Is there any risk with wire transfers (on the receiving end)?
Barry
Posts: 10,100 ✭✭✭
Once money hits my account, is there any way it can "bounce" or once it's there, it's good for sure?
Is there any risk on my part in providing someone with my wiring info (acct #, ABA #, etc.) ? Can a ne'er-do-well wire money OUT of my account with that info, without my authorization?
Is there any risk on my part in providing someone with my wiring info (acct #, ABA #, etc.) ? Can a ne'er-do-well wire money OUT of my account with that info, without my authorization?
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It is important to know that generally speaking, the sender's bank will almost always make the sender produce identification which will make hijacking the account quite difficult.
To be extra safe, you could always set up a separate bank account for incoming wire transfers and move the money to your other account after receipt of funds.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
I no longer accept them.
The scammers really have people worried, don't they? Law enforcement doesn't seem to care and the scammers know it.
" My suspicions are that if someone hijacked the "sender's" account and sent a wire transfer of their money to you, the true owner of the funds could make the recieving bank disgorge the funds, it the funds are still there. "
I know that if a negotiable instrument (such as a check), is accepted for value (meaning that the person who accepted it provided services, goods, or cash equal in value), then the money transferred to the person who accepted the check is entitled to keep the money. Thus, I would think the same would be true of a wire transfer.
I also asked about fees when I called. $9 to receive a wire (and $20 to send one.) It beats the Paypal fee! Speaking of Paypal, I planned to use my "Paypal" account which is used for Paypal only and money is immediately transferred out when it hits that account.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>I know that if a negotiable instrument (such as a check), is accepted for value (meaning that the person who accepted it provided services, goods, or cash equal in value), then the money transferred to the person who accepted the check is entitled to keep the money. Thus, I would think the same would be true of a wire transfer. >>
Huh? You mean if someone sends me a bad check and I give them something of value for it I'm entitled to keep the money the bank puts into my account before the check bounces? I don't think so.
My understanding is that the money can only be removed from the account if the wire was posted in error.