Wire Transfer Question...

Coll3ctor · December 2, 2008 2:50AM

When a wire transfer posts to your bank account is this guaranteed ? Is there any way that it can be charged back ?

ThanX

Gary

rgCoinGuy · December 2, 2008 2:58AM

In my industry it is considered guaranteed funds. To feel safe, call your bank and make sure the funds are available for withdrawal if you would like.

19Lyds · December 2, 2008 3:02AM

Wire Transfers are a one way ticket.

WTCG · December 2, 2008 3:11AM

With most banks once the wire transfer posts the transaction is finished and the funds are available for withdrawl.

notwilight · December 2, 2008 3:26AM

<< Wire Transfers are a one way ticket. >>

That is not what my bank told me (Wells Fargo). They helped me set up a seperate account that I use for wire transfer and then I sweep the money into my business account. --Jerry

Coll3ctor · December 2, 2008 3:29AM

<< 

<< Wire Transfers are a one way ticket. >>

That is not what my bank told me (Wells Fargo). They helped me set up a seperate account that I use for wire transfer and then I sweep the money into my business account. --Jerry >>

So what did they tell you ? 24, 48 hours ???

mrcommem · December 2, 2008 3:36AM

Whenever I got a wire transfer, once it showed up in my account it was ready to use. My bank would hold large checks, no matter what the source, for a week or more. I had to use a wire transfer to avoid checks being held.

DoubleEagle59 · December 2, 2008 3:53AM

if it's a large amount, we used to call the bank (where the transfer initiated), talk to the manager and make sure everything is on the up and up.

It takes a little effort, but it's worthwhile.

blu62vette · December 2, 2008 4:01AM

<< 

<< Wire Transfers are a one way ticket. >>

That is not what my bank told me (Wells Fargo). They helped me set up a seperate account that I use for wire transfer and then I sweep the money into my business account. --Jerry >>

This is the safest, a seperate account to accept them then move the funds. Very rare someone could go after the funds but it is possible.

19Lyds · December 2, 2008 4:26AM

The question was: "Is there any way that it can be charged back ?" and unless the transfer was an auditable error, I just do not think there is anyway it can be charged back.

Yeah yeah, sweep it into a different account but then wouldn't a charge back be held against the original receiving account (i.e. the owner of the original account)? So in Jerry's case, even though the money was moved to a different account, he (Jerry) would be liable for the chargeback on the original receiving account.

Right?

notwilight · December 2, 2008 4:33AM

<< 

<< 

<< Wire Transfers are a one way ticket. >>

That is not what my bank told me (Wells Fargo). They helped me set up a seperate account that I use for wire transfer and then I sweep the money into my business account. --Jerry >>

So what did they tell you ? 24, 48 hours ??? >>

It's not so much that there is time required for it to "clear". Once it is there it is there. The concern would be that the other party might initiate a new wire transfer to remove money from my account. He might wire $2k in one day and try to wire $20k out the next. I think if I went to my bank and said, "Hey, remember that guy I wired money to yesterday? Today we want to wire money back into my account" they would say, "It's best to have him initiate the wire back to you." But that is when a scammer would produce some story backed up by fake e-mails that I'm on vacation in the Galapagos and there are no banks there and this is a financial emergency for a kidney transplant...etc...etc...

--Jerry

notwilight · December 2, 2008 4:36AM

<< The question was: "Is there any way that it can be charged back ?" and unless the transfer was an auditable error, I just do not think there is anyway it can be charged back. Yeah yeah, sweep it into a different account but then wouldn't a charge back be held against the original receiving account (i.e. the owner of the original account)? So in Jerry's case, even though the money was moved to a different account, he (Jerry) would be liable for the chargeback on the original receiving account. Right? >>

Not talking about a chargeback. I'm talking about a new wire transfer request. Everyone I've ever given my bank info to has everthing that is needed to transfer money out of my account if they have a cooperative wire transfer agent. Another way they might do it is with inside help from an accomplice who works for the bank. --Jerry

19Lyds · December 2, 2008 4:38AM

<< 

<< 

<< 

<< Wire Transfers are a one way ticket. >>

That is not what my bank told me (Wells Fargo). They helped me set up a seperate account that I use for wire transfer and then I sweep the money into my business account. --Jerry >>

So what did they tell you ? 24, 48 hours ??? >>

It's not so much that there is time required for it to "clear". Once it is there it is there. The concern would be that the other party might initiate a new wire transfer to remove money from my account. He might wire $2k in one day and try to wire $20k out the next. I think if I went to my bank and said, "Hey, remember that guy I wired money to yesterday? Today we want to wire money back into my account" they would say, "It's best to have him initiate the wire back to you." But that is when a scammer would produce some story backed up by fake e-mails that I'm on vacation in the Galapagos and there are no banks there and this is a financial emergency for a kidney transplant...etc...etc...

