Safest Payment

[Kurt B.]

Re: Safest Payment

I like cash because even wire transfers can be recalled.
My firm routinely (as in daily) receives electronic funds transfers from various large Wall Street firms, into our bank account.
There is one firm whose name you all know very well who routinely will reverse a payment transaction within 24-48 hours and recall the funds that were paid, often hundreds of thousands of dollars.
We were shocked that this could happen but the banks do it and it has happened to us several times, always with this same client.
That's why I would use cash if I were selling my car.
Kurt

[Duke W.]

Re: Safest Payment

There are a variety of electronic funds transfer methods. "Wire transfer" is a very specific type that is different from others like "ACH", which is commonly used by consumers to transfer funds between accounts and typically takes two business days.

I've never heard of a real Federal Funds wire transfer being reversed by the initiator, so perhaps your example is a different type of transfer - perhaps one that is exclusive to banks or other financial institutions.

Wire transfer has been around longer than any of us. Way back when the telegraph system was used. Nowadays it's Internet based.

Duke

[Robert I.]

Re: Safest Payment

<Cash is King

If you're going to get paranoid, cash can be counterfeit.

[Harmon C.]

Re: Safest Payment

Most con men have a bad record. If your a buyer or a seller run a background check and know a little more about who your dealing with.
See any car in person before you buy.

[Kurt B.]

Re: Safest Payment

Duke,
Most of our clients use ACH and the client in question who retracted several payments used "ACH" for their payments.
Kurt

[Duke W.]

Re: Safest Payment

I would recommend that for future transactions with said client you should insist on wire transfer. I doubt if they will be able to reverse it once the transaction is entered into the Federal Reserve wire transfer system by the sending bank and for sure once it's received by the receiving bank.

Duke

[Patrick O.]

Re: Safest Payment

Thanks Guys I'm trying to sell my wifes 98 Corvette and wasn't sure what payment method would be best. You gave me some good ideas. Patrick