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  • Giving out bank information?

    Ok, this is probably the most off-topic post i've ever made here on vbulletin, but this is the most "intelligent" community I post on, and I want serious answers.

    I recentely sold something and the buyer wants to pay by wire transfer. Is it safe to give him out my bank information? He needs Account #, SWIFT Code and Institution #. I called my bank and talked with a knowledgable lady. She said there is absolutely no risk in giving out my bank information, she just told me to never give out a void check. But after looking on the net, I see all these warnings about not giving out account #'s.

    So what's the bottom line? Is it safe to send this guy my account #, swift code and institution #? I was leaning towards HELL NO, but this chick on the phone insisited that it was ok to do. The other option I have is to just open a new "dummy" account and use that one for these kinds of deposits, and just transfer the funds to my real account once I get them. This is probably what i'll do, but I still want an answer to my question

    Anyone have one?

    Adam
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  • #2
    Yes, there is absolutely no risk involved as far as I can see.
    There is nothing he can do with an account number, except transfer money to it

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    • #3
      Originally posted by Marco
      Yes, there is absolutely no risk involved as far as I can see.
      There is nothing he can do with an account number, except transfer money to it
      So what is it that makes a void cheque different than the information i'm giving him? Is there some kind of other number on the cheque which enables withdrawls? I'm guessing that's what it is
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      • #4
        One more thing, I should also note, this is a CHECKING account. Does that make a difference?
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        • #5
          Originally posted by SkuZZy
          So what is it that makes a void cheque different than the information i'm giving him? Is there some kind of other number on the cheque which enables withdrawls? I'm guessing that's what it is
          Err... well I have no experience with checks.
          But I guess that, with a blank check, someone can go to a bank and cash in however much money they want. However you can't just go to a bank and tell them "I want to cash in $XXXX from account number YYYY", because they'll then tell you to sod off.

          The only one who can transfer money from your account into another account is you (unless for example you give a company, such as a phone company who sends you a bill every month, specific permission to do so, and even then it's just as easily revoked).

          So, no worries

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          • #6
            Hmmm...I would be very suspicious personally. When people make wire transfer for purchases of vB we provide them the SWIFT code. There is no need to provide the account number and we don't.
            Steve Machol, former vBulletin Customer Support Manager (and NOT retired!)
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            • #7
              Originally posted by Steve Machol
              Hmmm...I would be very suspicious personally. When people make wire transfer for purchases of vB we provide them the SWIFT code. There is no need to provide the account number and we don't.
              Steve,

              What do you mean? I've never heard of that... everyone uses the same SWIFT code at a bank, so I don't see how anyone could deposit money to your account with just a SWIFT code. Mind showing me the page with the wire transfer information on it?

              Cheers,
              Adam
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              • #8
                I was searching around and noticed a lot of other sites posting information public. One example is Stanford University: http://cue.stanford.edu/globals/wire_transfer.html

                They post their SWIFT Code, Account #, ABA Routing #, Bank Address and other information. Their account might be "deposit only" or something though.
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                • #9
                  Actually it's the SWIFT code and institution. Sorry. But no bank account number is given out.

                  To see the page you'll need to go through the actual process of placing an order.
                  Steve Machol, former vBulletin Customer Support Manager (and NOT retired!)
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                  • #10
                    Actually Steve, we do give out the account number on the Wire Transfer accounts, there isn't any other way to do a wire transfer. Though, I had to verify that by creating a dummy order first.

                    To do a transfer, you need the account number, swift code and some banks require an ABA routing number. The Routing Number and Swift Code only identify the institution, they still need an account number to know where to place the funds.
                    Wayne Luke
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                    • #11
                      My bad. Thanks Wayne. I was going by memory since this info is not available unless you place an order.
                      Steve Machol, former vBulletin Customer Support Manager (and NOT retired!)
                      Change CKEditor Colors to Match Style (for 4.1.4 and above)

                      Steve Machol Photography


                      Mankind is the only creature smart enough to know its own history, and dumb enough to ignore it.


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                      • #12
                        Originally posted by SkuZZy
                        So what is it that makes a void cheque different than the information i'm giving him? Is there some kind of other number on the cheque which enables withdrawls? I'm guessing that's what it is
                        Give me a voided check and I can run 10,000 of them off in an hour. In fact anyone with blank stock (available at any paper distributor), printer and a MICR encoder can do the same. All of these are available on the local market with legitimate business purposes.

                        Now you are saying, but you can't match my signature... Unfortunately, today the signature is not even looked at when cashing a check. In fact the companies doing the check processing don't even have access to your stored signature. The only time they will review signatures is if there is a discrepancy. Not only that but clerks at stores accepting the checks rarely check your ID anymore and even if they do, it doesn't have to match the name on the check, which I found out from past experience.

                        Someone stole 50 checks from me which were on a closed account. They cashed them at various places around town. I started getting notices about the checks because of course they didn't clear. When reviewing the checks with the police department, we noticed they all had a Driver's License Number on them. A number which was not mine. That is the only reason why I didn't go to jail for writing $5000 worth of bad checks. Unfortunately, I was unable to cash checks anywhere for 5 years after than because a company that tells stores if a check is good put my name in the system and they wouldn't remove it even though it was proven that I didn't write the checks. Now, I don't write checks for practically anything. Still on the first box of 250 from when I opened my last account. If a store doesn't accept debit cards and I don't have the cash on me, I don't shop there. I don't even carry checks, they are locked in a safe.
                        Wayne Luke
                        The Rabid Badger - a vBulletin Cloud site.
                        Please do not PM me for support unless I specifically ask for information to be delivered that way.

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                        • #13
                          Nowadays, there isn't even a need for checks. I can pay my Visa bill online (and do), I have a Visa Check Card...nothing that requires the time-consuming and insecure process of check-writing. It's also hard to get refunds on stuff bought with a check compared to a credit card. And checks don't build credit.
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                          • #14
                            I would recommend talking to your banking institution to setup a temporary account that's strictly to receive funds. Just tell them you are worry that they will try to withdraw all your funds.

                            Because with all that information, they can grab all that money right out of your account
                            ManagerJosh, Owner of 4 XenForo Licenses, 1 vBulletin Legacy License, 1 Internet Brands Suite License
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                            • #15
                              Unfortunately, today the signature is not even looked at when cashing a check.
                              http://www.zug.com/pranks/credit/
                              Running vB since 4-14-2002

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