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Author Topic:   account number and routing number security
sigtauenus
Gearhead

Posts: 3969
From: Va Beach
Registered: Jun 2000

posted 09-26-2006 06:36 PM     Click Here to See the Profile for sigtauenus        Reply w/Quote
Hi guys, I need some advice regarding the security of my account information.

I have a buyer for the Mach 1, and he wants to wire the balance on the loan so that I can get the title released from the bank and give him the title when we do the exchange on Saturday.

He has the payoff amount, and the specific account information and the name and phone number for the bank. He asked for the routing number and my name as it appears on the account too and once provided he'll wire the money tomorrow.

Just with all the internet scam stuff going on, I'm a little bit leary of passing all this information around. I can't think of any way that he can use the loan account and the routing number to scam money out of me, but I'm not into all the scams out there right now.

Does this sound legit? He found the car for sale at mach1registry.com, and has not offered anything crazy like paying more for the car than I am asking and then having me wire money back.

My gut feeling is it is legit, but wanted to get a reality check from you guys before moving forward.

TIA,
Sam

GTRocks
Gearhead

Posts: 4800
From: Lusby, MD
Registered: Jun 99

posted 09-26-2006 07:29 PM     Click Here to See the Profile for GTRocks        Reply w/Quote
Take the deal to your bank and ask them. They are versed in scams. I would guess they could probably block any withdrawls from your account or something. I'm no expert, but your bank is. Take it to the experts. Not coming from overseas is it?

[This message has been edited by GTRocks (edited 09-26-2006).]

adragon8u
Gearhead

Posts: 5867
From: Oceano, Ca. member# 2895
Registered: Mar 2003

posted 09-26-2006 08:02 PM     Click Here to See the Profile for adragon8u        Reply w/Quote
sounds fishy to me too.

------------------
"Be yourself
everyone else is taken"
http://mustangsandmore.50megs.com/MembersPics/adragon8u.html

Buster
Gearhead

Posts: 1821
From: Hurricane alley
Registered: May 2002

posted 09-26-2006 08:39 PM     Click Here to See the Profile for Buster        Reply w/Quote
sigtauenus, DON'T DO IT!!!! I wire transfer all the time with lenders and title companies. Trust me, once someone, that is less then honest, has that info they can do very bad things...

[This message has been edited by Buster (edited 09-26-2006).]

65darkhorse
Gearhead

Posts: 1282
From: east coast
Registered: Aug 2002

posted 09-26-2006 08:47 PM     Click Here to See the Profile for 65darkhorse        Reply w/Quote
Can't he fedex you a bank check ?

sigtauenus
Gearhead

Posts: 3969
From: Va Beach
Registered: Jun 2000

posted 09-26-2006 09:14 PM     Click Here to See the Profile for sigtauenus        Reply w/Quote
So what information does he legitimately need to do the wire transfer?

johnmustang
Gearhead

Posts: 6748
From: British Columbia , Canada
Registered: Nov 2001

posted 09-26-2006 09:29 PM     Click Here to See the Profile for johnmustang        Reply w/Quote
I am by no means any kind of expert with this stuff, but something seems a bit off center with this, can't put my finger on it but something just seems off.

If you are set on doing it this way I would open another account with $10.00 in it to keep it open, I would stipulate that no withdraws can be made from this account via any other manner except by you and in person only.

If this guys intention is to pay off the loan so he is not stuck with it even after he pays you then I would think all that has to be done is that you contact your bank, they can then contact him and they can make arrangements for him to wire the money directly to the banks own account to pay off the loan for you, that way you do not have to give him any of your personal/bank information.

Just some thoughts off the top of my head, regardless what you do be very careful something just seems off.

------------------
JOHN
65 FASTBACK 2+2...14.44 @ 107 MPH
87 TAURUS WAGON
03 F150 XLT SUPER CREW 4X4 SHORT BOX
Member: PACIFIC COAST MUSTANG ASSOCIATION
Member:Vancouver Island Mustang Association
M&M #1710
65 FASTBACK
2003 F150 XLT SUPER CREW 4X4

rmousir
Gearhead

Posts: 1124
From: Amelia, Ohio
Registered: May 2003

posted 09-26-2006 09:53 PM     Click Here to See the Profile for rmousir        Reply w/Quote
I work for a bank. I would contact your branch and have all withdrawls blocked. They call that filtering. They can do this for both wires and ACH's (the two ways that money moves). Then you can provide you wire aba number (it is different than a ACH aba number that you would see on a check) and your account number. If you are really nervous the bank can provide you with the routing/aba number and account number for a bank owned account and when the funds come in your bank will credit your account with the funds. This usually costs a small nominal fee. Hope that helps.

Richard.

65darkhorse
Gearhead

Posts: 1282
From: east coast
Registered: Aug 2002

posted 09-26-2006 09:59 PM     Click Here to See the Profile for 65darkhorse        Reply w/Quote
google comes thru again

edit: or maybe not.

[This message has been edited by 65darkhorse (edited 09-26-2006).]

71RESTO
Gearhead

Posts: 1655
From: Oregon, USA
Registered: Oct 2000

posted 09-27-2006 10:16 AM     Click Here to See the Profile for 71RESTO        Reply w/Quote
Sam,
It's no problem at all and very legit. Just do like Richard says and have any withdrawals blocked. When we sold the '66 coupe to an overseas buyer, I set up a seperate checking account and gave the guy the info for that account (which had a $5 balance). He then wired the money to that account and once it cleared and the bank gave me the all "good", I contacted him and he sent a shipper to pick the car up.
No worries whatsoever, just don't give out the household account info.

------------------
Duane
71 Fastback (under resto-351C-4V C6 auto)
M & M Member #730

pmhvps
Gearhead

Posts: 734
From: Burlington,ON,Canada ,in the heart of the Golden Horseshoe.
Registered: Oct 2003

posted 09-27-2006 10:51 AM     Click Here to See the Profile for pmhvps        Reply w/Quote
Or....do this. I have used this with items bought from the Far East.
https://www.moneybookers.com/app/?rid=1520729

Mike.

69 Sportsroof
Gearhead

Posts: 2814
From: Valley, Alabama, USA
Registered: Mar 2002

posted 09-27-2006 11:09 AM     Click Here to See the Profile for 69 Sportsroof        Reply w/Quote
Go to the bank. They'll have everything you need to sell your Mach. The last time I did this the buyer brought 2 cashier's checks. One made out to me and the bank for the payoff and the other made out to only me for my part of the money. My bank and his bank got together and my bank sent his bank the title. If he's not financing your bank can mail him the title. If he doesn't want to deal bank to bank then he's probably not legit unless he brings you cash.

Buster
Gearhead

Posts: 1821
From: Hurricane alley
Registered: May 2002

posted 09-27-2006 01:24 PM     Click Here to See the Profile for Buster        Reply w/Quote
I would take Richrd's advice if your going to do a bank transfer. I didn't know about using the house account for a wire, lol.

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