My Bank details

[Collectors-info]

I bet this post gets a few views with this title. Lol

But! I was just looking for some views on why people (website owners) are reluctant to give there bank details out?
If someone wants to pay them for goods or a service via direct transfer, can someone give me a reason that I shouldn’t give them my bank details so they can make a direct transfer ?
My old business bank account details are with well over a hundred business/clients/individuals & have never had a problem.
Its worth remembering that many people don’t have or use bank cards & credit cards, but do have a bank account.
The only reason for the post? Is that I have seen a few posts on people saying I don’t want to give out my bank details? Why! As most will send a check with all there bank details on & this is no more info than is required for a bank transfer.

Only looking for views/reasons & fiddles that I don’t know about.

Cheers.

[Vasili]

Re: My Bank details

Distributing information in business must now be just as "compliant" as it has become handling personal information here in the US since 9/11 and the many Acts to regulate financial, personal, and other forms of ID info.

The practice of "publishing" bank routing info, for example, is still commonplace in my industry, especially for the sale of loose diamonds, as the discount rates for handling credit cards is unnecessarily high, as well as the credit limit on many consumer's cards may not be as accommodating. Wiring mopney direct saves both seller and buyer a few points....but most of the time, this information is now "guarded" or kept on interior pages in carts or other transactional processes (even in SSL protected areas) as a means of being" compliant" with the handling of 'sensitive' info.

Not really related to your question, but useful nonetheless, wiring money directly also establishes a greater degree of credibility for the transaction, and is much less likely to be fraudulently processed: far more loopholes for a mistaken identity to initiate or complete such a transaction. Thus, for the seller, it means a far smaller risk of chargebacks with this annunciated demonstration of "intent" and "authorization" if you see where I am driving.

As with all official information (business or personal) today's world has definitive stipulations on processing, distribution, and management of it....especially in the US and the UK. Posting specific bank info (routing number, etc.) on webs is rather like an invitation for thieves and hackers, don't you think? It wouldn't take long for it to cross the globe......

Seek out your own official governmental resources for the knowledge you need to make a reasonable decision.

[Collectors-info]

Re: My Bank details

Hi Vasili,
Thanks for the input. Was just looking for some idea’s & reasons in different countries, why this may not be a good idea.
In the UK we are still behind the times (as usual) & still use sterling instead of the Euro. So when trading with EU countries usually ends up with a exchange rate charge on top of the bank charge. (Cleaver old banks) There are ways around this buy setting up exchange accounts to handle different currencies, but a bit of a performance & more expense if large’ish turnovers are not involved.
It’s only come to light as I see more people using eBay around the EU are using iban numbers or requesting the do a transfer instead of using pay pal & having to pay the higher charges. “Naturally not quite so convenient, but a lot cheaper”
I think I have the impression that people are under the impression that you should never give out there bank details? & was looking for valid reasons.

Cheers.

[Vasili]

Re: My Bank details

Chris...

Yes, convenience and cost are larger factors, but like anything else, these methods have been around for hundreds of years, traditionally used only by established businesses or recognized providers (or those again, handling larger sums).

eBay has not escaped irrepable harm from the amount of fruad going on in their midst, even within their proprietary PayPal (which promised better protection for both parties, as well as a "grade" for Users), and many credible and non-credible people are discovering that bank transfers are just another way to trade money. And, it has not taken other devious ones to realize that eBay is still a good place to hang out to scour some good old fashioned hard info to use as a pry-bar into mainframes.....so, again, prudent practice availeth much.

> Unless you are talking about more than $1000 a month in the difference in discount fees, why bother? And even then, pick your times of engagement with care..... It's always a matter of perspective!