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

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.
Experienced responses would be greatly appreciated.
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-Paul
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
<< <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
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<< <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.
Thank you for the quick responses and help on this.
<< <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.
I live in California and I could not get a wire transfer to Canada to work last year.
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<< <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.
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?
<< <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.
<< <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.
<< <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.
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.
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<< <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.
<< <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.
<< <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?
<< <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.
He has agreed to cancel the transaction and I have added him to my blocked bidders list. What a big waste of time.
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."