Quote:
Originally Posted by freefly
As a seller, it's always best to be the one to initiate/control the shipment, IMO. When someone gives you a pre-paid label, they are essentially sending something to themselves. In which case, you have no recourse for lost/stolen packages (insurance is useless to you) and no ability to re-route the shipment prior to delivery. This is usually not a concern with wire transfers, but ACH payments can be reversed in some cases. I believe there is a 5-day grace period for ACH transfers, so any reversal would have to take place within that window. However, that may be completely thrown out the window if it's a stolen debit card, etc. So, I would call your bank directly to confirm your potential liability, and/or what the hard deadlines are to ensure you can't get screwed over.
Bottom line: Proceed with maximum caution when selling to a new / unknown buyer.
|
Yeah, I called his bank and my credit union. They confirmed the 5 business day period. I also pulled the money from the account the wire came to, and closed that account. I literally opened it up just for this transaction. So if a reversal were to be attempted, the account no longer exists.
I contacted the buyer, and he tried to have Bank of America convert the payment to a wire. But they said they would need my banks permission and my permission to reverse the current ACH, and it could take upwards of 10 to 30 business days.
The buyer said he is okay to wait 5 business days, but I feel bad, since they have been very prompt. They added me on LinkedIn and messaged me, gave me a couple of links to purchases they made on Chrono24 and Omega Forums, and everything seems to add up.