Caution when providing wire transfer information

[Andelain]

Originally Posted by blixorb

Good points.

As a 'potential buyer' (jesus, it's like I'm a guy looking at cars on the lot) I am actually more concerned about being scammed. It's much easier for someone to get a wire transfer, check or money order from me and then disappear than it is for me to somehow get someone's watch and not pay.

And, posting more comments doesn't explain to me how my funds become more appealing to a seller.

Whatever. I may be in NYC this weekend, and will probably just go to a store.

Originally Posted by gooner3900

Not getting a reply for lack of posting. Now I know why I had no joy when I was looking to buy. Bought from AD in the end

You both should talk to greekbum. He just traded several PM's with me about something he has and was really informative and great to work with. Even though I didn't end up buying from him this time I definitely will in the future.

[Gaijin]

I put a want to buy ad on here and had three newbies who miracuosly and immediately had the exact Rolex that I was looking for! Wow!

Please be careful when buying and selling.

[mrbill2mrbill2]

Originally Posted by blixorb

Funny, I was wondering about many of the questions posted/answered here when I saw some of the folks who's items I am curious about!

I've never spent more than about $200 on a watch - out of sheer conservatism/ignorance (my dad wore a Citizen the City gave him, valued at all of $50, for YEARs), mind you. This year was, financially, 'a good one' and now I have the bug.

I'm not much of a shopper or collector- I find what I want, and buy it.

So, how do I make myself known, when I really don't have the time to engage in lots of conversations?

;)

Just out of curiousity, if you never spend more than $200 - how do you have an Omega Seamaster?

[blixorb]

Some time after joing RF, I did get the Seamaster - off of CL. Its quartz movement, but still far nicer than anything Ive ever owned. Still have it, wear it off and on.

[jvmartin]

Bank wire is definitely the safest way to receive funds. NEVER confuse a deposit for a legit wire though, until it has been verified as a legitimate bank wire. I have seen a 50k wire reversed because the wire was sent by a scammer from another individual's account. ALWAYS wait at least a day for it to settle before doing anything. NEVER ship a watch the same day a wire is received!!

Most bank wires take 1 day to settle and appear as bank wires in your account anyway. The biggest scam with bank wires out there is a scammer will deposit a fake check in your account, you will see a deposit for said amount, and assume the wire is in. A few days later the check bounces, the funds are deducted, and your out one Rolex.

[function12]

A true bank wire can not be reversed under Federal law. That is way banks, mortgage co, and ect require these.

[jvmartin]

Trust me my friend, I have seen it with my own eyes. The bank wire had not settled though. They reversed it the same day it had been sent so it was still pending in the account. That's why waiting 1 business day is absolutely positively necessary even for bank wire.

Originally Posted by function12

A true bank wire can not be reversed under Federal law. That is way banks, mortgage co, and ect require these.

[applebook]

Originally Posted by jvmartin

Trust me my friend, I have seen it with my own eyes. The bank wire had not settled though. They reversed it the same day it had been sent so it was still pending in the account. That's why waiting 1 business day is absolutely positively necessary even for bank wire.

Most businesses ship the same day that wires are received, and I've not heard of any major problems that they've encountered.

Most banks will not accept anything other than cash for a third party deposit. It makes no sense for banks to accept checks from third parties. For one thing, someone who just wants to annoy you could deposit loads of bad checks into your account for fun!

[jvmartin]

I have known multiple dealers and jewelers who were burned with fake cashier's checks. Not sure if banks accept personal checks for deposit. I have even heard of scammers overnighting the checks to your bank to make it appear as if the wire was sent.

Originally Posted by applebook

Most businesses ship the same day that wires are received, and I've not heard of any major problems that they've encountered.

Most banks will not accept anything other than cash for a third party deposit. It makes no sense for banks to accept checks from third parties. For one thing, someone who just wants to annoy you could deposit loads of bad checks into your account for fun!

