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TurboWatch · 9 July 2009, 11:58 PM

courtesy of stan sirody of TZ:

http://forums.watchnet.com/index.php...9245&rid=46379

onkyo · 10 July 2009, 02:51 AM

That's a good sticky.

idk01 · 10 July 2009, 02:13 PM

Quote:

Originally Posted by onkyo

That's a good sticky.

X2, was afraid these fake check scam wire transfers were on the up and up

train-time · 10 July 2009, 10:03 PM

This is exactly right and it would be very risky if a purchaser deposits directly into your bank account. That's always the risk when your account is at a bank that has locations all over the counrty.

My bank has branches in most states and I had the situation with a deposit just happen. I checked with my bank before sending the watch and they were able to tell me cash went into the account on the other end. They also told me I could have insisted on an intra-bank wire instead of a deposit.

One other option is to set up an account with some small local bank that doesn't have branches outside your immediate community and use it for all your incoming wires. This way the buyer could not go to a branch in his/her area to make a deposit.

sea-dweller · 11 July 2009, 12:58 AM

Great post, this happened with a friend of mine as she sold a high end laptop on EBay. She insisted on wire transfer, but received a 'deposit' which she was able to confirm as coming through a 'cashiers check'. She became suspicious and held them item before shipping. It turns out the 'cashiers check' was fake. These scammers play on the fact that many people cannot tell the difference between a wire transfer and a deposit. If it is a wire transfer, it will clearly say 'wire transfer' on it, anything less and you should be very suspicious as a seller. Since the bank believes that the 'cashiers check' is real, they will often make the funds available to you, while the so called 'check' is clearing through the banking system. Once you realize that the check is fake, unsuspecting sellers would have already shipped the item.

I personally think that banks must do more to verify funds when cashiers checks are received as deposits.

allanofcalifornia · 11 July 2009, 05:00 AM

If I did not know about this earlier, I probably could have been taken by this scam in the future if I ever did sell my watches!!

Allan

9 July 2009, 11:58 PM	#1
TurboWatch "TRF" Member Join Date: Jun 2009 Location: NorCal Posts: 1,641	Sellers -read this-bad checks and wire transfer courtesy of stan sirody of TZ: http://forums.watchnet.com/index.php...9245&rid=46379

11 July 2009, 12:58 AM	#5
sea-dweller "TRF" Member Join Date: Oct 2007 Real Name: Dennis Location: Bay Area - 925 Posts: 40,018	Great post, this happened with a friend of mine as she sold a high end laptop on EBay. She insisted on wire transfer, but received a 'deposit' which she was able to confirm as coming through a 'cashiers check'. She became suspicious and held them item before shipping. It turns out the 'cashiers check' was fake. These scammers play on the fact that many people cannot tell the difference between a wire transfer and a deposit. If it is a wire transfer, it will clearly say 'wire transfer' on it, anything less and you should be very suspicious as a seller. Since the bank believes that the 'cashiers check' is real, they will often make the funds available to you, while the so called 'check' is clearing through the banking system. Once you realize that the check is fake, unsuspecting sellers would have already shipped the item. I personally think that banks must do more to verify funds when cashiers checks are received as deposits. __________________ TRF Member #6699 (since September 2007)

10 July 2009, 02:51 AM	#2
onkyo Banned Join Date: Apr 2008 Real Name: Pav Location: Manhattan Posts: 11,495	That's a good sticky.

10 July 2009, 10:03 PM	#4
train-time 2024 ROLEX SUBMARINER 41 Pledge Member Join Date: Feb 2009 Location: US Watch: Not Allocated Posts: 4,114	This is exactly right and it would be very risky if a purchaser deposits directly into your bank account. That's always the risk when your account is at a bank that has locations all over the counrty. My bank has branches in most states and I had the situation with a deposit just happen. I checked with my bank before sending the watch and they were able to tell me cash went into the account on the other end. They also told me I could have insisted on an intra-bank wire instead of a deposit. One other option is to set up an account with some small local bank that doesn't have branches outside your immediate community and use it for all your incoming wires. This way the buyer could not go to a branch in his/her area to make a deposit.

11 July 2009, 05:00 AM	#6
allanofcalifornia "TRF" Member Join Date: Feb 2009 Real Name: Allan Location: California Posts: 3,210	If I did not know about this earlier, I probably could have been taken by this scam in the future if I ever did sell my watches!! Allan

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