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Accepting a Bank Wire for a High Price Item on eBay?

TookybanditTookybandit Posts: 3,414 ✭✭✭✭
in U.S. Coin Forum
With and eBayer that has solid feedback. Say 1,000+ feedback 100% Positive and they are a Top Rated Seller. Is there any reason for concern accepting a bank wire for an item over $3,000? I would save the PayPal fees and I would still sell the item through eBay.

Experienced responses would be greatly appreciated.



Comments

  • commoncents05commoncents05 Posts: 10,096 ✭✭✭
    It would work for me.

    -Paul
    Many Quality coins for sale at http://www.CommonCentsRareCoins.com
  • abitofthisabitofthatabitofthisabitofthat Posts: 2,142 ✭✭✭
    Be careful about the term 'bank wire'.

    There are two kinds of electronic bank transfers, Fedwire and ACH. Fedwire funds are transferred instantaneously and are irrevocable. I would accept this type of payment. ACH settles overnight, and the sender can request that the funds transfer be reversed within a period of time (up to 30 days). I would not accept this type of payment.

    merse

  • TookybanditTookybandit Posts: 3,414 ✭✭✭✭
    Do local banks offer Fedwire services?
  • abitofthisabitofthatabitofthisabitofthat Posts: 2,142 ✭✭✭


    << <i>Do local banks offer Fedwire services? >>



    Yes. (virtually) All banks are members of the Federal Reserve system and can send and accept Fedwire.

    merse

  • TookybanditTookybandit Posts: 3,414 ✭✭✭✭
    Nice! I will investigate on Monday. Much appreciated! image
  • coindeucecoindeuce Posts: 13,496 ✭✭✭✭✭
    Be prepared to have your bank tell you that they charge a Fed Wire-in fee. Even my Credit Union charges it, on the order of $25.

    "Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
    http://www.american-legacy-coins.com

  • lkeigwinlkeigwin Posts: 16,893 ✭✭✭✭✭


    << <i>With and eBayer that has solid feedback. Say 1,000+ feedback 100% Positive and they are a Top Rated Seller. Is there any reason for concern accepting a bank wire for an item over $3,000? I would save the PayPal fees and I would still sell the item through eBay.

    Experienced responses would be greatly appreciated. >>

    No.
    Lance.
    Coin Photography Services / Everyman Registry set / BHNC #213
  • TookybanditTookybandit Posts: 3,414 ✭✭✭✭
    A $25 fee sounds very reasonable vs. PayPal

    Thank you for the quick responses and help on this. image
  • airplanenutairplanenut Posts: 22,382 ✭✭✭✭✭


    << <i>Be prepared to have your bank tell you that they charge a Fed Wire-in fee. Even my Credit Union charges it, on the order of $25. >>

    which is cheaper than paypal on high value stuff.

    I'm happy to take wires since it takes away a buyer's eBay and PayPal protection. It then let's meant normally, especially with dealing with international shipping requirements.
    JK Coin Photography - eBay Consignments | High Quality Photos | LOW Prices | 20% of Consignment Proceeds Go to Pancreatic Cancer Research
  • WillieBoyd2WillieBoyd2 Posts: 5,269 ✭✭✭✭✭
    Are the seller and buyer located within the same country?

    I live in California and I could not get a wire transfer to Canada to work last year.

    image
    https://www.brianrxm.com
    The Mysterious Egyptian Magic Coin
    Coins in Movies
    Coins on Television
  • TookybanditTookybandit Posts: 3,414 ✭✭✭✭
    Yes, both are USA. International would scare me unless I had some sort of insurance coverage to protect me from fraud (If such a thing exists?).
  • JulianJulian Posts: 3,370 ✭✭✭
    I have taken wires and have had no consequences. Based on some other comments, I guess that I would look at their feedback.
    PNG member, numismatic dealer since 1965. Operates a retail store, also has exhibited at over 1000 shows.
    I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.

    eBaystore
  • Type2Type2 Posts: 13,985 ✭✭✭✭✭
    From some one here yes. But to give some one my info on the bay i'll pass. To save a fee of $250 i'll pay the fee so i dont get burned for thousand's of $'s. image


    Hoard the keys.
  • TookybanditTookybandit Posts: 3,414 ✭✭✭✭


    << <i>From some one here yes. But to give some one my info on the bay i'll pass. To save a fee of $250 i'll pay the fee so i dont get burned for thousand's of $'s. image >>



    I am still paying the $250 this will only save me the PayPal fee. If a Fedwire is irrevocable, once the funds are received I do not see any issue?


