Upload & Sell: Off
| p.1 #16 · Money Order or Cashiers Check? |
My banker told me that bank wires (at least here in the states) travel over the Federal E system (whatever that is) and as they travel from point 'a' to point 'b', they pass through nodules that are like one-way doors...so that once in motion...they can't be recalled (or bounce) generally speaking...and that when the funds arrive - it's basically like cash. She said that only in cases of bank error or fraud is there any attempt to 're-call' them...which she said is very rare. She also advised that I set up a separate account just for receiving/sending wires...which I did. As soon as $$ arrives...I transfer it to another account, so that it is definitely not 're-callable'. At that point, if an unscrupulous person were to try and re-call their funds, it would require legal/court action.
Sidenote: Some folks feel queasy about giving a stranger their routing number (bank acct information)...but think about it - every time you give someone a check or pay a bill by check...you are giving those folks your account information too - it's no different...and I've never seen anyone lose sleep over that. And if you set up a separate wire acct, and don't keep a balance in it...you're pretty well covered IMHO.