Quote:
Originally Posted by cstreit
Wire transfers are bulletproof. We use them for large overseas orders for first time customers. The "sweep" account IS a good idea. Recently had a business partner go through a ton of hassle because they were giving out their operating account number for wire transfers. Seems some enterprising individual in a country that shall remain infamous, created their own checks with that same account number.
They didn't lose money, but a LOT of time going through and checking records.
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I just wouldn't bother setting up a sweep account for a single transaction, but that's just me. The info required for a "wire transfer" is printed on the bottom of every check written...nothing sacred about them. A Nigerian could easily "guess" legitimate routing/account numbers too, but that's what the "financial system" is designed for, protecting the party on each end. No telling how many trillions are transferred every single day by the "big boys".