  • airplanenutairplanenut Posts: 22,382 ✭✭✭✭✭
    As a precaution, I have a separate wire account. Funds get sent there and I then move them to my checking account, so the wire account is almost always empty. No buyer ends up with any useful information if they want to target an account with funds in it.
    JK Coin Photography - eBay Consignments | High Quality Photos | LOW Prices | 20% of Consignment Proceeds Go to Pancreatic Cancer Research
  • blu62vetteblu62vette Posts: 11,943 ✭✭✭✭✭


    << <i>As a precaution, I have a separate wire account. Funds get sent there and I then move them to my checking account, so the wire account is almost always empty. No buyer ends up with any useful information if they want to target an account with funds in it. >>



    This is a good idea.

    http://www.bluccphotos.com" target="new">BluCC Photos Shows for onsite imaging: Nov Baltimore, FUN, Long Beach http://www.facebook.com/bluccphotos" target="new">BluCC on Facebook
  • lostincoinslostincoins Posts: 4,278 ✭
    I have the same a wire transfer account, it's the safest way. If your taking a wire transfer and voiding your right to PayPal protection why not just do the sale outside of ebay and save all the fees?
  • TookybanditTookybandit Posts: 3,414 ✭✭✭✭
    That's a great idea! I do have an account that I have been meaning to close ...with next to nothing for a balance. I think I will hold onto it now. image
  • TookybanditTookybandit Posts: 3,414 ✭✭✭✭


    << <i>I have the same a wire transfer account, it's the safest way. If your taking a wire transfer and voiding your right to PayPal protection why not just do the sale outside of ebay and save all the fees? >>



    Too late, I changed the listing to a BIN/OBO and have already accepted his offer.
  • LanceNewmanOCCLanceNewmanOCC Posts: 19,999 ✭✭✭✭✭


    << <i>

    << <i>From some one here yes. But to give some one my info on the bay i'll pass. To save a fee of $250 i'll pay the fee so i dont get burned for thousand's of $'s. image >>



    I am still paying the $250 this will only save me the PayPal fee. If a Fedwire is irrevocable, once the funds are received I do not see any issue? >>



    so then what it boils down to is what information does the recipient get via fedwire that they cannot get via shipping label/packing slip/paypal/ebay request info.
    .

    <--- look what's behind the mask! - cool link 1/NO ~ 2/NNP ~ 3/NNC ~ 4/CF ~ 5/PG ~ 6/Cert ~ 7/NGC 7a/NGC pop~ 8/NGCF ~ 9/HA archives ~ 10/PM ~ 11/NM ~ 12/ANACS cert ~ 13/ANACS pop - report fakes 1/ACEF ~ report fakes/thefts 1/NCIS - Numi-Classes SS ~ Bass ~ Transcribed Docs NNP - clashed coins - error training - V V mm styles -

  • blu62vetteblu62vette Posts: 11,943 ✭✭✭✭✭
    I would feel fine on a fed funds wire. Once you have the buyers name a quick google or check with a few dealers here and there is a good chance you can find the info you need to feel fine.

    http://www.bluccphotos.com" target="new">BluCC Photos Shows for onsite imaging: Nov Baltimore, FUN, Long Beach http://www.facebook.com/bluccphotos" target="new">BluCC on Facebook
  • lostincoinslostincoins Posts: 4,278 ✭
    Lance it is the routing numbers you have to be concerned about as a wire transfer can be reversed and a hacker can reverse the transfer and make it for more money clearing out the account. As for ebay you could always cancel the transaction then do the sale using PayPal for buyer seller protection skipping the ebay fees and paying the lower PayPal fee. By doing this both parties would be protected.
  • LanceNewmanOCCLanceNewmanOCC Posts: 19,999 ✭✭✭✭✭