--Jerry >>

Huh?

Excuse me but if someone want's to wire money OUT of my account (which I don't think is possible) wouldn't it require my approval as account owner?

Even the courts have to have certain documentation in place before they can garnish wages and I would expect that Mr. Joe Blow Buyer would have to have a lot more unless I expressly approved the transfer.

19Lyds · December 2, 2008 4:44AM

I just verified with my bank that once money has been wired into my account, it cannot be removed FROM my account with out my express approval.

A wire transfer can be stopped before it has been completed but once its completed, the money is mine.

Delorean · December 2, 2008 5:30AM

And watch out for transfer fees..

Coll3ctor · December 2, 2008 5:42AM

<< And watch out for transfer fees.. >>

Paypal wanted 3.5%, The wire transfer was much cheaper for the sender and more secure for me the receiver.

notwilight · December 2, 2008 6:00AM

<< I just verified with my bank that once money has been wired into my account, it cannot be removed FROM my account with out my express approval. A wire transfer can be stopped before it has been completed but once its completed, the money is mine. >>

Lee,
Opinions vary. But remember we are talking an electronic transfer and no two people seem to understand them the same way. My bank is perhaps conservative but this is what they recommended. Although they would also say that it would require your approval to remove the money all the scammer has to do once they have your routing and account info is to either coinvince the agent they have your approval or have an agent who is just as corrupt. --Jerry

notwilight · December 2, 2008 6:02AM

<< 

<< And watch out for transfer fees.. >>

Paypal wanted 3.5%, The wire transfer was much cheaper for the sender and more secure for me the receiver. >>

So it's an international transfer based on the paypal rate.

I got a money wire from Australia that was missing $15 for some "intermediate agent" who neither my bank or his bank could identify. Other than that, wire transfers are always cheaper and safer for large ammounts. -jerry

Johnp · December 2, 2008 6:05AM

I like the extra account idea for wire transfers but I always think about it when I sell coins on Ebay if the guy is trying to rip me off with a wire transfer. I always try to get certified bank checks

DoubleEagle59 · December 2, 2008 6:05AM

<< 

<< 

<< And watch out for transfer fees.. >>

Paypal wanted 3.5%, The wire transfer was much cheaper for the sender and more secure for me the receiver. >>

So it's an international transfer based on the paypal rate.

I got a money wire from Australia that was missing $15 for some "intermediate agent" who neither my bank or his bank could identify. Other than that, wire transfers are always cheaper and safer for large ammounts. -jerry >>

True, this is why you should have two accounts.

Have one 'public' account (the one you give out your wire transfer details) to people sending you money, but in this account you only keep a few hundred dollars. Just in case someone tries to 'withdraw' money from this account of yours, because they have all the pertinent information.

Res · December 2, 2008 6:37AM

<< I just verified with my bank that once money has been wired into my account, it cannot be removed FROM my account with out my express approval.

A wire transfer can be stopped before it has been completed but once its completed, the money is mine. >>

With the info that the person needs to make a wire transfer, they could in theory steal your identity and take money out of your account.

19Lyds · December 2, 2008 6:58AM

<< 

<< I just verified with my bank that once money has been wired into my account, it cannot be removed FROM my account with out my express approval. A wire transfer can be stopped before it has been completed but once its completed, the money is mine. >>

Lee,
Opinions vary. But remember we are talking an electronic transfer and no two people seem to understand them the same way. My bank is perhaps conservative but this is what they recommended. Although they would also say that it would require your approval to remove the money all the scammer has to do once they have your routing and account info is to either coinvince the agent they have your approval or have an agent who is just as corrupt. --Jerry >>

Wrong!

My bank will not wire money out of my account unless they receive a verifiable signature on either a FAX or original doccment from me. Email requests are ignored. Internet requests are channeled to the web page that contains the Authorization Form with instructions on how to fill it out and where to FAX it in to.

