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Wire transfers and bad payers
Thread poster: Chantal Kamgne

Chantal Kamgne  Identity Verified
Canada
Local time: 10:33
Member (2006)
English to French
Dec 10, 2006

What are the problems that could possibly arise when requiring a wire transfer from a known bad payer (non-payer)? Can a paid amount be unilaterally reversed by the sender once it has been credited to the recipient's account?
Thanks in advance to anyone who can enlighten me.

[Edited at 2006-12-10 14:53]


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Fan Gao
Australia
Local time: 00:33
Member (2006)
English to Chinese
+ ...
No Dec 10, 2006

Hi Chantel,

As far as I'm aware, once funds are credited to your account then the bank has to ask you for "debit authority" to reverse the amount credited so in other words they would need your permission before taking back any funds that have been paid.

Best wishes,
Mark


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xxxIreneN
United States
Local time: 09:33
English to Russian
+ ...
Not the wired funds Dec 10, 2006

Because funds must be there before the transaction takes place so this is your hard cash. As soon as the sender signs the transfer request and the bank verifies sufficient funds this is no longer sender's money and he loses any control over it. Unless he grabs the request back and runs away from the bank:-)

Check is a different story. It can be "credited" and bounce later. Normally banks hold it for a certain number of days to get it cleared. For all that period of time the deposited amount shows in your account but is normally unaccessible and will be released only after the transaction is complete.

You chose the right way to go - wire transfer is irreversible without your autorization. In fact, from that moment on you'll have to take the role of a sender and request a separate transaction to wire the money back, which I doubt you are going to do:-)

Nail the bastards!
Irene


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Anna Sylvia Villegas Carvallo
Mexico
Local time: 09:33
English to Spanish
Be careful... Dec 10, 2006

IreneN wrote:

Nail the bastards!
Irene


I totally agree with Irene.
Please, be careful. Are you sure this is not a NIGERIAN SPAM?
That's the way they work!
Beware.
Tadzio.


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Elizabeth Ardans  Identity Verified
Uruguay
Local time: 11:33
Member (2005)
English to Spanish
+ ...
what about Paypal? Dec 10, 2006

This is an interesting point. Thank you. It made me wonder about Paypal. Can a payment be reversed once accepted? I wouldn't think so, but I'd like to be sure

Thanks!

Elizabeth


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Andres & Leticia Enjuto  Identity Verified
Argentina
Local time: 11:33
Member (2005)
English to Spanish
+ ...
Paypal reversed payment Dec 11, 2006

Elizabeth Ardans wrote:

This is an interesting point. Thank you. It made me wonder about Paypal. Can a payment be reversed once accepted? I wouldn't think so, but I'd like to be sure

Thanks!

Elizabeth


It did happen to us once. Paypal reversed a payment of an important amount (over 1,000 USD) from a regular customer (that we had received many payments from) because his account was linked to some kind of investigation of fraud.

We talked to the customer, they checked the payment had actually been reversed and just did it again, with no later problems.

Take care,

Andrés


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Ralf Lemster  Identity Verified
Germany
Local time: 16:33
English to German
+ ...
Not quite Dec 11, 2006

Hi Tadzio,
Are you sure this is not a NIGERIAN SPAM?
That's the way they work!


Not quite. The typical MO of scammers (not only from Nigeria, BTW, although what is probably the oldest variant appears to have originated from there - long before the age of electronic communications) either

- involves a huge sum they want to transfer through your account, offering you a significant percentage - for which they need you to advance some expenses; or

- concerns a job assignment paid in advance by cheque, where the cheque is made out in an amount exceeding the agreed payment. You're then asked to refund the difference, only to find out that the cheque bounces.

The second MO exploits the fact that cheques (particularly foreign ones) take some time to be credited with final effect, whereas - to the best of my knowledge - bank transfers are final once credited to your account.

Best regards,
Ralf


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