Mostel
4358
QUESTION : FORMS OF PAYMENT
hello guys and gals,
I have a question about forms of payment between two parties.
The two parties have checked each other's references, but are total strangers otherwise. And one party's references are extremely well known, while the other party's references are essentially not well known, but there are many of them.
Due diligence has been done, but the fact remains, the two parties are complete strangers.
The situation: Payment is sent to seller in the form of an ACH.
I am told that an ACH is reversible.
Would you be concerned receiving payment in the form of an ACH?
I am told that a true wire transfer is not reversible. Hence my question.
If you received payment in the form of an ACH, would you take any precautions?
I have been told to wait 5 working days to ensure against the possibility of a reversal.
Can anyone enlighten me about this general banking arcana?
What is the possibility of reversing the transaction after 5 working days? Is this "worrying too much?"
Thank you!
M
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QUESTION : FORMS OF PAYMENT
hello guys and gals, I have a question about forms of payment between two parties. The two parties have checked each other's references, but are total strangers otherwise. And one party's references are extremely well known, while the other party's refere...
IMHO you should call your bank and ask them...
to explain if in fact ACH payments are reversible and how they handle it, and also to learn if and how much you can rely on them to back your play. On the other hand, why not stick with a traditional wire transfer? Good luck.
I don't think you are worrying too much
I have been in business for 35 years and have been buying (and sometimes selling) watches for about 12. I had to look up ACH to understand what it is. I understand bank wire transfer, and have used it many times, both directions, and without incident . I ...
Thanks, some more facts
I should have said that I have ALREADY received the funds, in the form of an ACH. I asked for a wire, but got an ACH. The buyer has said that he was not aware it was an ach. He did it online, got it done, and that's all. My simple concern is that if the t...
Can't YOUR bank give you more advice?
My understanding of the issue was that the difference between a direct wire and a batched (ACH) transfer was more about the money not reaching the recipient. The wire of course being direct from the buyer to your account while you are there checking all t...
Yes, ACH can be reversed for insufficient funds
Your bank conditionally accepts the funds, you wait, you ship, and then your bank may come back after 10-21 days and say insufficient funds - the check didn\'t clear. They take the money out of your account and you have to chase the buyer. Even if a wire ...