[GWN7]

So I called my Credit Union today to ask about Bank Transfers (I'm selling my 69 in a month or so). As I have bought vehicles and sent money this way without a problem I wanted to know if there could be any problems doing it the other way (collecting).

How money is transferred depends on which currency is being sent. Why? Because each country has different banking systems.

For example when I bought my truck from a company in Minneapolis my Credit Union sent a notification to Credit Union Central (which is in Vancouver) that funds from me were being sent to a bank in Minnesota to the account of the XYZ Company. There are various routing codes to do this. Credit Union Central sent the same notification to the Bank of Canada. Bank of Canada sent this information to The US Federal Reserve who passed the information on to the District of the Federal Reserve (Federal Reserve Bank of Minnesota 9th district) who passed this information on to the Automated Clearing House group the seller of the trucks bank belongs to, then it arrives at the sellers bank.

If the money comes from a different country they system works basically works the same. The head bank of the country the money is coming from sends a electronic notification to the head bank of the country where the money is going to and it is shuffled down the chain.

I asked if there was anyway someone could fake the amount and then have the bank want to claim the money back as it being fraudulent. She said the sending bank guarantee's the funds at the beginning of the transfer chain. There is no way it could claim the money wasn't there.

She did say that some people were stung with fake Western Union wire transfers and fake US Postal Service money orders a few years ago. People would deposit those into there own bank account and a week or so later it was found out they were fake and the persons own bank would take back the amount of the deposit but that had nothing to do with a bank money transfer.