[Danex]

Originally Posted by Andelain

I've joined other forums just to buy stuff, not to talk. It wasn't until I joined this forum that I got snubbed by a 'trusted seller', when I had around 70 posts. I'd think you'd give those people a chance to prove they're serious, at least. I know I was up until the seller wouldn't even bother to tell me what year the watch was made. It kind of sucks that I have to resort to ebay if I want to buy online just because I discovered this forum after I started buying Rolexes.

I've purchased two watches thus far from DAVIDSW, and the first one with very few or no posts under my belt. As a buyer it's scary sending $ to a stranger. Now I have perspective of what it like to be a seller and their respective fears. I see why sellers prefer to email rather than PM, and why a phone conversation is also good for honest business.

Thanks to Davidsw for helping me when I could have been a ?&*!~.

[locutus49]

As someone suggested, I set up a separate bank account, with its own debit card, and use that for all internet purchases and for PayPal (injections of cash into PP). If that account goes bad, I will have limited damage.

I told the bank the purpose of the account and they thought it was a good idea. Make sure it is completely separate from all other bank accounts you have.

[locutus49]

Good info. But I avoid telephone calls as they provide no hard evidence should a transaction go bad and you seek legal redress. I try to keep everything in writing.

Originally Posted by Danex

I've purchased two watches thus far from DAVIDSW, and the first one with very few or no posts under my belt. As a buyer it's scary sending $ to a stranger. Now I have perspective of what it like to be a seller and their respective fears. I see why sellers prefer to email rather than PM, and why a phone conversation is also good for honest business.

Thanks to Davidsw for helping me when I could have been a ?&*!~.

[MonBK]

Originally Posted by locutus49

As someone suggested, I set up a separate bank account, with its own debit card, and use that for all internet purchases and for PayPal (injections of cash into PP). If that account goes bad, I will have limited damage.

I told the bank the purpose of the account and they thought it was a good idea. Make sure it is completely separate from all other bank accounts you have.

If the account is with the same bank it won't be separate if something goes wrong and the bank will take funds from your main account.

[T. Ferguson]

Originally Posted by Numismatist

Yes, absolutely true. Unless you specifically check with your bank that the money came in by wire; then it can be taken back out anytime by the sender. So you can't just look at your statement online, see the deposit, and think it's all set to ship.

Also, anyone with your routing, name, and bank account and access to the ACH system (relatively easy) can take all your money and disappear before it's discovered. If you happened to ship the watch before checking, then you're out that as well.

Be very careful and you really should have a wire account with very little in it for this purpose.

There's something I'm not sure I understand. If anyone with an ACH account can debit your account for money (like a utility company or the gym, etc.), then what difference does it make if he sends you a wire? If he has ACH access and your account number couldn't he still debit your account for that money, assuming the cash is still in the account?

Thanks.

[HL65]

Originally Posted by T. Ferguson

There's something I'm not sure I understand. If anyone with an ACH account can debit your account for money (like a utility company or the gym, etc.), then what difference does it make if he sends you a wire? If he has ACH access and your account number couldn't he still debit your account for that money, assuming the cash is still in the account?

Thanks.

No...Absolutely not.

[joli160]

In Europe it's a bit easier, I do all my banking online, wiring the money will take less than an hour (in the NL) for the recipient to have it on his account. This transfer is irreversible but when buying I do need the sellers name and account number. No risk for the seller at all and no paypal and credit card hassle, which i find very inconvenient.
The seller will ship than the same day.

[b06tmm]

Good information everyone, thanks for reviving this old thread!

[Emmanuel69]

Helpful information for a future purchase I would like todo here. It gives a noob like me a little more confidence to buy from trusted sellers on the TRF.

[QueueCumber]

I'm curious where/how to insure pieces that are sold and being shipped via an independent insurance company, especially since most shipping company's have disclaimers voiding insurance on jewelry, or won't cover over a certain amount.