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Old 10 April 2017, 06:41 AM   #1
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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 scammer... and you are left holding the bag only to find out that the check deposit was no good.

Another ploy a 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.)

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

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
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Old 10 April 2017, 07:50 AM   #2
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Thanks for sharing. This will be extremely helpful for many people.

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Old 10 April 2017, 07:53 AM   #3
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Great info John

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Old 10 April 2017, 01:06 PM   #4
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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!
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Old 10 April 2017, 01:11 PM   #5
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Good decisions come from experience, experience comes from bad decisions.

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Old 10 April 2017, 02:15 PM   #6
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Thanks John. Ridiculous the amount of scams going around.....comes with the territory I guess.
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Old 10 April 2017, 02:31 PM   #7
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Thanks a lot. Very helpful.
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Old 14 April 2017, 07:49 AM   #8
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Great info!
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Old 14 April 2017, 08:38 AM   #9
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Thanks for sharing. I'll definitely be referring back to this in the future.
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Old 14 April 2017, 08:50 AM   #10
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Thanks for taking the time to share this important info.
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Old 14 April 2017, 10:07 AM   #11
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Thanks for this very valuable information JP.
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Old 14 April 2017, 10:12 AM   #12
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Thanks for the info!

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