Prior to the wire transfer, they call me on the telephone number listed on my account, ask specific identifying information from me, thereby further validating I am who I say I am, before implementing the transfer. If anything fails along the the validation path, the wire transfer does not occur.

Why? Because each check that I write to pay bills has my routing information and bank account number.

Wire transfers are not conducted without absolute verification and authorization because they are non-reversible.

notwilight · December 2, 2008 6:59AM

<< 

<< 

<< I just verified with my bank that once money has been wired into my account, it cannot be removed FROM my account with out my express approval. A wire transfer can be stopped before it has been completed but once its completed, the money is mine. >>

Lee, Opinions vary. But remember we are talking an electronic transfer and no two people seem to understand them the same way. My bank is perhaps conservative but this is what they recommended. Although they would also say that it would require your approval to remove the money all the scammer has to do once they have your routing and account info is to either coinvince the agent they have your approval or have an agent who is just as corrupt. --Jerry >>

Wrong! My bank will not wire money out of my account unless they receive a verifiable signature on either a FAX or original doccment from me. Email requests are ignored. Internet requests are channeled to the web page that contains the Authorization Form with instructions on how to fill it out and where to FAX it in to. Prior to the wire transfer, they call me on the telephone number listed on my account, ask specific identifying information from me, thereby further validating I am who I say I am, before implementing the transfer. If anything fails along the the validation path, the wire transfer does not occur. Wire transfers are not conducted without absolute verification and authorization because they are non-reversible. >>

Lee,
Sounds like you're confident enough that you're ready to post all your banking info right here in this thread. I don't recommend it. --Jerry

19Lyds · December 2, 2008 7:03AM

<< 

<< I just verified with my bank that once money has been wired into my account, it cannot be removed FROM my account with out my express approval.

A wire transfer can be stopped before it has been completed but once its completed, the money is mine. >>

With the info that the person needs to make a wire transfer, they could in theory steal your identity and take money out of your account. >>

Wrong again!

Can you tell me the name of my elementary school? What my birth city is? Who my favorite actor might be? What my first car was?

Wire transfers, at least from my bank, are verified via telephone call just prior to the transfer. They cannot be initiated via the internet or email and I would hope that your bank has the same policies.

notwilight · December 2, 2008 7:06AM

<< 

<< 

<< I just verified with my bank that once money has been wired into my account, it cannot be removed FROM my account with out my express approval. A wire transfer can be stopped before it has been completed but once its completed, the money is mine. >>

With the info that the person needs to make a wire transfer, they could in theory steal your identity and take money out of your account. >>

Wrong again! Can you tell me the name of my elementary school? What my birth city is? Who my favorite actor might be? What my first car was? Wire transfers, at least from my bank, are verified via telephone call just prior to the transfer. They cannot be initiated via the internet or email and I would hope that your bank has the same policies. >>

Lee, I've sent dozens of wire transfers. I've never had to provide information like that. Telling people they are wrong time and time again and then providing "proof" that is contrary to my actual experience seems a little argumentative...--Jerry

Delorean · December 2, 2008 7:10AM

Lee--I say your first car was a Monte Carlo?

Coll3ctor · December 2, 2008 7:15AM

<< Lee--I say your first car was a Monte Carlo? >>

1969 Chevelle SS 396

19Lyds · December 2, 2008 7:47AM

<< 

<< 

<< 

<< I just verified with my bank that once money has been wired into my account, it cannot be removed FROM my account with out my express approval. A wire transfer can be stopped before it has been completed but once its completed, the money is mine. >>

With the info that the person needs to make a wire transfer, they could in theory steal your identity and take money out of your account. >>

Wrong again! Can you tell me the name of my elementary school? What my birth city is? Who my favorite actor might be? What my first car was? Wire transfers, at least from my bank, are verified via telephone call just prior to the transfer. They cannot be initiated via the internet or email and I would hope that your bank has the same policies. >>

Lee, I've sent dozens of wire transfers. I've never had to provide information like that. Telling people they are wrong time and time again and then providing "proof" that is contrary to my actual experience seems a little argumentative...--Jerry >>

You are absolutely right Jerry! I really need to quit telling folks they are wrong as my realities can be and are often different than others.

I feel confident that the wire transfers out of my bank are totally under my control and I'll leave it at that.

