The Rolex Forums   The Rolex Watch

ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX


Go Back   Rolex Forums - Rolex Watch Forum > Classifieds > WatchOut!!!

Reply
 
Thread Tools Display Modes
Old 10 April 2017, 06:41 AM   #1
springer
2024 Pledge Member
 
springer's Avatar
 
Join Date: Apr 2008
Real Name: jP
Location: Texas
Watch: GMT-MASTER
Posts: 17,121
Don't be scammed on a wire transfer - A few tips


Wire Transfers for Payment: Don't let the buyer scam you


Never...ever, did I say NEVER, take a check deposit into your checking account for payment from a total stranger. This is a "recipe for failure" as we say in the business. If you know the guy, that is one thing, but from a stranger, never take a check deposit, only a direct wire deposit for a sale.

Bad checks or insufficient funds checks, and especially counterfeit or stolen checks, can take a couple weeks to clear. In the meantime, before payment is declined, you have shipped the item to the buyer...read scammer... and you are left holding the bag only to find out that the check deposit was no good.

Another ploy a buyer...read thief... will use, is to tell you they are sending you a wire money transfer but in fact do not, instead, they deposit a worthless check into your checking account hoping you will not notice. Again, like I previously mentioned, the bad check deposited into your account that you thought was a cash wire transfer might take a couple weeks to be discovered by the bank and you are out your merchandise because you shipped it already.

If you are new at wire transfers, and uncertain what a wire transfer should look like when you view your statement online, simply call your bank and ask if an incoming deposit is a wire transfer, your banker will be more than happy to help you.

Below is a typical wire transfer entry and how it might appear on your online account statement.

(Normally, once the wire transfer is sent, you will receive an entry with your online bank account statement indicating a cash or wire transfer is pending. It will list the amount, but normally it will not indicate where the transfer originated or the person's name that sent the wire transfer. Full disclosure of all the details regarding the wire transfer usually takes about 24 hours before it fully clears and appears on your online account statement. Once the wire fully clears, make sure the buyer's name is indicated in the completed wire transaction details on your statement)

The first entry on 1/22/16, indicates a $15.00 service charge for a wire transaction fee which is further detailed in the second entry on 1/22/16.

The second entry on 1/22/16, details the wire transfer transaction in the amount of $9,500. The transaction indicates that a $9,500 wire credit was received in my account from Wells Fargo Bank drawn against the Wells Fargo account of Johnny Jones. (Wire transactions normally do not contain the sender's account number.)

01/22/16
Expand Transaction 15 - with description : WIRE TRANS SVC CHARGE - SEQUENCE: 160222056279 SRF# 39696543053ES TRN#160223216279 RFB# DCD OF 16/01/22 WIRE TRANS SVC CHARGE - SEQUENCE: 1602444056279 SRF# 3969785653ES TRN#16024444279 RFB# DCD OF 16/01/22 $15.00

01/22/16
Expand Transaction 16 with description : WT FED#03872 WELLS FARGO BAN /ORG=Johnny Jones SRF# 4129600033ES TRN#23028650879 RFB# DCD OF 16/01/22WT FED#03992 WELLS FARGO BAN /ORG= Johnny Jones SRF# 3969600053ES TRN#160222056279 RFB# DCD OF 16/01/22 $9,500
__________________
Member of NAWCC since 1990.

INSTAGRAM USER NAME: SPRINGERJFP
Visit my Instagram page to view some of the finest vintage GMTs anywhere - as well as other vintage classics.
springer is offline   Reply With Quote
Old 10 April 2017, 07:50 AM   #2
Dishpro01
"TRF" Member
 
Dishpro01's Avatar
 
Join Date: Oct 2013
Real Name: Michael
Location: Northern NM
Watch: Rolex 16610
Posts: 180
Thanks for sharing. This will be extremely helpful for many people.

Sent from my SM-N920V using Tapatalk
Dishpro01 is offline   Reply With Quote
Old 10 April 2017, 07:53 AM   #3
crowncollection
"TRF" Member
 
crowncollection's Avatar
 
Join Date: Jan 2011
Real Name: David
Location: australia
Posts: 20,142
Great info John


Sent from my iPhone using Tapatalk
__________________
watches many
crowncollection is offline   Reply With Quote
Old 10 April 2017, 01:06 PM   #4
jvmartin
"TRF" Member
 
Join Date: Feb 2014
Location: Los Angeles
Posts: 2,349
All of this is very good info... I have seen these scams attempted... I have also seen a hijacked wire get recalled within the same day it was sent... always sit on a wire for at very least a day!
jvmartin is offline   Reply With Quote
Old 10 April 2017, 01:11 PM   #5
subtona
"TRF" Member
 
subtona's Avatar
 
Join Date: Jan 2011
Real Name: gus
Location: East Coast
Watch: APK & sometimes Y
Posts: 25,943
Good decisions come from experience, experience comes from bad decisions.

__________________
subtona is offline   Reply With Quote
Old 10 April 2017, 02:15 PM   #6
sensui
2024 Pledge Member
 
sensui's Avatar
 
Join Date: Jan 2016
Location: San Diego, CA
Posts: 12,336
Thanks John. Ridiculous the amount of scams going around.....comes with the territory I guess.
sensui is offline   Reply With Quote
Old 10 April 2017, 02:31 PM   #7
Lordofrolex
"TRF" Member
 
Lordofrolex's Avatar
 
Join Date: Sep 2015
Real Name: Brandon
Location: Los Angeles, CA
Watch: Yes Please!
Posts: 6,690
Thanks a lot. Very helpful.
__________________
Rolex GMT Master II 116710LN
Panerai PAM 359
Audemars Piguet RO 15300OR


Follow me on Instagram: @b_jakobovich
Lordofrolex is offline   Reply With Quote
Old 14 April 2017, 07:49 AM   #8
sacsha00786
"TRF" Member
 
sacsha00786's Avatar
 
Join Date: Nov 2016
Location: East Bay, CA
Watch: Sky-Dweller
Posts: 191
Great info!
sacsha00786 is offline   Reply With Quote
Old 14 April 2017, 08:38 AM   #9
imperio
"TRF" Member
 
imperio's Avatar
 
Join Date: Sep 2011
Location: San Francisco, CA
Watch: this space
Posts: 1,867
Thanks for sharing. I'll definitely be referring back to this in the future.
imperio is offline   Reply With Quote
Old 14 April 2017, 08:50 AM   #10
Bluside
2024 Pledge Member
 
Bluside's Avatar
 
Join Date: Sep 2015
Location: Florida
Posts: 3,053
Thanks for taking the time to share this important info.
Bluside is offline   Reply With Quote
Old 14 April 2017, 10:07 AM   #11
drefrank
2024 Pledge Member
 
drefrank's Avatar
 
Join Date: Sep 2009
Location: New Hampshire
Posts: 909
Thanks for this very valuable information JP.
drefrank is offline   Reply With Quote
Old 14 April 2017, 10:12 AM   #12
zerocool
"TRF" Member
 
zerocool's Avatar
 
Join Date: Jul 2016
Real Name: Gustavo
Location: Miami Beach
Posts: 230
Thanks for the info!

Sent from my SM-G930P using Tapatalk
zerocool is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

DavidSW Watches

Coronet

Takuya Watches

Bobs Watches

OCWatches

Asset Appeal

My Watch LLC


*Banners Of The Month*
This space is provided to horological resources.





Copyright 2004-2024, The Rolex Forums. All Rights Reserved.

ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX

Rolex is a registered trademark of ROLEX USA. The Rolex Forums is not affiliated with ROLEX USA in any way.