Safest form of payment.

I don't understand the concern on letting your routing numbers out? What's the risk? AFAIK they can transfer in whatever they want but can't take anything out so what's the concern?

Option number 71, take a personal check, to a bank you have locally BOA USB etc, go cash it, you now have cash in hand from a bank so no counterfeit risk. Ship the bike once you have cash

 

Got me thinking and did some half-assed research. I'm offering no expertise on the subject but have always been careful with that information and wanted to see what the real risks were.

All theoretical but:
1. Someone with your name, address, and bank account/routing numbers could walk into a branch of your bank and possibly withdraw funds, transfer, or attach to another account. Depending on the teller of course and if they bother to check signature. Potentially online also?

2. Pay bills. Lots of places (generally utilities) will accept an electronic check. Also paying taxes from a smidge of research, and I read some credit card companies will accept payment in this manner.

3. You can possibly order new checks (or forge) with that info and pass them.

4. From what I've read, you can check bank balances or at least give the bank an amount and request if it will clear with those numbers. TMI.

None of this is like leaving a stack of hundreds on the porch but it's pretty sensitive info. I'd be wary. From what I read, it would give a scammer a foot in the door he would not otherwise have.

Realistically, if the buyer suggested this avenue I'd probably be more worried than if it was your (the seller's) idea.

 

This is hilarious! Tens of Thousands share this information every day- It is printed on every check!

 

Which is sent to a BUSINESS, generally, who has a reasonable expectation of handling it properly. And is also someplace you have an awful lot of recourse if it's not. The subject at hand is what is the safest way to pay an unknown individual/party.

Should I make the font bigger too, so you'll understand it?

 

Ok, no, you got me there. I'm much older than that and yes I have written checks to people I don't know personally.

I think...thought, the conversation was about the safest way to get paid, then the question came up of how routing numbers could be misused. I merely provided examples of how that (theoretically) could happen.

I'm glad it was hilarious.:up:

 

Cash in person, wire transfer from bank to bank, or Postal money order.

Cashiers checks can be forged easily and I have seen it happen even from a local bank.

I have done some via paypal as well, if you have them send it personal instead of goods paypal doesnt charge the 3%.....

 

I've heard the CL horror stories of finding out a cashiers' check was bad weeks later. What if you walk into the bank it was drawn on and just ask to cash it? Will they tell you it has to clear first even if drawn there (assuming it's legit) or hand you $$$ ?

 

Dave, lots of thieves are employed by businesses.

 

I worked at a bank for about 5 years, cash is the only safe bet. I've seen way too many fraudulent checks and money orders (and cashiers checks). Its very easy to fake a check, its a printed piece of paper for shits sake. However, Its EXTREMELY difficult to duplicate modern paper bills (be sure you know how to identify counterfeits) they are printed on very special paper with very special ink using very special techniques. I've spotted hundreds of fake bills as a bank teller, and I've never seen an accurate reproduction (not even close).

 

Remember this?: http://forums.13x.com/showthread.php?t=286703&highlight=Vesrah+bad+check

 

So I ended up going through with the wire transfer. My next question is, after the money clears what can go wrong from here? Other than the guy backing out of the deal.

 

If you are asking whether he can reclaim the funds/reverse the wire? No.

 

A cahiers check issued by a bank will cash that same cashiers check (so long as they actually issued it). If it's fake, they will know it because it won't come up in their own system. The only way that scam works is because you take a $1000.00 fakey cashiers check to YOUR bank. YOU have at least that amount in your bank account, so the bank cashes it. If the check comes up fake, they pull the money from your account to cover the cash they handed you.
"Fake" cashiers checks FAKE the customer. They don't fake the bank of (alleged) issue. The money stops somewhere & that place is the (alleged) bank of issue.
I take cashiers checks, no problem. I put them in the bank & hold them. I call the bank that issued the check & give them the info. When that bank actually gets the check back, i release the item.
I get my money immediately, so long as it is a good check. Once it is verified that it is a good check, then i release it. If they can't wait, no sale, or wire/cash.

 

I've sold vehicles for cash, cleared certified check (by a bank I recognize) and even paypal.