Verifying Bank Wire Transfers

[springer]

Here is some info for anyone receiving a wire transfer that might help you to determine whether the funds from the sale of your Rolex, car or baseball card collection has been transferred to your account via a wire funds transfer. If you bank online, you should be able to view this information through your online bank account. If you do not bank online, a call to your bank can verify this information. If you are calling your bank to check on a wire funds transfer, write down everything that you are told about the transfer, to include the name of the person from the bank providing the information.

If you look at the info below, the 3/31/11, transaction has a $10 bank fee for a wire transfer. The next entry, later in the day on 3/31/11, indicates a credit to the account below for $4,490. This entry also provides information that the wire funds transfer came from U.S. Bank N/A and originated from U.S. Bank account holder Smith, Bill J. The numbers are bank numbers and transaction numbers, which your bank should be able to verify for you. If it is not a wire funds transfer credit to your account, it would indicate the type of funds transfer that was made to your account - i.e. cash, check etc.

If you are expecting a wire funds transfer, and the transfer of funds to your account does not indicate such, that should be a huge red flag to you. Your next move should be a trip to your bank to verify whether or not the wire transfer properly occurred or you were the potential victim of a fraud.


Date Description
Deposits / Additions
Withdrawals / Subtractions

Pending Transactions( What's this? )




03/31/11 WIRE TRANS SVC CHARGE - SEQUENCE: 230387060454 SRF# 1265331037901 TRN#110331068260 RFB# 1144458 $10.00

03/31/11 WT FED#02162 U.S. BANK, N.A. /ORG=SMITH Bill J. SRF# 1265331037901 TRN#110331068260 RFB# 114445821

$4,490.00

[Rolex116520]

Thanks for the info John .
This is very similar what we have in Europe . Some countries in Europe their bank system may not allow for third parties to deposit cheques or cash onto your account . That will prevent the check deposit in an attempt to make you believe that the money was transferred in and cleared (safe)

[Ray T]

is this some generic thing? or does it look the same for every bank, i've never received a bank wire before, thats why i'm asking

[springer]

The insert depicts online records from a Wells Fargo account but it is probably the same for most banks, at least in the USA.

[globalmedia33]

Thanks.

[onkyo]

Thanks John... have been hearing about too many scammers using fraudulent deposits disguised as wires. It's a shame each and every time.

[nch209]

Thanks. This is marked for future reference!!!

Thanks!

[motomc1]

before I really accepted bank wires etc. What I thought was a wire transfer were fake moneygram money orders being deposited into my account. I didn't pay close attention to the deposit. I had plenty of money in the account to cover the fake money orders so the funds "posted". 10 days later they were reversed of course. Yea Yea I know. Since then I have well educated myself with deposits AND protected myself. One thing I have learned to do is have 2 seperate accounts that carry low (50-70 dollar) balances. If cash or a wire (same as cash) comes in it's posted immediately (funds immediately available) and I transfer them IMMEDIATELY into a (different) main account and ship the watch. If a personal check...or unverified funds are deposited into the account a hold will be placed on them because there isn't enough money in the account to cover them until they clear. Then I don't ship the watch until absolutely cleared :)

[springer]

Looks like a good time to resurrect this thread. I see one of the members was just scammed by a wire transfer.

jP

[nycpassat]

thanks for the info. this is certainly pretty scary since I have a couple of watches posted for sale.

[Cc1966]

Thanks for reviving this thread. Good info here.

[jluger]

So I have a really dumb question, but want to be clear before I pull the trigger on a watch from a seller on this forum:

Is a 'wire' different from an 'online transfer'? For example, I can go into my bank account online, set up a transfer/payment to a third party, and send them the money directly. I just enter their account details, and it goes directly to them.

Is a wire something else? Does it involve a trip to my bank to have them do it?

Thanks for indulging my newb question.