Need input ........................... !!!!

Timbuk3 · December 6, 2011 4:31AM

I recently posted a set of gold and silver coins for sale
on the forum. I received a PM from an individual that
I have not done any business with in the past. The
buyer wanted to pay by wire transfer. I declined
the sale because I did not what my bank account
number known and possibly jepordized. Did I do
the right thing?

morgantype · December 6, 2011 4:36AM

I would do the same.

PayPal is free.

RedHerring · December 6, 2011 4:36AM

You can accept or decline any form of payment. Myself? I would have asked for check or money order.

DorkGirl · December 6, 2011 4:37AM

Your gold, your rules. I would want a postal money order or PayPal.

GoldClause · December 6, 2011 4:47AM

I wouldn't have done it either, even if I knew the person.

TheBigB · December 6, 2011 4:52AM

I like using bank wires myself, faster and more reliable than checks or money orders.

Timbuk3 · December 6, 2011 4:56AM

Thanks to all who replied !!!

Beernuts · December 6, 2011 4:58AM

You do realize that every time you write a check, or deposit a check from someone else, your account number is eventually displayed to that person, right?

Personally, I'd take a wire transfer over a check or money order any day. My bank account has a separate routing number for incoming wires - so the "actual" routing number (as displayed on checks) is never revealed to the sender.

Solo · December 6, 2011 5:00AM

I believe with ACH transfers all you need is the name of the bank and a specific number. You give the number, which is not your account number, plus your basic information and basic banking information to the individual and they're able to send the wire. I know I've wired money a couple times over the last two years and neither time was I given an actual routing and account number. I've only wired money twice though so perhaps others can explain in greater detail.

Regardless though it's your rules or the highway as the seller.

19Lyds · December 6, 2011 5:07AM

<< <i>You do realize that every time you write a check, or deposit a check from someone else, your account number is eventually displayed to that person, right?

Personally, I'd take a wire transfer over a check or money order any day. My bank account has a separate routing number for incoming wires - so the "actual" routing number (as displayed on checks) is never revealed to the sender. >>

Thank you for the first sensible reply.

NewParadigm · December 6, 2011 5:31AM

Don't give that info out.

I like paypal. Others here prefer MO's. Either way, it will not compromise your financials security.

johnrav · December 6, 2011 5:37AM

when you walk into a LCS they get to see,

your face! (and here, they require a copy of your DL)

next time go in a ski mask, or tin foil hat.

sorry, don't mean to be gruff, really.

Paypal, they get your email address, checks they get your address, phone, first and last name, bank and probably finger prints... /rant

Mercury · December 6, 2011 5:51AM

I deal with wires transfers in my business and how banks deal with them varies greatly.
Some banks do have diffrent routing numbers for wires and some don't
Some banks will charge you a fee as high as $25 for receiving a wire, some don't charge anything.
One good thing about wires is they are good funds, once you receive the wire it can not be reversed
this is not true of ACH transfers, they can be reversed, is some cases up to 60 days later

Mercury

dollarsandcents · December 6, 2011 5:53AM

A bank wire is perhaps the cheapest, quickest, and safest way to accept payment. So, yeah, you did the wrong thing by refusing.

comma · December 6, 2011 5:57AM

In the end it really doesn't matter. People get bent out of shape giving their card number over the internet, but every time you go out to eat, buy something at walmart, or even buy something from a huge reputable store online, some stranger you have never met will see your number. Personally I'd rather use paypal just because I am more familiar with it, but not because I'm worried about someone seeing my number. It's just one of those out of site out of mind things...

Need input ........................... !!!!

Comments

Leave a Comment