19Lyds · December 2, 2008 7:51AM

<< 

<< Lee--I say your first car was a Monte Carlo? >>

1969 Chevelle SS 396 >>

Actually my first real car was a 1968 Mustang Fastback 302 2+2.

But thats not the one I put down.

My last real car ( or should I say current car ) is a 2006 Mitsubishi Lancer Evolution 9!

And again, for this thread, I know I can be head strong and can easily get caught up in the I'm right/you're right scenario's, but I'm just calling it like it is with me. Your bank may be totally different in which case, you need to protect yourself.

Coll3ctor · December 2, 2008 8:29AM

<< 

<< 

<< Lee--I say your first car was a Monte Carlo? >>

1969 Chevelle SS 396 >>

Actually my first real car was a 1968 Mustang Fastback 302 2+2.

But thats not the one I put down.

My last real car ( or should I say current car ) is a 2006 Mitsubishi Lancer Evolution 9!

And again, for this thread, I know I can be head strong and can easily get caught up in the I'm right/you're right scenario's, but I'm just calling it like it is with me. Your bank may be totally different in which case, you need to protect yourself. >>

My first car was a 68 Mustang hardtop with a 351W I pulled out of a 69 Couger

Mercury10c · December 2, 2008 8:33AM

Wire transfers are irreversible. When we do them at the CU where I work, the customer is responsible for providing ALL the info for the account where the money is being sent. That way, if it's wrong, and is sent to the wrong account or wrong bank, we are not responsible. Once the money hits your account, it is yours and it is fully available.

As to the question about moving it to a different account, it doesnt matter where you move it. The owner of that account, which in Jerry's case is still Jerry, is still liable for that money if it were to be "charged back" (whatever that means). Ive seen this happen with cash deposits: Teller f**ks up and puts money into the wrong account, the person who owned that acct saw it, transferred the money to her mother's acct, the mother withdrew all the money. We debited the mother's account for the full amount, which put her into the negative by about $2000 dollars. She is legally obligated to return that money, and could be sued if she does not.

BAJJERFAN · December 2, 2008 8:37AM

<< And watch out for transfer fees.. >>

Most banks have high roller clubs with perks like free wire transfers and stuff like that.

CaptHenway · December 2, 2008 10:13AM

<< The question was: "Is there any way that it can be charged back ?" and unless the transfer was an auditable error, I just do not think there is anyway it can be charged back.

Yeah yeah, sweep it into a different account but then wouldn't a charge back be held against the original receiving account (i.e. the owner of the original account)? So in Jerry's case, even though the money was moved to a different account, he (Jerry) would be liable for the chargeback on the original receiving account.

Right? >>

Correct. A wire transfer made in error, such as to the wrong account number, can be recalled.
If there is no error, it cannot be recalled.

abitofthisabitofthat · December 2, 2008 10:18AM

Be careful. Not all electronic payments are the same. Many people erroneously use the term 'wire' when referring to any electronic funds transfer. A true wire - a Fedwire - is irreversible except for an error - i.e. incorrect account info. An ACH - an electronic payment sent overnight the the Automated Clearing House - can be reversed up to 60 days later and should not be treated as a final payment.

Cladiator · December 2, 2008 10:38AM

Every time I glance at this thread title I think it says "Wife Transfer Question..."

19Lyds · December 2, 2008 11:02AM

<< When a wire transfer posts to your bank account is this guaranteed ? Is there any way that it can be charged back ?

ThanX

Gary >>

Gary, do what I did, contact your bank!

mrearlygold · December 2, 2008 11:04AM

I ship on confirmation of a wire having arrived. It's the fastest method of payment.

Coll3ctor · December 3, 2008 12:04AM

<< 

<< When a wire transfer posts to your bank account is this guaranteed ? Is there any way that it can be charged back ?

ThanX

Gary >>

Gary, do what I did, contact your bank! >>

That is the first thing I did but I have been mislead before so I figured I would ask the pro's

19Lyds · December 3, 2008 12:51AM

<< 

<< 

<< When a wire transfer posts to your bank account is this guaranteed ? Is there any way that it can be charged back ?

ThanX

Gary >>

Gary, do what I did, contact your bank! >>

That is the first thing I did but I have been mislead before so I figured I would ask the pro's

>>

You gotta be kidding right?

Pro's on this board only deal with money if its something they can put in a Dansco!

Wire Transfer Question...

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