posted on August 29, 2000 07:49:15 AM new
I have a buyer from Germany who wants to pay for his auction directly to my bank account.
First he wanted to send cash, now today he wants to deposit it into my bank account. He asked for my account number, sorting code, and bank address. He now has my address from my end of auction letter, too.
It seems like a pretty bold request to me. My instinct tells me this is not a good thing. I don't know enough about banking to know exactly why.
Has anyone ever done this? This seems wrong, anyone know any details on this sort of thing?
He says he's bought from Americans before, but I don't see the American transactions in his feedback. I just looked at his feedback. It's all in German from German auctions. He's got all positives, a feedback rating of 6/11. Something strange - there are multiple feedbacks on the same item! Is this something allowed in German eBay but not allowed here?
posted on August 29, 2000 07:53:20 AM new
That does not sound proper. Have him send a US FUNDS International Money Order...Cash can be tricky too, and no way to trace it...
******************** Shosh http://members.ebay.com/aboutme/rifkah/
Actually I have a European friend who sells on ebay & allows customers to wire transfer funds directly into his account. So perhaps it's not as "unusual" in Europe.
I have used wire transfers to pay people in Europe & South America. However, the wire transfer fee is quite steep (atleast in my bank).
HOWEVER, if you don't feel comfortable with this, gently guide him to some other form of payment you find more in your comfort zone, BillPoint, Western Union, there are other alternatives.
I have considered setting up a separate account which would just be used for wire transfers, not tied to my regular accounts since I have had more requests for this in the last six months.
posted on August 29, 2000 07:59:53 AM new
I have done this before for a German buyer. But I first checked with my bank to make certain that no transfer could be done from my account without my explicit permission. Since that one and only time my paranoia has taken hold and I won't do so again. Now I send them all to BidPay which is usually cheaper than they would pay for a money order or for an international wire transfer.
Dr. Beetle
P.S. My bank charged $10.00 for accepting the transfer and the buyer paid the fee. It would have been cheaper for him to have used BidPay.
I don't know how they do it in Europe but here in the U.S., I have to fill out a wire transfer form & provide it to my bank.
They make the contact with the other bank & handle the actual transfer of funds. I've done this to other countries & to banks within the U.S.
My bank charges a $10 domestic transfer fee & a $20 international transfer fee which is quite steep but a VERY quick way to have the funds in someone else's account quickly.
Wire transfers have been used by major banks & corporations for years & I've never heard of major problems with them. It's just now getting down to our level as the average person now takes advantage of the global marketplace.
sorry, smw, didn't mean to sound like I was preaching...I didn't see your edit until after I'd already sent my reply!
[ edited by eventer on Aug 29, 2000 08:01 AM ]
posted on August 29, 2000 08:06:49 AM new
Great info, all, ¡mil gracias!
I don't know if he wants to do a wire transfer, but I'll find out. I don't know if my bank even accepts wire transfers, it's not your usual commercial bank. I'll have to find that out, too. Man, I don't know very much about this at all!
I'll ask him if he can do BidPay or BillPoint. BillPoint is good for international purchases?
posted on August 29, 2000 08:07:40 AM new
I receive wire transfers about 1 or 2 times every other month from a man I do business with on Ebay from Italy. He usually wire $500+ and I've never had a problem.
It a fast way to get your money and it doesn't cost me anything.
BillPoint can be used by international customers who pay with a credit card. My international customers adore it...a lot safer for them than trying to send cash & a lot faster for getting their items.
posted on August 29, 2000 12:57:48 PM new
1) There is nothing dangerous about giving out your bank account. As already mentioned, it is on every check you write. Knowing the number does not allow someone to withdraw funds.
2) I was once paid by wire transfer. It's a fast way to get money. However, my bank charged me $10 and after the shipping costs (which I underestimated to the buyer) I had a loss on the deal.
posted on August 29, 2000 01:34:36 PM new
In Europe wire transfers are as common there as writing checks here in North America. I would not balk at giving the buyer the info. It is a standard procedure over there. In fact many invoices between companies include banking instructions for European clients.
posted on August 29, 2000 01:52:28 PM new
I just had a large dollar transaction with a party in Zurich. Wire transfer, no problem at all, just make sure all the fees are at the buyers end
posted on August 29, 2000 02:01:58 PM new
You don't need to give the account#, just your name as it appears on your account, Bank routing#, and the Branch phone#.
posted on August 29, 2000 02:19:58 PM newMzalez: Your German customer didn't do anything out of the ordinary for Europe. Transferring monies from bank account to bank account is an accepted way of doing business here. We pay all our German bills that way.
