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tphan · 6 March 2008, 12:29 PM

Early this morning I received an email from a potential buyer in CA wanting to buy the Milguass.

An hour later he called...his condition was for me to overnight the watch immediately as soon as his wire transfer appeared in my account. The watch was needed for his Friday Las Vegas watch show.

With past experience in bank EFT, knowing EFT funds would not be avail until next business day though transaction posted as "pending" on same day. Told the buyer but he insisted this was incorrect and should go on with the deal. I even offered have watch shipped to a Las Vegas address of his choice.

but deal was off...

Later I had my source ran a trace on his name and business address, all returned negative.

Watch out for this type of transaction...EFT could easily be retracted once buyer know the merchandise has been shipped.

Bottom line...Don't ship anything until money is in your possession.

TIA

Gaijin · 6 March 2008, 12:42 PM

EFT?

tphan · 6 March 2008, 01:03 PM

Quote:

Originally Posted by KansaiVet

EFT?

Electronic Fund Transfer.

Sorry...

mdx77 · 6 March 2008, 01:06 PM

Quote:

Originally Posted by tphan

Electronic Fund Transfer.

Sorry...

Need to add that one to the list now.....

DSJ · 6 March 2008, 01:31 PM

It's a scary world out there...

2careless · 6 March 2008, 05:58 PM

yup, "pending" can be reversed.

stevemulholland3 · 6 March 2008, 07:21 PM

always wait until money cleard!!!!!!

cbrenthus · 7 March 2008, 12:08 AM

Is EFT different from a wire transfer? Because I thought a wire transfer couldn't be recalled once done?

Numismatist · 7 March 2008, 02:12 AM

I'm in the high end rare coin biz, single coins $10,000-$100,000 range. I have a "wash" account that I have buyers wire/eft/ach-whatever into. When the money is there, I withdraw it immediately and put it in another bank account. That way, no matter what they try, there's just nothing there to get back.

The account costs very little and is just a minor hassle to use.

jfishe08 · 7 March 2008, 03:06 AM

WTF- Scammers

timackerman · 7 March 2008, 03:36 AM

People are truly amazing aren't they (both good and bad) *shakes his head*

hbbfam · 7 March 2008, 03:38 AM

I recently sold a watch and asked my banker about wire transfers, direct deposits, etc. The only way that money is available immediately is if the person deposits cash directly to your account. This can be done by providing the person with your name, state and bank. For example I use Bank of America. The buyer could go to a branch of BA, ask to deposit cash to my account (name and state only necessary ID). Then I can call the bank and they will confirm cash was dposited. At that point the buyer can only get the money back from me. Wire transfers are pending for at least 24 hours. We all hopefully know that cashier checks and money orders can be faked, and you would not know for several days.

ricnas1 · 7 March 2008, 03:45 AM

Quote:

Originally Posted by cbrenthus

Is EFT different from a wire transfer? Because I thought a wire transfer couldn't be recalled once done?

ditto thats what i'm thinking too.

drrolex · 7 March 2008, 03:54 AM

Any recommended trusted companies online to buy from?

duc748 · 7 March 2008, 04:02 AM

Thank for sharing!

bewithabob · 13 March 2008, 10:56 PM

this is incredibly scary and helpful. i didnt realize the lengths these experienced people will go to. but if you know what to look for, you can take precautions.
thank you very much for the advice.

tphan · 15 March 2008, 06:31 AM

One more thing...

Check buyer's references...not just seller.

kings4sap · 15 March 2008, 10:00 AM

Just to be safe I always wait 48 hours after a wire transfer to ship anything and then ONLY if I have the ability to pull the money out of my account. I also use a very extra checking account I set up just for these types of situations. Once it is there I transfer it out into another account and then I ship the item.

K4S

6 March 2008, 12:29 PM	#1
tphan "TRF" Member Join Date: Mar 2008 Location: Dallas, TX Posts: 831	Another one...just today. Early this morning I received an email from a potential buyer in CA wanting to buy the Milguass. An hour later he called...his condition was for me to overnight the watch immediately as soon as his wire transfer appeared in my account. The watch was needed for his Friday Las Vegas watch show. With past experience in bank EFT, knowing EFT funds would not be avail until next business day though transaction posted as "pending" on same day. Told the buyer but he insisted this was incorrect and should go on with the deal. I even offered have watch shipped to a Las Vegas address of his choice. but deal was off... Later I had my source ran a trace on his name and business address, all returned negative. Watch out for this type of transaction...EFT could easily be retracted once buyer know the merchandise has been shipped. Bottom line...Don't ship anything until money is in your possession. TIA

