Attention!!!!! Sellers Beware!!!!!
#16
02-04-2008, 04:11 PM
Most banks do not verify funds. If they verify, it is just a snap shot of the account at the time you call. If there are checks outstanding it could still render your funds insufficient.
Paypal now takes 3-5 days to deposit money into your account even though it is technically an EFT. So they are playing with the money as well. Never ship goods until funds are pulled into your possession. I also use a $100.00 balance acct for paypal. I never mingle funds in that acct. Once the transfer is made the funds a promptly removed leaving a $100.00 balance. This way if Paypal is ever hacked the is no real balance in that acct.
Paypal now takes 3-5 days to deposit money into your account even though it is technically an EFT. So they are playing with the money as well. Never ship goods until funds are pulled into your possession. I also use a $100.00 balance acct for paypal. I never mingle funds in that acct. Once the transfer is made the funds a promptly removed leaving a $100.00 balance. This way if Paypal is ever hacked the is no real balance in that acct.
#17
02-04-2008, 08:58 PM
The point is that the account may have funds, but the document/instrument may be a forgery!
Agree on paypal. I will NEVER make a paypal payment for over $100 with a bank transfer.... I'll only use credit card so that I can reverse the charge if necessary. Paypal tries everything they can to try and get you to fund a transaction with the debit (duh)... they try to 'sell it' to you as a better way to go, but they are doing it to increase their fee AND reduce your ability to reverse the transfer....
Agree on paypal. I will NEVER make a paypal payment for over $100 with a bank transfer.... I'll only use credit card so that I can reverse the charge if necessary. Paypal tries everything they can to try and get you to fund a transaction with the debit (duh)... they try to 'sell it' to you as a better way to go, but they are doing it to increase their fee AND reduce your ability to reverse the transfer....
#18
02-25-2008, 03:37 PM
Bank Drafts/ Money orders and cheques can take a very long time to clear sometimes. Although your Bank may only hold it for a few days. Heck most of you 911 owners probably have enough cash in your account that yor bank may not hold any deposits. However, Bank clearing systems are prehistoric and for example a US cheque clearing through our Canadian Banks can take anywhere up to 30 days. Also Canadian cheques clearing through a Canadian Bank account might clear even if it is a forged cheque. The system only searches for out of sequence serila numbers, large $ amounts (this varies), and completely fake cheques. If I were to write a $3000 cheque today to my friend and not even sign it, the cheque will still clear and be deposited to his account tomorow. It is only if I go back to the Bank to complain will the Bank go and reverse the charge because it wasn't even signed. We have an imperfect system, but its the way it is due to the sheer volume of cheques that clear in one day.
#20
02-26-2008, 04:59 PM
My name is Charles Gill and I am President of Escrow Control Company. I would like to clarify the statement made on a previous post. Escrow Control Company has not sent any of the fraudulent checks that were received by numerous individuals across the United States. Escrow Control Company is also a victim of this Nigerian scam. Someone has fraudulently opened an account with UPS using Escrow Control's name. From our research we have determined that all packages have originated from Romoland, California. Escrow Control Company has contacted UPS and requested that the account be closed as soon as we learned of it.
#21
02-27-2008, 12:29 AM
As I tried to sell my M3 and even expensive rims on craigslist, I got several of these fishy email scams....ridiculous! As if they are trying to overpay you!
#23
02-27-2008, 06:32 AM
Lorenzo Cake (MontrealM3cab here on the forum...he is now banned) burned me for $277 using this scam. It was a Canadian money order...and bounced a couple of weeks later. Of course by then he had gotten his stuff.
#24
02-27-2008, 06:58 AM
Have a first hand experience when I sold my last P-car. A guy actually showed up with a counterfeit cashier check. Check looked real, with water mark etc. No bargain on the asking price and only question from him was "Does this car has any alarm?". He claimed to pick up the car for his dad, and gave me a copy of his dad's driver license. I was a bit suspicious, so holding back on the title until check clear. He agreed and took off with the car. Went to bank to deposit the cashier check, and they told me the acct # and the person does not exist. Making long story short, I have to file a forgery report and very lucky that insurance company considered the car stolen as I still have the title.
#25
02-27-2008, 07:42 AM
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The point is that the account may have funds, but the document/instrument may be a forgery!
Agree on paypal. I will NEVER make a paypal payment for over $100 with a bank transfer.... I'll only use credit card so that I can reverse the charge if necessary. Paypal tries everything they can to try and get you to fund a transaction with the debit (duh)... they try to 'sell it' to you as a better way to go, but they are doing it to increase their fee AND reduce your ability to reverse the transfer....
Agree on paypal. I will NEVER make a paypal payment for over $100 with a bank transfer.... I'll only use credit card so that I can reverse the charge if necessary. Paypal tries everything they can to try and get you to fund a transaction with the debit (duh)... they try to 'sell it' to you as a better way to go, but they are doing it to increase their fee AND reduce your ability to reverse the transfer....
#26
02-27-2008, 12:40 PM
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they are pro customer.
#27
02-27-2008, 01:11 PM
Wow, scary, never thought a cashier's check takes so long to cash in reality. As some of you have unfortunatly learned it the hard way. I am very surprised to hear some would come back over a month later! So the safe way to go is Paypal or wire transfer right? And for large amount, the only way is wire transfer from now on.
#29
02-29-2008, 10:41 AM
Yes, the checks "clear" your bank, but are rejected by the 'originating' bank- either forgeries, closed accounts, fake checks.
Lets say you get a cashiers check and deposit it. Say your bank just puts a hold it.... they will usually just 'estimate' a time frame to 'clear' it- lets say 10 days. At the end of 10 days they let you draw the money, but they really don't know if the check actually cleared. Once the originating bank spots the forgery, they refuse payment, your bank debits your account! It can be 30 days later!
Lets say you get a cashiers check and deposit it. Say your bank just puts a hold it.... they will usually just 'estimate' a time frame to 'clear' it- lets say 10 days. At the end of 10 days they let you draw the money, but they really don't know if the check actually cleared. Once the originating bank spots the forgery, they refuse payment, your bank debits your account! It can be 30 days later!
Sucked big time and took me 2 years to recover (was 19 at the time)
Now if I sell something I ask to go their bank and give me cash. I don't even want cash handed to me from a buyer but from a teller.
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