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wire transfer advice needed


michiganlambo
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I’m selling a piece of machinery/equipment and we agreed on wire transfer as method of payment. When I’ve sold/bought things in the past it’s always been with cashier check at the bank, so I don’t have lots of experience with wire transfers- hoping there’s more experienced people on here in this area...

 

The buyer is local, we met and agreed on everything; wanted my bank info so he can do the wire transfer..From my understanding everyone advises on going with wire transfer.

 

Here’s my concerns:

1.How do I know the funds are coming from his acct and not some offshore fradulent acct ... .you get the idea;Dont want to be in a scenario where he picks up the equipment and the wire transfer gets reversed, if thats even possible...?

2.Is there a confirmation I should be asking from him or the bank? besides seeing the cash show up in my account..

3. Any suggestions? Am I too paranoid?

 

I don’t have a reason to doubt the buyer, he seems legit; but doesn’t hurt to be cautious....This transaction should take place in the next few days as he wants to pick it up Friday; any and all advise is appreciated.. fyi its about $ 30s k worth so not a big amount, but not something to just carry in cash...

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If he's local why is it such a big deal to have him get a cashiers check or cash? Meet him at the bank and handle it, $30k isn't an obscene amount to request from the bank anyway. Your bank or credit union might offer a free escrow service to handle these sorts of things and verify the funds, etc.

 

I've never had issues with a wire transfer, but this doesn't need to be that difficult.

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There’s probably more flags if he brought you 30k in cash.

 

Wires are safe. ACH is safe. You’ll see where the funds come from. Once your bank tells you the funds have arrived, give him the merch.

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Appreciate the feedback...I guess it’s as safe/straight forward as it sounds; I was just a lil paranoid.

 

He mentioned wire transfer and I didn’t see any reason not to go that route...but just talked to him and his bank wanted to charge him25$ for wire transfer so we’ll be doing it the ‘old fashion way’.. cashier check at the bank.

 

 

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Appreciate the feedback...I guess it’s as safe/straight forward as it sounds; I was just a lil paranoid.

 

He mentioned wire transfer and I didn’t see any reason not to go that route...but just talked to him and his bank wanted to charge him25$ for wire transfer so we’ll be doing it the ‘old fashion way’.. cashier check at the bank.

 

Wire transfer is safer because a cashiers check can still be forged. In this case I wouldn’t worry.

 

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Cash the check before delivery.

 

Yea, I always deposited cashier checks and made sure they clear before exchanging the ‘goods’....

 

Just on a side note, which is kind of weird to me, not necessarly related to the wire transfer anymore, but still related to the transaction, so I’ll throw it outthere...

 

So after he found out that the wire transfer was going to cost him25$, he got a cashier check in my name; he’s on the other side of town 45mins-1 hr away, so instead of meeting me at the bank, he just decided to deposit it in my account ( he had my acct # cause he was going to do the wire transfer)... and telling me after the fact that the $ is already deposited in my acct...I guess what bothers me is the fact he did that without telling me until after he made the deposit for me; Im surprized the bank let him do it...

 

Thats just weird to me and kinda threw me off for a minute... Sure enough I show a deposit ‘still processing status’ in my acct; supposed to clear tomorrow;

So at this point since he changed the conditions of the deal, Im thinkng I need to give at least 3-5days for the check to clear and make sure everything is ok... I told him he cant pick it up until next week....

 

This just turned out to be a weird experience so far...

 

 

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Yea, I always deposited cashier checks and made sure they clear before exchanging the ‘goods’....

 

Just on a side note, which is kind of weird to me, not necessarly related to the wire transfer anymore, but still related to the transaction, so I’ll throw it outthere...

 

So after he found out that the wire transfer was going to cost him25$, he got a cashier check in my name; he’s on the other side of town 45mins-1 hr away, so instead of meeting me at the bank, he just decided to deposit it in my account ( he had my acct # cause he was going to do the wire transfer)... and telling me after the fact that the $ is already deposited in my acct...I guess what bothers me is the fact he did that without telling me until after he made the deposit for me; Im surprized the bank let him do it...

 

Thats just weird to me and kinda threw me off for a minute... Sure enough I show a deposit ‘still processing status’ in my acct; supposed to clear tomorrow;

So at this point since he changed the conditions of the deal, Im thinkng I need to give at least 3-5days for the check to clear and make sure everything is ok... I told him he cant pick it up until next week....

 

This just turned out to be a weird experience so far...

 

The banker probably told him that since he had the info for the wire transfer that he could do that. So to avoid paying the transfer fee and having to travel to give you the check he took care of it. Not really a big deal IMO.

 

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The banker probably told him that since he had the info for the wire transfer that he could do that. So to avoid paying the transfer fee and having to travel to give you the check he took care of it. Not really a big deal IMO.

 

Maybe, but something doesn't feel groovy. I am assuming that the OP and the buyer bank at the same bank? I know you can do transfers at places like BoA and Wells, from account to account.

 

Is the money already in your account? Sounds like it is going to season until Friday, so I would assume you are good to go. I usually do wires, but I have the pickup done at the banking institution, and when the banker tells me the money is there and that I am good, I let the car roll. If the money is actually in your account, you should be good. I don't think they can claw it back from there.

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Maybe, but something doesn't feel groovy. I am assuming that the OP and the buyer bank at the same bank? I know you can do transfers at places like BoA and Wells, from account to account.

 

Is the money already in your account? Sounds like it is going to season until Friday, so I would assume you are good to go. I usually do wires, but I have the pickup done at the banking institution, and when the banker tells me the money is there and that I am good, I let the car roll. If the money is actually in your account, you should be good. I don't think they can claw it back from there.

 

 

 

He banks with huntington, i bank with chase- so he got the cashier check from his bank and made a deposit at chase; across the street.... I checked with Huntington bank and the cashier check is good and valid. It cleared in my bank so it’ll work out, just a somewhat weird chain of events...

 

Thank you everyone about the wire transfer info...I’ll know for future reference.

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always always always call the bank the check was given from. cashiers checks can be fraudulent. wiring money i have no issues with because to wire money i've always had to present id, and once funds are wired they're gone. sold cars that way many times. but if someone brings a cashiers check, they aren't always found to be fraudulent till weeks later, if they are indeed fake.

 

the way to get around that is to call the bank it was written from, ask for them to verify it was indeed signed there. just voluntarily call up the bank (not some number they give you), ask to speak to someone, verify, and if it's legit, then cash it.

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always always always call the bank the check was given from. cashiers checks can be fraudulent. wiring money i have no issues with because to wire money i've always had to present id, and once funds are wired they're gone. sold cars that way many times. but if someone brings a cashiers check, they aren't always found to be fraudulent till weeks later, if they are indeed fake.

 

the way to get around that is to call the bank it was written from, ask for them to verify it was indeed signed there. just voluntarily call up the bank (not some number they give you), ask to speak to someone, verify, and if it's legit, then cash it.

 

 

Absolutelly agree with this. I’ve always verified funds with issuing bank with a phone # I find for the bank’s customer service.

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Ask your branch manager or account manager for wire instructions for your account. Some not all banks, have trust accounts that the money goes too and then into your account. Its an added layer if you tell your bank and you get the instructions from them on receiving wires. Old school before computers dominated. You could write a check on a napkin if it was local....

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