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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

  • #2
    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
    HTIH (Hope The Info Helps)

    Jeff


    Get your facts first, and then you can distort them as much as you please. Mark Twain



    Note: SDC# 070190 (and earlier...)

    Comment


    • #3
      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
      HTIH (Hope The Info Helps)

      Jeff


      Get your facts first, and then you can distort them as much as you please. Mark Twain



      Note: SDC# 070190 (and earlier...)

      Comment


      • #4
        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)

        JDP Maryland

        Comment


        • #5
          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)

          JDP Maryland

          Comment


          • #6
            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.

            Comment


            • #7
              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.

              Comment


              • #8
                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.


                Dick Steinkamp
                Bellingham, WA

                Comment


                • #9
                  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.


                  Dick Steinkamp
                  Bellingham, WA

                  Comment


                  • #10
                    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)

                    JDP Maryland

                    Comment


                    • #11
                      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)

                      JDP Maryland

                      Comment


                      • #12
                        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!


                        Dick Steinkamp
                        Bellingham, WA

                        Comment


                        • #13
                          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!


                          Dick Steinkamp
                          Bellingham, WA

                          Comment


                          • #14
                            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

                            Comment


                            • #15
                              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

                              Comment

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