Bank transfer... should I or shouldn't I?

Full Member
parabellum
Posts: 51
Joined: 18 Feb 08
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9 Mar 08 03:59:39 am
Hi there,

I have a question for all you veterans. I have found what seems to be a reliable American based supplier. They're prices are very good, but not too good to be true. They have responded quickly and professionally to my emails and they seem to adhere to standard business practices. They don't seem to be making stuff up on the fly like a lot of scammers do.

However they want me to pay for the initial sample by bank transfer, although they say they accept credit card or paypal for orders of 3 or more. Although alarm bells starting ringing when I read this, they have given me a few reasons for this policy which seem plausible.

What I want to know is, if this goes south and this is an elaborate scam, can I get my money back? Is there any recourse for the buyer if he uses a bank transfer as the method of payment?

Any help would be much appreciated.

Thanks guys
Theo

Full Member
wholesalelist101
Posts: 503
Joined: 19 Apr 06
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9 Mar 08 10:33:02 am
Do not do it. If things do go south there is not much you can do. What is the company name??

Free Member
jimmy_huber
Posts: 2867
Joined: 11 Mar 10
Karma: 
9 Mar 08 11:11:03 am
Well from my experience. If you are wiring money to a US bank. And the account is under a Business name. You should be ok.
Now if your wireing money to a US business using a company name then they have to be registered as a Business in the county they do business in. For instance
My companys name is :
Products Plus Wholesale Distribution.
Im registered in Macon County as
' Products Plus Wholesale Distribution' In the City Of Decatur Illinois.
My bank Account is under
'Products Plus Wholesale Distribution'
You can verify my company identity by contacting the County Clerks Office and asking about
'Products Plus Wholesale Distribution'
They can verify the Name And the Location Of the Business
The bank Requires My registration for my company to open a Bank Account.
I had to Publish my name and my company in the Local Herald & Review for 3 weeks before I could Establish and Publish the Name
'Products Plus Wholesale Distribution'. And have it registered as an entity..
And Of course my companies Website Is Link hidden: Login to view

With all of this information I prove myself to be a legitimate Buisness that operates From Decatur Illinois, Macon County, Under the name ProductsPlus Wholesale Distribution.


If your seller is legit they will provide information so you can verify thier business. If they cannot provide this information Dont send them a DIME.

My company takes credit cards for small orders of sample boxes and pallets . But if you want to order a truckload from me I require payment by bank transfer. The majority of US businesses will only use bank transfer for large orders. Due to the fact that they have to pay the credit card companies a fee to process that money. And there is risk of credit fraud. The company ships the product and the buyer files a chargeback and basically keeps the goods.

The company can file fraud charges against the buyer but that takes forever and can cost the company money. Either way the company looses


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Full Member
fm1234
Posts: 838
Joined: 14 Dec 05
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10 Mar 08 12:33:03 am
If your or the recipient's bank account is in the US, you are fine sending a wire. Do not send an ACH or EFT -- if they won't accept a wire and insist on ACH/EFT, simply walk away.


Frank


"Failure is not when you fall down. Failure is when you don't get back up."

--J.J. Luna
Full Member
parabellum
Posts: 51
Joined: 18 Feb 08
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10 Mar 08 06:18:33 am
Thanks for the advice guys.

Even though, from what you guys say, US bank accounts seem to be secure, I couldn't go through with it. From what I've read a wire transfer simply cannot be reversed. Once your money's gone, it's gone... That's why both legitimate sellers and scammers love it so much I guess.

Instead of getting the sample, I ordered a full shipment through google checkout instead. I'm hoping I get it and everything goes smoothly. *fingers crossed* I know things can go wrong with this too but the chances are less... I hope.

Free Member
jimmy_huber
Posts: 2867
Joined: 11 Mar 10
Karma: 
10 Mar 08 05:40:01 pm
Don't pay them anything if they refuse to accept payment through paypal or google checkout for this sample.

This is exactly what scammers do. Asking for money for that sample, you pay the money through bank transfer or western union, and they disappear.


Actually many scammers are starting to use paypal now. And have been using paypal alot over the last year. Yet another reason I condemn paypal.