    << <i>Lance it is the routing numbers you have to be concerned about as a wire transfer can be reversed and a hacker can reverse the transfer and make it for more money clearing out the account. As for ebay you could always cancel the transaction then do the sale using PayPal for buyer seller protection skipping the ebay fees and paying the lower PayPal fee. By doing this both parties would be protected. >>



    granted i may be comparing apples and oranges: after realizing that every time i write a check, someone gets my routing and account number(s) my concern about people getting my info waned a bit. not only that, but it has my address and phone and if someone wants to learn about check washing, the info is readily available. how to pick locks, get around security systems etc, videos are all readily available. i don't spend much time watching them but i have seen quite a few. too many variables for crime to pay imo, besides creating chaos instead of order, for my taste.

    also my comment was derived to get an actual answer (w/o having to do an incoming fedwire myself) for what specific information the recipient would get over what they could get very easily otherwise. common sense will tell me the information that is possible to get. (also, since you attempted to answer, can you confirm 100% that the routing # is available to the recipient? doesn't sound right to me but then again it is on every check i write so it is plausible)

    i'm sure a quick phone call or two or google search would get me an answer.

    after all my research, the most common theme that appeared was that it is not hard for a decent criminal to get the information, it is getting away with it that is the challenging part and probably is what does detour crime that would otherwise be accomplished successfully.

    <--- look what's behind the mask! - cool link 1/NO ~ 2/NNP ~ 3/NNC ~ 4/CF ~ 5/PG ~ 6/Cert ~ 7/NGC 7a/NGC pop~ 8/NGCF ~ 9/HA archives ~ 10/PM ~ 11/NM ~ 12/ANACS cert ~ 13/ANACS pop - report fakes 1/ACEF ~ report fakes/thefts 1/NCIS - Numi-Classes SS ~ Bass ~ Transcribed Docs NNP - clashed coins - error training - V V mm styles -

  • BAJJERFANBAJJERFAN Posts: 31,278 ✭✭✭✭✭


    << <i>I have the same a wire transfer account, it's the safest way. If your taking a wire transfer and voiding your right to PayPal protection why not just do the sale outside of ebay and save all the fees? >>



    It would be kind of hard since the buyer likely wanted to pay by wire AFTER he won/bought the item.
    theknowitalltroll;
  • BAJJERFANBAJJERFAN Posts: 31,278 ✭✭✭✭✭


    << <i>As a precaution, I have a separate wire account. Funds get sent there and I then move them to my checking account, so the wire account is almost always empty. No buyer ends up with any useful information if they want to target an account with funds in it. >>



    Wasn't this discussed here awhile back and mentioned about wired funds going into some sort of blind account so that the sender couldn't get your real account info?
    theknowitalltroll;
  • JustMe2JustMe2 Posts: 180 ✭✭


    << <i>Lance it is the routing numbers you have to be concerned about as a wire transfer can be reversed and a hacker can reverse the transfer and make it for more money clearing out the account. As for ebay you could always cancel the transaction then do the sale using PayPal for buyer seller protection skipping the ebay fees and paying the lower PayPal fee. By doing this both parties would be protected. >>



    You hand out those numbers every time you give some one a check. Some people even post them on their web site for payment.
  • TookybanditTookybandit Posts: 3,414 ✭✭✭✭
    ...the buyer who made the offer and agreed to purchase the item last night already wants to back out of the transaction. eBay can sure be a tiresome endeavor!

    He has agreed to cancel the transaction and I have added him to my blocked bidders list. What a big waste of time. image

    I have learned time and again to not count my chickens before they've hatched. At least I learned a few tips about Fedwire that will help me in the future.



    Buyer's message:

    "I'm sorry. I buy these all day at $3200. I was at a soccer game and wasn't paying attention."




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