Ferrari Mailing List: Re: Business Banking

[ferrarifixer (ferrarifixer]

Ah, international banking....as with all banking...THE BANK NEVER..(or almost 
never) looses.  I asked when the money deposited (wired) into my account was 
truly MINE.  I got many answers, but the bottom line answer was...."we really 
can't tell you when or give you a firm date, could be a day or two or several 
weeks".  If the funds were bogus, the bank will take them back from another of 
your accounts.  If you try to withdraw the money from a separate account at a 
different bank that you don't have any other money in....they won't let you 
withdraw the funds, until they (the bank) are sure the funds are good.
  Nothing is certain...cash can be counterfeited, certified checks can be 
printed on a computer or stolen, wired transfers can be taken back by the 
depositor within a day or so, cashiers checks can be cancelled after they are 
printed.
  I wish I had an absolute answer that will give you a warm and fuzzy 
feeling...I don't. 
  Be careful, if the hair on the back of your neck is standing up or the deal 
seems too good to be true....walk away.
Regards,
Michael
 
 
-----Original Message-----
From: BRIGANDBAR [at] aol.com
To: ferrarifixer [at] aol.com
Cc: ferrari [at] ferrarilist.com
Sent: Fri, 1 Dec 2006 8:18 PM
Subject: Re: [Ferrari] Business Banking


Larry:
 
Well, first of all my guess is that the quality of the title to the 300SL  is 
equivalent to the grammatical and syntactical expertise of the author of the  
advertisement for the vehicle.
 
Now, on to the first issue, Business Banking. While some have suggested  
opening a single use account at your bank to provide for the transfer of funds 
I  

feel compelled to point out that this offers you no defense against the lack 
of  validity or authenticity of the payment document from your potential 
"client".  If the funds do not clear, and are not payable your bank will simply 
debit the  amount from your other account(s) before you even know it, and you 
can 
readily  estimate the probability of your recovery of the loss from them after 
they have  indemnified themselves for the loss with your funds and have no 
pecuniary  interest in the transaction.
 
I always advise my clients and friends with questionable overseas customers  
or clients to open a small account at a completely separate bank and then  
provide wire transfer information for that account only. Additionally, I 
suggest  

that they deal, whenever possible, with a bank that has an international  
department or experience in international banking as they have the channels to  
quickly verify the validity of the funds transfer and can provide you with 
sound  advice on how to proceed if you elect to do so. In this case, even it 
the  

transfer is repudiated or nullified, and the funds recovered from the 
financial  institution that you selected for the single purpose account, they 
won't 
have  any of your assets to attached or use to offset their loss. Then, they 
are 

out  the money and have to deal with you from the disadvantageous position of 
 "holding the bag". You may, depending upon the amount of the loss, face some 
 litigation potential, but at least you won't lose the funds without notice,  
which amongst other things avoids consequences such as the propagation of NSF 
 checks that you issued in good faith but were invalid due to the actions of 
the  bank in their offset withdrawal of funds from your account(s) before 
notice  to you.
 
In the end, as with all transactions, the final determinant is the  
"risk/reward" ratio and your tolerance of uncertainty.
 
Dr. Steve
 
 
1964 Rolls  Royce Silver Cloud III    1975 Pontiac GV Conv.
1980 MB  450SL                 1982 RR  Corniche
1988 Rolls Royce Silver  Spur         1994 F-350 Powerstroke  4x4          
1996  Bronco                                  2000 Lincoln Town Car
1995 Ferrari 348  Spyder                 2004 Excursion
+ Audrey's 3x MB's

Dr. Stephen B. Spies, CES,  CFI
Director, Forensic Sciences Laboratory
Explosives Engineering  Technologies

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