wire transfer as payment, please help

[cyberserf]

I have a buyer on ebay who needs an item before he goes on a trip. He has 1 week left. It is a digital camera valued at $700.
He has a 0 rating on ebay. Since he is not signed up for Paypal and mostly has to wait a few days to get confirmed by
them he suggested that I accept a wire transfer from his bank. He wants my bank name, address, and my bank account # etc...
I have never done a sale this way so I want my fellow ebayers to help explain the risks of giving out my info if any and if I should
give this customer my bank info. He has given me his name and phone #. The first thing he emailed was to pay by Visa. I told him I can
accept cc payment via Paypal. He tried to signup and had some trouble so that is when he suggested the bank transfer.
He also said he has a fedex account and would like me to have them pickup the package for him with.
What should I do? Thanks much!

Cyber

here is email I got from him:

My name,(sent this first)

I am trying to set up an account with PAYPAL but I keep going around in a pool. I have asked them for help.
We will see what happens to morrow. I am leaving for Europe on Saturday May 18/02. There really is not a lot of time.
If this doesn't work I will ask you for your bank account etc.etc. and wire the money to your account.

His name.


My name(sent this last),

Instead of waiting two or three days what if I instruct my bank to wire funds to your bank account. I can send you proof
of Fax instructions to my bank and we can proceed with the transaction if satisfactory to you? I would need your fax number
and the particulars of your bank account such as #, name of account, name of bank address, tel # and contact there so
that my bank can wire funds to the correct place.

his name.

 

[RossMAN]

Unfortunately I'm not that much into FS/FT or eBay auctions but I do know about wire transfers. If you decide to accept an incoming wire transfer make sure to call your bank and ask them what their routing instructions are. Assuming this person is in the USA you only need to provide them with:
1) Your banks name, 9 digit ABA routing number, branch name and address.
2) Your first and last name (as it appears on your monthly statements) and complete account number.

If I were you I'd ask him for payment via cashier's check which are considered "guaranteed funds" (as good as cash), ask him to have his bank cut a cashiers check and send it to you via overnight USPS/UPS/FedEx on Monday (or later today) you should receive it the next business day. You could ship the camera to him that same day after the cashier's check has cleared.

Unless it's someone I personally know or for employment/business I never give my account information to just anyone.

 

[dakata24]

what about using western union or some other service similar to that?

seems risky giving out your bank account # to someone that has 0 feedback..

 

[PsychoAndy]

what Rossman said. I STRONGLY reccomend an overnighted cashiers check. the funds are essentially guraranteed, unless the check is a forgery.

Fed Wire: What Ross said again. All you need to give him is your name, account number and ABA routing. there WILL be a fee involved on your end, should be around $10. the federal reserve charges for every transaction conducted on their wire lines.

AFAIK, it isnt risky as all youre giving them is the account and the name. You shouldnt be able to get access to someones account unless you have their DOB, SSN, address, et al. but then again, he might be able to get the address and phone off the shipping label.

Western union is fast, but they do charge an arm and a leg. I had a client send me funds internationally and he paid something to the tune of $24 USD extra.

 

[RossMAN]

<< what Rossman said. I STRONGLY reccomend an overnighted cashiers check. the funds are essentially guraranteed, unless the check is a forgery.

Fed Wire: What Ross said again. All you need to give him is your name, account number and ABA routing. there WILL be a fee involved on your end, should be around $10. the federal reserve charges for every transaction conducted on their wire lines.

AFAIK, it isnt risky as all youre giving them is the account and the name. You shouldnt be able to get access to someones account unless you have their DOB, SSN, address, et al. but then again, he might be able to get the address and phone off the shipping label.

Western union is fast, but they do charge an arm and a leg. I had a client send me funds internationally and he paid something to the tune of $24 USD extra. >>



Very good point about the wire transfer fees, there are usually fees to send a wire transfer ($25 - $40) and you're charged fees for incoming wires as well ($10 - $15).

IMHO it's a lot safer/cheaper to have the winning bidder overnight you a cashier's check (make sure to specify cashier's check, not money order, not personal check) which costs $15 as opposed to $40 in wire fees. Another benefit is he won't have your bank info esp your account number.

 

[dakata24]

oh boy, didnt know western union cost so much... sounds like rossmans suggestion of cashiers check overnighted is the safest/least expensive/fastest way to go..

 

[cyberserf]

thanks,

I have emailed user with a paypal request for payment. this way he doesnt need to be verified with ebay. I also asked him to call bank and send cashiers check overnight to me if he wishes.
I will post again when he responds back to me.

Thanks,
cyber

 

[FelixDeCat]

>oh boy, didnt know western union cost so much... sounds like rossmans suggestion of cashiers check overnighted is >the safest/least expensive/fastest way to go..


And even then watch out. Those things could be forged or stolen. Wait til it clears.

 

[EagleKeeper]

Cashiers check and US Express Mail ($11)

Do not give out your bank info.

 

[eleutheria]

I have learned something.

It is getting to be rare to find a question and answer thread in OT that isn't full of idiots trying to out-nef each other, so I do want to thank the people who took the time to answer the original poster's question.

 

[cyberserf]

I just realized that he is from Canada. does customs fees apply to certain carriers like fedex or ups and do
they charge for cashiers check coming from Canada?

cyber