It is not uncommon for strangers to give each other their account numbers here, if money needs to change hands. For example, the tom broke the mirror on a car when driving our van down a narrow street. He and the driver got together, decided on a price that would fix the mirror, and the other driver gave the tom his bank account number so we could transfer the funds to him. Next business day we did just that. No problem.
This system is also used in other European countries. We've lived in two other countries and bank transfers were the way to go whenever we had to pay bills.
edited to add that a lot of Europeans don't understand that this practice isn't done in the US and that US banks charge for it. Bank account to bank account transfers are free here.
[ edited by Shadowcat on Aug 29, 2000 02:22 PM ]
posted on August 29, 2000 03:14:30 PM new
Thanks for your responses. It certainly is all a good lesson for all of us that read these posts.
As it turns out, my bank does not accept wire transfers into individual accounts. It's a credit union and this service is not offered. One of the many drawbacks for not paying service fees.
Also, I discovered my credit union account is not to be used as my own personal business account. All my eBay stuff has to be considered 'a hobby'.
I emailed my customer and let him know to try BidPay or BillPoint, or to mail a money order in U.S. dollars. He may go and send cash anyway, we'll see.
posted on August 29, 2000 06:18:54 PM new
I'd like to comment on the statement that nobody can withdraw money from your bank account if they have the bank account information that started this topic.
This is absolutely WRONG. Anyone can generate a draft against anyone else's account. This is the same system used for "checks by phone", "checks by fax", or preauthorized payments to businesses such as your electric, gas, cable or insurance.
If someone were to hand over their name, account number and routing code from the bottom of the check that is all the information needed to create a bank draft.
I have software by MIPS, the makers of VersaCheck. This software allowed me to bill someone for auctions won through electronic means from their checking account. I stopped using it because some people had a tendancy to screw up the routing numbers when they entered it in. This got to be an occassional nusiance.
This software generates a document that looks like a check but has no signature line. The signature area has a block that states the transaction has been approved by the holder of the checking account and that it is a draft against their account.
If someone wanted to do it, it would be quite easy for you to find money missing from your account when you got your statement or did a balance inquiry. By that time it might be too late. By the way, 20/20 did a story about this 3 years ago.
I also use a credit union & have not problem with sending or receiving wire transfers. And, I have a business account with them. So it must be the rules of your particular credit union. Might be time for a change, huh?
posted on August 29, 2000 07:34:21 PM new
Ditto that. My credit union lets me do wire transfers too but they charge a fee to do it.
Not to be the resident "X.COM Pusher", but you *could* very easily open an x.com bank account online, and have the transfer go there. THEY do not charge for wire transfers, no monthly fees, they refund foreign ATM fees, and their checking account pays interest. I generally put all of my physical (i.e. not PayPal) payments into my Credit Union account and then do an electronic funds transfer over to my x.com account, and none of this costs me a penny. Wire transfers are different, though, and like I said, my CU does charge for those. X.COm does not.
posted on August 29, 2000 09:37:05 PM new
I don't want to give up my credit union in spite of all the rules, because all the services they do offer are free. I'm such cheapskate.
posted on August 30, 2000 07:02:12 AM new
So why not have both? I currently have my Credit Union Checking and Savings accounts, then I'm on my mom's account as well at the same CU, oh, and I have a savings only at the CU I opened in my son's name, plus my X.COM account and my husband has an X.COM account too (that I have "control" over with the passcodes and such).... and all of these are free.
At one point I had an account at Bank of America too but no longer, the fascists.
posted on August 30, 2000 07:48:11 AM new
I would NEVER, NEVER give my bank info or credit card info to an individual. I don't even do it unless I know the company.
posted on August 30, 2000 08:03:26 AM newrrmccloud So do you not write checks? Because this same info is on every check (the routing number and account number). Anyone can deposit money into your account, with just the account number, if they do it in person or by mail. The routing number allows them to do it electronically. People use their deposit slips all the time to write notes or give someone their phone number (since it's printed on there), which contains no more info than can be found on the front of each check.
So, unless you also don't write checks to just anyone, you *are* giving out this same info every time you hand someone a check.
posted on August 30, 2000 08:06:45 AM new
If you're a seller, and accept personal checks from buyers, your account number is on the back of the endorsed check when you deposit it in your account- and that check goes back to your buyer.
This is a common way that PI's who do asset tracing use to discover an individual's bank account number. Send 'em a check for a small amount, and when it comes back, you've got the account #.
