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Author Topic: Giving out Bank account on estimates  (Read 1298 times)

kevs

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Giving out Bank account on estimates
« on: March 05, 2018, 04:24:34 PM »

An apprentice just pointed out a scam on craig list..

I don't use craig list.. but I do still send out estimates with my info.. routinly. but with all the hacks into social security numbers over the years.. 2+2... maybe this is not such a good idea anymore?
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Joe Towner

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Re: Giving out Bank account on estimates
« Reply #1 on: March 05, 2018, 05:48:07 PM »

If you wouldn't post it on your website, don't put it on the estimate.  If you wanted to have an attachment for contracts when needed, that's the place and time to deliver it.
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kevs

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Re: Giving out Bank account on estimates
« Reply #2 on: March 05, 2018, 09:01:33 PM »

Thanks Joe, I've been routinely putting it with terms in estimates for 20 years. I still 99% it's fine, as I only send to calls/ preospective jobs that come to me and seems very legit.  But you think in the day and age, to stop? I started this before there was internet and hacking etc etc....

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JoeKitchen

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Re: Giving out Bank account on estimates
« Reply #3 on: March 06, 2018, 10:10:37 AM »

I never put banking information on my estimates, and only hand over that information when a PO has been generated and they want to pay via a bank transfer. 

But anyway, how would they go about scamming you with that information anyway?  They can't withdraw funds without your access, only deposit funds, right? 

I have heard of scams where someone will give you a bad check that is in an amount hire then what was quoted and ask for the difference back.  Of course, by the time the check bounces, they have your money and are long gone.  With a transfer though, I am under the impression that the money needs to be in their account and is verified prior to the transaction.  Meaning as soon as you receive notice of the funds being transferred, the money has been moved (unlike a check that takes one to two weeks to clear and the notice the day after depositing is just a courtesy).  Is this correct?   
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kevs

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Re: Giving out Bank account on estimates
« Reply #4 on: March 06, 2018, 01:51:16 PM »

Thanks Joe, good points, but yeah, probably over worry. But if someone has you bank account number, and let's say they have your SS number.. who knows.

10 years ago, I would not think about this... but I'm with UCLA Health, and 2 others places that had SS numbers hacked...
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DougDolde

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Re: Giving out Bank account on estimates
« Reply #5 on: March 06, 2018, 02:34:51 PM »

That's a fool thing to do
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MichaelEzra

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Re: Giving out Bank account on estimates
« Reply #6 on: March 07, 2018, 11:56:06 PM »

You could use a separate bank account just for incoming transfers and share the account info only when necessary.
Once funds arrive, transfer to your normal bank account - use the same bank, for minimum or zero transfer & maintenance fees and an instant transfer.
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PeterAit

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Re: Giving out Bank account on estimates
« Reply #7 on: March 12, 2018, 03:34:37 PM »

You could use a separate bank account just for incoming transfers and share the account info only when necessary.
Once funds arrive, transfer to your normal bank account - use the same bank, for minimum or zero transfer & maintenance fees and an instant transfer.

I have wondered why banks don't give you 2 numbers for your account, one of which can be used only to transfer money into the account.
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Peter
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kevs

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Re: Giving out Bank account on estimates
« Reply #8 on: March 12, 2018, 04:54:02 PM »

Good point Peter.
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Farmer

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Re: Giving out Bank account on estimates
« Reply #9 on: March 12, 2018, 05:10:30 PM »

A new "live" payment system is being introduced here in Australia and your account ID that you give to others is either your mobile (cell) number or your email address.  From there, the system works out which account to pay into and it happens instantly.  No more giving out a/c info.
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