ATTN ANYONE WHO MIGHT KNOW: offshore banking question

[Guest JMT]

hypothetically, how leary should one be to give their bank account number to an offshore booking site in order to authorize a bank wire? assuming the site seems pretty reputable (as far as those sites go), but the only options they offer are:

bank wire transfer - free

regular mail - free, but not insured

western onion - costs $40

is there less recourse for fraudulent activity on the account in this case?

thanks for any info.

[Guest slamminshaun]

Reg E, a federal banking regulation that governs electronic banking, protects consumers against electronic fraud against their bank accounts. For example, if you lost your Visa CheckCard and reported it in a reasonable amount of time, no matter how much may have been charged against your account, you are only responsible for the first $50. Anything above and beyond that is not your responsiblity.

Wire transfers are handled a little differently, but there is a certain degree of protection under Reg E. How much exactly? Hmm...not sure, but your local bank's wire transfer department will know exactly if and how you're protected. The recourse your bank would have is generally with the receiving bank, as they are somewhat responsible for their customers banking activities. What I've seen done in the past (although not always) is if there is fraud, the receiving bank will take care of the sending bank, which in turn, replenishes your account. Then it is up to the receiving bank to go after their own customer. Like I said, that happens often, but not always.

[Guest JMT]

Reg E' date=' a federal banking regulation that governs electronic banking, protects consumers against electronic fraud against their bank accounts. For example, if you lost your Visa CheckCard and reported it in a reasonable amount of time, no matter how much may have been charged against your account, you are only responsible for the first $50. Anything above and beyond that is not your responsiblity.

Wire transfers are handled a little differently, but there is a certain degree of protection under Reg E. How much exactly? Hmm...not sure, but your local bank's wire transfer department will know exactly if and how you're protected. The recourse your bank would have is generally with the receiving bank, as they are somewhat responsible for their customers banking activities. What I've seen done in the past (although not always) is if there is fraud, the receiving bank will take care of the sending bank, which in turn, replenishes your account. Then it is up to the receiving bank to go after their own customer. Like I said, that happens often, but not always.

[/quote']

so if the bank that is receiving the (potentially) fraudulent wire is outside the U.S., the victim of said fraud is primarily hoping that the offshore bank will cooperate enough to reconcile the theft?

so my bank will be able to give me exact details of the level of protection for wires... i wonder if they will appreciate my concern less when they know my issue pertains to a offshore bank? my concern is that i choose to obtain some money from by authorizing a wire, then somewhere down the line someone helps himself to my checking account and maybe i dont realize for a while and im screwed. :-\

thanks for the info Slammer.

[Guest slamminshaun]

Depends on the country. Some country's banking systems are more cooperative then others. But yes, that's basically what you're hoping for. Sometimes, if the amount is small enough (what constitutes small, depends on the bank), they bank will just hook you up and worry about the recovery later. Bottom line...talk to your bank rep and don't let them give you any run around. They'll most likely need to call their EFT/Wire department, just make sure they do. Seems like the $8/hour employees just show up to keep the seats warm if you know what I mean.

[tgibson]

If it's a reputable gaming site (I assume that's what you mean), I wouldn't worry about it. I've done it before with Intertops.

How much we talking here? If it's any substantial amount, I'd suck up the $40 - small fraction of what you're going to win anyway...

[Guest JMT]

If it's a reputable gaming site (I assume that's what you mean), I wouldn't worry about it. I've done it before with Intertops.

How much we talking here? If it's any substantial amount, I'd suck up the $40 - small fraction of what you're going to win anyway...

BetCris, they are reputable as far as i know, been in business for a number of years. youve wired from intertops into your account? what country are they based in?

were talking several hunge. $40 is still $40, i didnt want to spent it if i really dont have to.

[tgibson]

If it's a reputable gaming site (I assume that's what you mean), I wouldn't worry about it. I've done it before with Intertops.

How much we talking here? If it's any substantial amount, I'd suck up the $40 - small fraction of what you're going to win anyway...

BetCris, they are reputable as far as i know, been in business for a number of years. youve wired from intertops into your account? what country are they based in?

were talking several hunge. $40 is still $40, i didnt want to spent it if i really dont have to.

I think they are in Antigua...

[ryan2772]

you should put your cash in a bottle and throw it into the ocean. i did that once, and i got double the amount back in only 3 short weeks!