold Studebakers this way, any risks I should be aware of?


    Mike
    www.packardhawk.com
    Mike
    www.packardhawk.com

  2. #2
    Golden Hawk Member DEEPNHOCK's Avatar
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    Talk with your banker.
    Make sure your account can only have deposits made and not withdrawls made.
    You might be able to open up a separate bank account for just this transaction, and then close it when the transaction has been completed.
    I get nervous any time anyone has access to my account number, so your concern is justified.
    Jeff[8D]


    quote:Originally posted by MikeW

    I sold a guy a car and he wants to make a wire transfer of the funds into my banking account. This is new to me although I know its done. For those of you who have sold Studebakers this way, any risks I should be aware of?


    Mike
    www.packardhawk.com

  3. #3
    Golden Hawk Member DEEPNHOCK's Avatar
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    Talk with your banker.
    Make sure your account can only have deposits made and not withdrawls made.
    You might be able to open up a separate bank account for just this transaction, and then close it when the transaction has been completed.
    I get nervous any time anyone has access to my account number, so your concern is justified.
    Jeff[8D]


    quote:Originally posted by MikeW

    I sold a guy a car and he wants to make a wire transfer of the funds into my banking account. This is new to me although I know its done. For those of you who have sold Studebakers this way, any risks I should be aware of?


    Mike
    www.packardhawk.com

  4. #4
    Golden Hawk Member JDP's Avatar
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    Absolutely the beat and safest way to get paid. I've received dozens of payments that way.

    JDP/Maryland
    63 R2 SuperHawk (Caesar)
    spent to date $54664,75
    64 R2 GT (Sid)
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  5. #5
    Golden Hawk Member JDP's Avatar
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    Absolutely the beat and safest way to get paid. I've received dozens of payments that way.

    JDP/Maryland
    63 R2 SuperHawk (Caesar)
    spent to date $54664,75
    64 R2 GT (Sid)
    spent to date $62,839.60
    63 Lark 2 door
    51 Commander
    39 Coupe express
    39 Coupe express (rod)


  6. #6
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    It is very simple for him him to fed X a certified check , next day delivery , no risk to you that way, funds verified before they come for rig , STAY SAFE.


  7. #7
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    It is very simple for him him to fed X a certified check , next day delivery , no risk to you that way, funds verified before they come for rig , STAY SAFE.


  8. #8
    Golden Hawk Member Dick Steinkamp's Avatar
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    quote:Originally posted by oltrknut

    It is very simple for him him to fed X a certified check , next day delivery , no risk to you that way
    FAR less risk with a wire transfer than with a cashier's check. There is NO way anybody can make a withdrawal from your account with the info needed for a wire (routing number and account number...BTW, these numbers are on EVERY check you write).

    A wire transfer is the safest, cheapest, fastest, most trouble free form of accepting money for a car.



  9. #9
    Golden Hawk Member Dick Steinkamp's Avatar
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    quote:Originally posted by oltrknut

    It is very simple for him him to fed X a certified check , next day delivery , no risk to you that way
    FAR less risk with a wire transfer than with a cashier's check. There is NO way anybody can make a withdrawal from your account with the info needed for a wire (routing number and account number...BTW, these numbers are on EVERY check you write).

    A wire transfer is the safest, cheapest, fastest, most trouble free form of accepting money for a car.



  10. #10
    Golden Hawk Member JDP's Avatar
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    The only down side is your bank might charge you a $10-$15 bank fee if it's a foreign transfer. I love it because it's near instant and 100% secure. Most serious collectors both pay and receive payments that way.

    JDP/Maryland
    63 R2 SuperHawk (Caesar)
    spent to date $54664,75
    64 R2 GT (Sid)
    spent to date $62,839.60
    63 Lark 2 door
    51 Commander
    39 Coupe express
    39 Coupe express (rod)


  11. #11
    Golden Hawk Member JDP's Avatar
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    The only down side is your bank might charge you a $10-$15 bank fee if it's a foreign transfer. I love it because it's near instant and 100% secure. Most serious collectors both pay and receive payments that way.

    JDP/Maryland
    63 R2 SuperHawk (Caesar)
    spent to date $54664,75
    64 R2 GT (Sid)
    spent to date $62,839.60
    63 Lark 2 door
    51 Commander
    39 Coupe express
    39 Coupe express (rod)


  12. #12
    Golden Hawk Member Dick Steinkamp's Avatar
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    quote:Originally posted by DEEPNHOCK

    I get nervous any time anyone has access to my account number,
    Your account number is on every check you write. You must be ONE nervous guy!



