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Rad Dork
Posts: 5218
 
Location: Oklahoma | GoinJettin - 2014-02-11 10:11 PM I work in banking. I would never ask anyone to deposit via wire transfer unless you have an account set up specifically for that and nothing else. As soon as someone has your account number and routing number let the fraud begin. Also, due to the Dodd Frank act you legally cannot send a wire if you are not present in the sending branch and receive disclosures for the wire.
A person has to buy a cashiers check, they have already spent the money to get the piece of paper in their hands. They go to the teller line and purchase the cashiers check with cash or a withdrawal from their own account. Once it is purchased it is a negotiable item and unless it is lost, stolen, or destroyed and they are willing to sign an affidavit that can be used against them in court the buyer is not getting their money back once the check leaves their hands.
The bank I work for has a 1-800 number that a person can call to verify if a cashiers check or bank money order is real or not. Do not go by the phone number on the check, look it up on the bank's website and call to verify a cashiers check.
Cash is always the best way to go.
How is that banks can get around this?
I did a wire a few weeks ago over the phone with our "larger" bank. Our "smaller" bank will only do a wire if you are in person. I had to call them off a number listed on my account, provide security answers and account information and answer a call back on a specific number. Never had to sign a thing or be there in the flesh. I was glad they let me do it since I'm a 30 minute drive from the physical bank. Was this illegal? Not trying to get my bank in trouble, just curious! |
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  That's White "Man" to You
Posts: 5515
| Longneck - 2014-02-12 11:17 AM GoinJettin - 2014-02-11 10:11 PM I work in banking. I would never ask anyone to deposit via wire transfer unless you have an account set up specifically for that and nothing else. As soon as someone has your account number and routing number let the fraud begin. Also, due to the Dodd Frank act you legally cannot send a wire if you are not present in the sending branch and receive disclosures for the wire.
A person has to buy a cashiers check, they have already spent the money to get the piece of paper in their hands. They go to the teller line and purchase the cashiers check with cash or a withdrawal from their own account. Once it is purchased it is a negotiable item and unless it is lost, stolen, or destroyed and they are willing to sign an affidavit that can be used against them in court the buyer is not getting their money back once the check leaves their hands.
The bank I work for has a 1-800 number that a person can call to verify if a cashiers check or bank money order is real or not. Do not go by the phone number on the check, look it up on the bank's website and call to verify a cashiers check.
Cash is always the best way to go. How is that banks can get around this?
I did a wire a few weeks ago over the phone with our "larger" bank. Our "smaller" bank will only do a wire if you are in person. I had to call them off a number listed on my account, provide security answers and account information and answer a call back on a specific number. Never had to sign a thing or be there in the flesh. I was glad they let me do it since I'm a 30 minute drive from the physical bank. Was this illegal? Not trying to get my bank in trouble, just curious!
The laws are very vague. Banks are left to interpret the laws to the best of thier abilities. Over regulation is a huge problem in the banking industry. The Dodd Frank includes over 3000 new laws that were passed before the laws were written. Banks dont understand them and neither do regulators.
That being said, I'm with a small bank and we will do wires over the phone, but we must do a call back to the customer (on the number we have on file) to verify the information. |
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Rad Dork
Posts: 5218
Location: Oklahoma | Whiteboy - 2014-02-12 1:44 PM Longneck - 2014-02-12 11:17 AM GoinJettin - 2014-02-11 10:11 PM I work in banking. I would never ask anyone to deposit via wire transfer unless you have an account set up specifically for that and nothing else. As soon as someone has your account number and routing number let the fraud begin. Also, due to the Dodd Frank act you legally cannot send a wire if you are not present in the sending branch and receive disclosures for the wire.
A person has to buy a cashiers check, they have already spent the money to get the piece of paper in their hands. They go to the teller line and purchase the cashiers check with cash or a withdrawal from their own account. Once it is purchased it is a negotiable item and unless it is lost, stolen, or destroyed and they are willing to sign an affidavit that can be used against them in court the buyer is not getting their money back once the check leaves their hands.
The bank I work for has a 1-800 number that a person can call to verify if a cashiers check or bank money order is real or not. Do not go by the phone number on the check, look it up on the bank's website and call to verify a cashiers check.
Cash is always the best way to go. How is that banks can get around this?
I did a wire a few weeks ago over the phone with our "larger" bank. Our "smaller" bank will only do a wire if you are in person. I had to call them off a number listed on my account, provide security answers and account information and answer a call back on a specific number. Never had to sign a thing or be there in the flesh. I was glad they let me do it since I'm a 30 minute drive from the physical bank. Was this illegal? Not trying to get my bank in trouble, just curious!
That being said, I'm with a small bank and we will do wires over the phone, but we must do a call back to the customer (on the number we have on file) to verify the information.
Thanks! I was curious if it had anything to do with the amount. The smaller bank wires have always been 6 figures, but the one we did recently with our larger bank was only 15k. Didn't know if that might have been the difference. |
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 BHW's Lance Armstrong 
Posts: 11134
 
Location: Somewhere between S@%&# stirrer and Saint | If he can't wire the money then forget it. Wiring means he has to wire from an account and he is traced. Just move on. |
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BHW's Lance Armstrong
Posts: 11134
Location: Somewhere between S@%&# stirrer and Saint | Or better yet. Tell him no money down, and he can do yearly payments at $500 per year. Guaranteed he still won't show up to get the horse. |
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| Longneck - 2014-02-12 12:17 PM GoinJettin - 2014-02-11 10:11 PM I work in banking. I would never ask anyone to deposit via wire transfer unless you have an account set up specifically for that and nothing else. As soon as someone has your account number and routing number let the fraud begin. Also, due to the Dodd Frank act you legally cannot send a wire if you are not present in the sending branch and receive disclosures for the wire.