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Full Member
fencote-station
Posts: 6
Joined: 12 Feb 08
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12 Mar 08 01:01:10 am
:( I too have a problem with this. Have purchased a qty of R.C.cars through Liquidation.com. They won't accept PayPal or credit cards from international buyers. The items were purchased late Saturday AU EST. They want their money :x 'in two business days or a $200 penalty will apply'. Bear in mind here in Victoria we are 16 hours ahead of USA DC time. Unfortunately AU banks are not open late Saturday or on a Sunday!!!!! :roll: Furthermore last Monday (10th March) was a 'Public Holiday' here in Victoria. ie banks, offices, shops closed. I emailed them to this effect. On Tuesday a.m.(11th) my Bank wired their Bank with the $$$ due. I immediately sent a fax and email to them confirming the wire transfer. (Their Bank was also emailed by m. I have also 'phoned them on this matter, despite the transaction being within the 2 'business days'. :D The customer service officer was VG, however I am fed up with automatic 'do not reply' emails turning up saying pay up or else :shock: Liquidation are a pretty well known respected large organisation. My goods will be forwarded through a mail/freight forwarder (mbex.net) and as such I cannot understand why they won't accept credit cards or PayPal from us international customers.
We live and learn.
PJW

Free Member
jimmy_huber
Posts: 2867
Joined: 11 Mar 10
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12 Mar 08 06:05:33 am
Paypal does not catch every trick out there. Many scammers can open an account.
Sell a large amount of items take the money and before the buyer knows anything to report it. Its gone. And dont for 1 second think paypal will cover the buyers hurt by the scam. Paypals user agreement is set in 1 way. To cover their butts when the ^&%$ hits the fan.

Even if your account gets hacked your held liable by paypal. They will make you pay for the hackers wrongdoings. And if you dont pay they will deplete the bank account you registered with and cover thier losses.

You can be a successfull seller and have 100,000 in your savings account. If your paypal account is linked to your savings account and your paypal account gets hacked and over $100,000 is stolen from paying bidders. Then your funds in your bank are forefeit. They will withdraw all the money in your savings to pay back the buyers. At your expense. Even if the hack was because of a security flaw in thier system.

You have no protection. I have been telling members this for over 7 months.
When you agree to the TOS for paypal you waive any rights you would have had with a BANK. Your money and your financial Destiny is in their HANDS. And they dont give a Crap About You, What you have to say, Or what they do to your life.

Paypal will deplete your savings account without permission. Because you agree to it when you sign up your account.


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Full Member
fm1234
Posts: 838
Joined: 14 Dec 05
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13 Mar 08 10:55:20 am
PayPal is also very slow to catch on to when a seller is being scammed ... was just reading at WF about a guy whose account is hundreds of dollars in the negative because of customer 'inquiries' into transactions that any fool can see is one customer posing as multiple. PP is very easy to game in this regard.


Frank


"Failure is not when you fall down. Failure is when you don't get back up."

--J.J. Luna
Free Member
jimmy_huber
Posts: 2867
Joined: 11 Mar 10
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13 Mar 08 11:48:37 am
ah Paypal sucks. I would rather use my merchant account and have protection then use paypal and have them decide the fate of my buisness.


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Full Member
warrior-cdc
Posts: 3
Joined: 03 Feb 08
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14 Mar 08 04:17:12 am
That's not always true that PayPal can dip into your account and take money to cover frauds and scams. Trust me, I'm not endorsing PayPal here, but I had a first-hand experience a couple years ago where I got scammed out of almost 2,000.00!! Yes, two THOUSAND dollars. I was a total fool and naive about the seller thinking he was 'honest'. He was anything but honest. He should have sent me 3 brand new XBOX 360 systems and instead sent me a small, EMPTY box. I kid you not. He did that to 'prove' he shipped me something, anything to say he had a tracking number. I was SOOOOOOOO pissed off and sent countless e-mails to PayPal as well as made several phone calls. Nothing worked. I got lucky and went to my bank where the money was withdrawn and gave them an official dispute form explaining exactly what happened. They got every cent back from PayPal and eventually PayPal sicked a collection agency on me and I handled that too (I won't go into the details, but I sent the collection agency a formal certified letter stating my legal consumer rights).

What I'm trying to say here is PayPal did NOT take money again from the account that was set up to withdraw the original funds from. In fact, one of the PayPal managers I talked to on the phone said they couldn't legally do that. I can't say it's never happened, but I got every cent back from PayPal and the case was dropped. I haven't heard a single thing from PayPal or that collection agency since the letter was sent to them. So in some case there is justice!!!!

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