  13. #13
    Golden Hawk Member Dick Steinkamp's Avatar
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    quote:Originally posted by DEEPNHOCK

    I get nervous any time anyone has access to my account number,
    Your account number is on every check you write. You must be ONE nervous guy!



  14. #14
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    I figured it had to be pretty safe since my account number and routing numbers are across the bottom of every check I write.


    Mike
    www.packardhawk.com

  15. #15
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    I figured it had to be pretty safe since my account number and routing numbers are across the bottom of every check I write.


    Mike
    www.packardhawk.com

  16. #16
    Silver Hawk Member Guido's Avatar
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    The Federal Reserve Bank will only transmit a wire if the funds are collected, thus it would be the safest form of receiving payment. While unknown by most, it is possible to put a stop payment on a cashier's check. Of course, with the increasingly sophisticated printers that are available today, there is also a possibility you could receive a fake cashiers check.

    The overseas equivalent of a wire would be a SWIFT.


    Guido Salvage - "Where rust is beautiful"

    Studebaker horse drawn doctor’s buggy; Studebaker horse drawn “Izzer” buggy; 1946 M-16 fire truck; 1948 M-16 grain truck; 1949 2R17A fire truck; 1950 2R5 pickup; 1952 2R17A grain truck; 1952 Packard 200 4 door; 1955 E-38 grain truck; 1957 3E-40 flatbed; 1961 6E-28 grain truck; 1962 7E-13D 4x4 rack truck; 1962 7E-7 Champ pickup; 1962 GT Hawk 4 speed; 1963 8E-28 flatbed; 1964 Avanti R2 4 speed; 1964 Cruiser and various other "treasures" (including a 1959 IH B-120 4 wheel drive, a 1970 Dodge W-200 Power Wagon and numerous Oliver and Cockshutt tractors).

    Hiding and preserving Studebakers in Richmond, Goochland & Louisa, Va.

  17. #17
    Silver Hawk Member Guido's Avatar
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    The Federal Reserve Bank will only transmit a wire if the funds are collected, thus it would be the safest form of receiving payment. While unknown by most, it is possible to put a stop payment on a cashier's check. Of course, with the increasingly sophisticated printers that are available today, there is also a possibility you could receive a fake cashiers check.

    The overseas equivalent of a wire would be a SWIFT.


    Guido Salvage - "Where rust is beautiful"

    Studebaker horse drawn doctor’s buggy; Studebaker horse drawn “Izzer” buggy; 1946 M-16 fire truck; 1948 M-16 grain truck; 1949 2R17A fire truck; 1950 2R5 pickup; 1952 2R17A grain truck; 1952 Packard 200 4 door; 1955 E-38 grain truck; 1957 3E-40 flatbed; 1961 6E-28 grain truck; 1962 7E-13D 4x4 rack truck; 1962 7E-7 Champ pickup; 1962 GT Hawk 4 speed; 1963 8E-28 flatbed; 1964 Avanti R2 4 speed; 1964 Cruiser and various other "treasures" (including a 1959 IH B-120 4 wheel drive, a 1970 Dodge W-200 Power Wagon and numerous Oliver and Cockshutt tractors).

    Hiding and preserving Studebakers in Richmond, Goochland & Louisa, Va.

  18. #18
    President Member Dads Baby's Avatar
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    Mike,
    Talk to your bank before you do anything! There are so many scams out there it sucks. If they wire too much to your account, they will ask for a refund. Once you wire the refund, you have established a trend. Then there is nothing stopping them from sucking the rest from your account. The bad thing about banks is once that account is overdrawn, they use your other accounts to "replenish" it. You could potentially have your car stolen right out from under your nose and possibly owe the bank $$$$.



    Carey
    Packard Hawk


  19. #19
    President Member Dads Baby's Avatar
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    Mike,
    Talk to your bank before you do anything! There are so many scams out there it sucks. If they wire too much to your account, they will ask for a refund. Once you wire the refund, you have established a trend. Then there is nothing stopping them from sucking the rest from your account. The bad thing about banks is once that account is overdrawn, they use your other accounts to "replenish" it. You could potentially have your car stolen right out from under your nose and possibly owe the bank $$$$.