A person has to buy a cashiers check, they have already spent the money to get the piece of paper in their hands. They go to the teller line and purchase the cashiers check with cash or a withdrawal from their own account. Once it is purchased it is a negotiable item and unless it is lost, stolen, or destroyed and they are willing to sign an affidavit that can be used against them in court the buyer is not getting their money back once the check leaves their hands.
The bank I work for has a 1-800 number that a person can call to verify if a cashiers check or bank money order is real or not. Do not go by the phone number on the check, look it up on the bank's website and call to verify a cashiers check.
Cash is always the best way to go. How is that banks can get around this?
I did a wire a few weeks ago over the phone with our "larger" bank. Our "smaller" bank will only do a wire if you are in person. I had to call them off a number listed on my account, provide security answers and account information and answer a call back on a specific number. Never had to sign a thing or be there in the flesh. I was glad they let me do it since I'm a 30 minute drive from the physical bank. Was this illegal? Not trying to get my bank in trouble, just curious!
Edited by runs4fun 2014-02-12 3:11 PM
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 The Bird Lady
Posts: 6440
Location: The end of the Earth, SE AR | Well, you will all have to bite your nails and sit on the edge of your seat, he texted me yesteray saying that his town in SC was virtually closed down by the snowstorm and he has no electricity. I'll have to make my wild and crazy western union deal another day. |
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 Night Watchman
Posts: 5516
Location: Central Montana | Sorry it took so long to get back. Yes, anytime you write a personal check the person receiving it has access to your account number and routing number too. I almost never write checks. ACH fraud is hard to stop once it starts except to totally close your account and get a new one.
The federal regulations are fairly new. Our bank does not take many chances especially when it comes to federal regulations. If a person wants to send a wire they are going to sign for it and sign that they received the disclosures. In an audit all the paperwork will be in order to show the regulations are being followed. |
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The Bird Lady
Posts: 6440
Location: The end of the Earth, SE AR | Well here's what happened.
I faxed the contract to him Friday and he signed it and faxed it back.
He said he'd send the money through Walmart's money transfer service Moneygram on Monday. I was fine with that as I didn't feel like driving 30 miles to Wallyworld on a Friday.
Monday I went to Walmart on my way back from taking an injured eagle to the zoo vet in Little Rock. I filled out the form using the number they gave me, showed them my ID and they gave me the $1000 deposit in cash.
He said he'd look at the weather predictions for this coming week and next and figure out when he will come get the filly. |
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 Roan Wonder
Location: SW MO | rollingrfarm - 2014-02-18 7:47 AM Well here's what happened.
I faxed the contract to him Friday and he signed it and faxed it back.
He said he'd send the money through Walmart's money transfer service Moneygram on Monday. I was fine with that as I didn't feel like driving 30 miles to Wallyworld on a Friday.
Monday I went to Walmart on my way back from taking an injured eagle to the zoo vet in Little Rock. I filled out the form using the number they gave me, showed them my ID and they gave me the $1000 deposit in cash.
He said he'd look at the weather predictions for this coming week and next and figure out when he will come get the filly. I'm very glad it's all working out for you!!! |
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The Bird Lady
Posts: 6440
Location: The end of the Earth, SE AR | Thanks Crossspur, Just hope I can get her momma sold before the beginning of March because rather than leave her open, we'll have to breed her. We are supposed to be done breeding but if we leave her open folks will wonder what's wrong. I wish she'd go to a good home - she's got a great pedigree, I dropped her price below reasonable - I just don't know what's wrong.
Edited by rollingrfarm 2014-02-18 8:22 AM
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 Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | rollingrfarm - 2014-02-18 8:20 AM Thanks Crossspur, Just hope I can get her momma sold before the beginning of March because rather than leave her open, we'll have to breed her. We are supposed to be done breeding but if we leave her open folks will wonder what's wrong. I wish she'd go to a good home - she's got a great pedigree, I dropped her price below reasonable - I just don't know what's wrong.
I think people are still backed off breeding. The ones knowledgeable enough to want a good mare like her anyway. I'm praying I don't run out of hay because they have been eating twice as much as usual with the bad winter we've had and the spring grass is late. |
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 A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | Good deal that he got the money wired to you  hope that you get your mare sold too, with the way things are looking the hay is going to get outta hand with the prices with no rain happening in our part of the world, hopefully the right person will come along and buy her.  |
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The Bird Lady
Posts: 6440
Location: The end of the Earth, SE AR | Three 4 Luck - 2014-02-18 9:00 AM rollingrfarm - 2014-02-18 8:20 AM Thanks Crossspur, Just hope I can get her momma sold before the beginning of March because rather than leave her open, we'll have to breed her. We are supposed to be done breeding but if we leave her open folks will wonder what's wrong. I wish she'd go to a good home - she's got a great pedigree, I dropped her price below reasonable - I just don't know what's wrong. I think people are still backed off breeding. The ones knowledgeable enough to want a good mare like her anyway. I'm praying I don't run out of hay because they have been eating twice as much as usual with the bad winter we've had and the spring grass is late.
Same here, we are alternating feeding a bale of 2 summers ago hay and then last summers hay. They are not happy with the older hay. I have gotten prices from some folks that still have great hay and for what they are asking, there should be a 5 carat platinum and diamond ring in each bale. I've even thought of backing off feed and just buying and feeding the platiunum and diamond hay. Stupid Weather!!!!!! |
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