6 March 2008, 01:31 PM	#5
DSJ "TRF" Member Join Date: Dec 2007 Real Name: David Location: USA Watch: your step! Posts: 7,882	It's a scary world out there... __________________ Rolex. The Rolex of watches. 16570 Expy2 Noir, 116710 GMT Master II, 2552.80 SMP

7 March 2008, 12:08 AM	#8
cbrenthus "TRF" Member Join Date: Feb 2007 Real Name: Brandon Location: FL Watch: ing my second hand Posts: 869	Is EFT different from a wire transfer? Because I thought a wire transfer couldn't be recalled once done? __________________ www.bknicholas.com www.myspace.com/bknicholas

7 March 2008, 02:12 AM	#9
Numismatist "TRF" Member Join Date: Nov 2007 Real Name: Chris Location: Camden ME & STT Watch: 116600 Posts: 6,350	I'm in the high end rare coin biz, single coins $10,000-$100,000 range. I have a "wash" account that I have buyers wire/eft/ach-whatever into. When the money is there, I withdraw it immediately and put it in another bank account. That way, no matter what they try, there's just nothing there to get back. The account costs very little and is just a minor hassle to use. __________________ Rolex 116600 Sea-dweller Montblanc Solitaire Doué Black & White Legrand FP Montblanc Solitaire Doué Black & White RB Montblanc Meisterstück Diamond Mozart BP Montblanc Meisterstück Mozart BP

7 March 2008, 03:36 AM	#11
timackerman "TRF" Member Join Date: Mar 2008 Real Name: Tim Location: Calgary Posts: 1,117	People are truly amazing aren't they (both good and bad) shakes his head __________________ Daytona 116520

6 March 2008, 12:42 PM	#2
Gaijin 2024 ROLEX DATEJUST41 Pledge Member Join Date: Feb 2007 Location: Japan Watch: ing your back. Posts: 16,179	EFT?

6 March 2008, 05:58 PM	#6
2careless "TRF" Member Join Date: Dec 2007 Location: Melbourne, AU Watch: Pepsi Posts: 4,370	yup, "pending" can be reversed.

6 March 2008, 07:21 PM	#7
stevemulholland3 Banned Join Date: Dec 2007 Real Name: steven Location: tampa bay Watch: 1680 18k sub Posts: 6,673	always wait until money cleard!!!!!!

7 March 2008, 03:06 AM	#10
jfishe08 Member Join Date: Jan 2008 Location: Big D Posts: 132	WTF- Scammers

7 March 2008, 03:38 AM	#12
hbbfam "TRF" Member Join Date: Sep 2007 Real Name: Howard Location: Chandler, AZ Watch: Omega SMP300 Posts: 457	I recently sold a watch and asked my banker about wire transfers, direct deposits, etc. The only way that money is available immediately is if the person deposits cash directly to your account. This can be done by providing the person with your name, state and bank. For example I use Bank of America. The buyer could go to a branch of BA, ask to deposit cash to my account (name and state only necessary ID). Then I can call the bank and they will confirm cash was dposited. At that point the buyer can only get the money back from me. Wire transfers are pending for at least 24 hours. We all hopefully know that cashier checks and money orders can be faked, and you would not know for several days.

7 March 2008, 03:54 AM	#14
drrolex Member Join Date: Mar 2008 Location: Los Angeles Posts: 16	Buying online Any recommended trusted companies online to buy from?

7 March 2008, 04:02 AM	#15
duc748 "TRF" Member Join Date: Nov 2007 Location: madison, wi Posts: 117	Thank for sharing!

13 March 2008, 10:56 PM	#16
bewithabob "TRF" Member Join Date: Jan 2008 Real Name: Bob Location: Dallas, Texas Watch: Daytona Meteorite Posts: 3,414	this is incredibly scary and helpful. i didnt realize the lengths these experienced people will go to. but if you know what to look for, you can take precautions. thank you very much for the advice. __________________ meteor flying to Earth onto my wrist... 116509 Daytona Meteorite, 116520 Daytona Black, 116710 GMTIIC, 16013 DATEJUST, CARTIER SANTOS 100 W20090X8, IWC Big Pilot, IWC Top Gun "Everything works out in the end. If it hasn't worked out, it's not the end."

15 March 2008, 06:31 AM	#17
tphan "TRF" Member Join Date: Mar 2008 Location: Dallas, TX Posts: 831	One more thing... Check buyer's references...not just seller.

15 March 2008, 10:00 AM	#18
kings4sap "TRF" Member Join Date: Jan 2007 Real Name: Steve Location: The O.C. Watch: DD 40 Posts: 445	Just to be safe I always wait 48 hours after a wire transfer to ship anything and then ONLY if I have the ability to pull the money out of my account. I also use a very extra checking account I set up just for these types of situations. Once it is there I transfer it out into another account and then I ship the item. K4S

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