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ziggy2000

Why is it a problem handing out banking details?

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ziggy2000    10
ziggy2000

Hi, I have what is probably a stupid question, but why is it a problem forwarding banking details to buyers. I see a lot of suspicion around this issue on the forum, but I have had buyers (mostly new ones) asking for my banking details which I have forwarded to them, so far with no problems. I have recently gone over to BoB EFT, but previously my banking details were on the web page when buyers completed orders, for all to see. Just wondering?

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Seeds for Africa    10
Seeds for Africa
Hi, I have what is probably a stupid question, but why is it a problem forwarding banking details to buyers. I see a lot of suspicion around this issue on the forum, but I have had buyers (mostly new ones) asking for my banking details which I have forwarded to them, so far with no problems. I have recently gone over to BoB EFT, but previously my banking details were on the web page when buyers completed orders, for all to see. Just wondering?

 

I dont see any problem with it. I had a customer who was new questioning why I aksed them to make a direct payment. They thought in some way I was bypassing the system. I however see no problem with anyone giving there banking details out. After all you are allowed to put them in your payment options for the buyer to see on checkout.

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kebs    10
kebs

I think there was a concern a while ago that emails can be intercepted, so it may not just be your buyer who sees your banking info..

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Pickle Bearies    10
Pickle Bearies

Personally I have never had a problem with giving my details and I also have never understood the "fear". I will readily give my details to any one who wishes to make a payment into my account!!

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Seeds for Africa    10
Seeds for Africa
Personally I have never had a problem with giving my details and I also have never understood the "fear". I will readily give my details to any one who wishes to make a payment into my account!!

 

Haha! Anyone is also welcome to have my account details if they want to pay me for something.... anything!!

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Vinyl Lady Decals    10
Vinyl Lady Decals

I have had good reason to have a problem with it.

 

Last year one of my "buyers" took my banking details and tried to register as a seller with BoB debiting my bank account for the seller's initial fees.

He was obviously hoping I wouldn't mind paying his BoB success fees for him.

BoB tried twice to debit my bank account and I couldn't understand why as I pay my fees from a different account.

Both times, the debits were reversed and Standard Bank kindly charged me R70.00 a time for each reversal.

The reason why the debits were reversed is that I use a basic savings account to receive my buyer's payment and this type of account does not allow any debit orders, so they were automatically reversed by the system.

I phoned BoB and asked why they were trying to debit this account.

They checked and all was revealed. the "Seller" was promptly blacklisted.

Then, I had to get Std Bank to reverse the bank fees and gave them's BoB's details. At least they believed me when I said it was an unauthorised transaction.

I closed that account and opened a new one.

 

I'm just glad I have an account like this, as unauthorised transactions are automatically reversed, so I have no problem giving my banking details, although I don't on email, only an sms to the cellphone number listed on BoB.

 

Please be careful about unauthorised debits on your accounts, its so easy to give your banking details and have them used by an unscrupulous criminal.

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Libertas Computers    10
Libertas Computers
I think there was a concern a while ago that emails can be intercepted, so it may not just be your buyer who sees your banking info..

 

As far as I know this is more for Credit Card details... But I might be mistaken.

 

@Tanaka, thanks for the post, I really never thought that something like that might happen, quite a good way to scam though, as all your listing fees etc will come from another account, so you can lower your sales price as you don't need to compensate for that:ninja:....... OK, I'm back on the good side, that's horrible thing to do!

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bitesize    10
bitesize

i don't make huge sales, so when i get charged by bob i can see if it appears too high as i know how many sales i've made for the month. i also don't like the idea of giving out my banking details, but i keep an eye on it constantly.

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