    Carey
    Packard Hawk


  20. #20
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    I know a couple of folks who have been burned with fraudulent cashiers checks & fraudulent money orders.

    I've used wire transfer several times for vehicles (and other large sums) - quick, easy, & safe.

    I prefer inbound wire transfer to nearly anything else.

    If receiving a wire from overseas, or you think you will, look into money changers - your bank will rape you on the exchange rate. I had to transfer £21000 last year - I got 4% better rate using a money changer than the bank. I had to establish an account, which took a few days (rules are tougher since 9/11 anti-terrorism/money-laundering rules), but saved me loads.

    Daddy always said, if yer gonna be dumb, you gotta be tough & I'm one tough sumbitch!

  21. #21
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    I know a couple of folks who have been burned with fraudulent cashiers checks & fraudulent money orders.

    I've used wire transfer several times for vehicles (and other large sums) - quick, easy, & safe.

    I prefer inbound wire transfer to nearly anything else.

    If receiving a wire from overseas, or you think you will, look into money changers - your bank will rape you on the exchange rate. I had to transfer £21000 last year - I got 4% better rate using a money changer than the bank. I had to establish an account, which took a few days (rules are tougher since 9/11 anti-terrorism/money-laundering rules), but saved me loads.

    Daddy always said, if yer gonna be dumb, you gotta be tough & I'm one tough sumbitch!

  22. #22
    Golden Hawk Member Dick Steinkamp's Avatar
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    quote:Originally posted by Dads Baby
    Then there is nothing stopping them from sucking the rest from your account.
    You are going to have to explain that one. I've wired money to plenty of sellers. No sucking yet

    The overpayment scam is with a fake cashiers check...not a wire transfer. The scammer sends you a fake cashiers check for more than the amount of purchase. Before the check clears, you send him back the overpayment. The cashiers check turns out to be no good and you are out the overpayment.

    It would take a super dumb crook to WIRE you an overpayment expecting to make money on the deal. As Guido said, the wire CAN'T take place in less the funds are confirmed on the sender's part, and it is firmly in your account in a matter of hours.

    I will release the car and title with cash or a wire transfer. I will hold ALL checks until they clear...even cashiers checks. As Guido said, stops CAN be placed on cashiers checks (after the buyer has picked up the car and title), and there are many examples of bogus cashiers checks.

    The guy that bought my black Starliner paid with a personal check. That was fine with me. I shipped the car and title to him 10 days later when his check cleared. He knew that it would take about that long and was fine with the timing also.



  23. #23
    Golden Hawk Member Dick Steinkamp's Avatar
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    quote:Originally posted by Dads Baby
    Then there is nothing stopping them from sucking the rest from your account.
    You are going to have to explain that one. I've wired money to plenty of sellers. No sucking yet

    The overpayment scam is with a fake cashiers check...not a wire transfer. The scammer sends you a fake cashiers check for more than the amount of purchase. Before the check clears, you send him back the overpayment. The cashiers check turns out to be no good and you are out the overpayment.

    It would take a super dumb crook to WIRE you an overpayment expecting to make money on the deal. As Guido said, the wire CAN'T take place in less the funds are confirmed on the sender's part, and it is firmly in your account in a matter of hours.

    I will release the car and title with cash or a wire transfer. I will hold ALL checks until they clear...even cashiers checks. As Guido said, stops CAN be placed on cashiers checks (after the buyer has picked up the car and title), and there are many examples of bogus cashiers checks.

    The guy that bought my black Starliner paid with a personal check. That was fine with me. I shipped the car and title to him 10 days later when his check cleared. He knew that it would take about that long and was fine with the timing also.



  24. #24
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    I don't know about the rest of you, but I'm always nervous buying a collector car. From bad titles, to wiring the guy the money and then never receiving the car or the title, to hiring an EXPERT (remember the definition of an expert, "anyone more than 50 miles from his home") and then having the expert know LESS about what he is looking at than you do. I hired a Florida EXPERT several years ago to evaluate an Avanti for me and I told him expressly what to look for on the torque boxes and yet he completely BLEW it. Paid him $800 and then I still had to pay another $500 to go have a look for myself and determine that the torque boxes were shot. And the top of the left front fender had a 1 1/2 inch long crack through the fiberglass (which he neglected to mention in his report) adjacent to the firewall--which was caused by the body sagging due to serious rusting of the front of the hog trough. But I suppose we all have experiences like that. In all honesty the last car I bought (off of eBay) went very smoothly and the seller was a good guy and honest--though I did talk to him in person and he showed me the title (and car). But I wired tranferred the funds to him and didn't see the car for three days--I'm not likely to do that again. But some people buy a car from eBay, wire transfer the funds, and have the car shipped and don't see it for two-three weeks. I know eBay has $20,000 in fraud protection, but it could be interesting to try and collect.

    wagone

  25. #25
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    I don't know about the rest of you, but I'm always nervous buying a collector car. From bad titles, to wiring the guy the money and then never receiving the car or the title, to hiring an EXPERT (remember the definition of an expert, "anyone more than 50 miles from his home") and then having the expert know LESS about what he is looking at than you do. I hired a Florida EXPERT several years ago to evaluate an Avanti for me and I told him expressly what to look for on the torque boxes and yet he completely BLEW it. Paid him $800 and then I still had to pay another $500 to go have a look for myself and determine that the torque boxes were shot. And the top of the left front fender had a 1 1/2 inch long crack through the fiberglass (which he neglected to mention in his report) adjacent to the firewall--which was caused by the body sagging due to serious rusting of the front of the hog trough. But I suppose we all have experiences like that. In all honesty the last car I bought (off of eBay) went very smoothly and the seller was a good guy and honest--though I did talk to him in person and he showed me the title (and car). But I wired tranferred the funds to him and didn't see the car for three days--I'm not likely to do that again. But some people buy a car from eBay, wire transfer the funds, and have the car shipped and don't see it for two-three weeks. I know eBay has $20,000 in fraud protection, but it could be interesting to try and collect.

    wagone

  26. #26
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    Since I am the seller and not the buyer I see little risk for me in this transaction. I did once get a bogus Cashier's Check so I am a little careful when selling things. Best I can tell, the buyer runs most of the risk in a wire transfer. I have notified the buyer we will go through with the sale using a wire transfer to my bank.

    Mike
    www.packardhawk.com

  27. #27
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    Since I am the seller and not the buyer I see little risk for me in this transaction. I did once get a bogus Cashier's Check so I am a little careful when selling things. Best I can tell, the buyer runs most of the risk in a wire transfer. I have notified the buyer we will go through with the sale using a wire transfer to my bank.

    Mike
    www.packardhawk.com

  28. #28
    Golden Hawk Member JDP's Avatar
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    I'd be delighted if a crook wired me too much money, I do take tips.

    JDP/Maryland
    63 R2 SuperHawk (Caesar)
    spent to date $54664,75
    64 R2 GT (Sid)
    spent to date $62,839.60
    63 Lark 2 door
    51 Commander
    39 Coupe express
    39 Coupe express (rod)


  29. #29
    Golden Hawk Member JDP's Avatar
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    I'd be delighted if a crook wired me too much money, I do take tips.

    JDP/Maryland
    63 R2 SuperHawk (Caesar)
    spent to date $54664,75
    64 R2 GT (Sid)
    spent to date $62,839.60
    63 Lark 2 door
    51 Commander
    39 Coupe express
    39 Coupe express (rod)


  30. #30
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    I have used wire transfer in receiving payment for an eBay car. I believe it to be the safest long distance method.
    There are many fraudulent bank/cashier's checks around.
    Just to be on the safe side, I receive funds into an account that has very little money in it, like a couple of hundred dollars.
    I have been dealing with HSBC (formerly Marine Midland) for 45 years. They charged me $20 for wire transfer receipt of money into my account and their bank. This seemed ridiculous to me. I checked with the HVF Credit Union that I also use. They told me that there will be no charge for wire transfer. Guess who now gets my wired in money.

    Gary L.
    Wappinger, NY

    SDC member since 1968
    Studebaker enthusiast much longer

  31. #31
    Golden Hawk Member
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    I have used wire transfer in receiving payment for an eBay car. I believe it to be the safest long distance method.
    There are many fraudulent bank/cashier's checks around.
    Just to be on the safe side, I receive funds into an account that has very little money in it, like a couple of hundred dollars.
    I have been dealing with HSBC (formerly Marine Midland) for 45 years. They charged me $20 for wire transfer receipt of money into my account and their bank. This seemed ridiculous to me. I checked with the HVF Credit Union that I also use. They told me that there will be no charge for wire transfer. Guess who now gets my wired in money.

    Gary L.
    Wappinger, NY

    SDC member since 1968
    Studebaker enthusiast much longer

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