Buyer backed out of bike sale hours before delivery... Deposit debate?

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il3dsm said:
That's a good question.

RBC states as long as the receiver hasn't deposited it yet, it can be canceled.
When I bought my previous bike my bank called me the next day (after the transfer completed) and inquired whether the transaction was legitimate or not. So I'm guessing the money can also be reimbursed by the bank post transaction? Not sure on whether it would be taken out of the other account somehow or just "added" by your bank after investigation to yours in this case.
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As with everything, a paper trail will certainly help. We have the customer tell us the password over the phone and confirm the amount. We record all calls so..... there's that.

The problem with credit card transactions is that the person can do a charge back, and the money will be removed from your merchant account before you can even dispute it.

So....

canadian+bills+money.jpg
 
nfq said:
Transactions can be reversed even after posted, to correct transfers that customers 'mistakenly' made.

If you've paid a bill online recently (that isn't automated) you'll more than likely get a pop up that says 'Paid in error? click here to undo this payment'.

Cash is cash. Polymer bills too, too many fake paper bills floating out there.
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Once you have done the e-transfer and it's been deposited.. You can't simply click a button to return the money. The bank has to do an investigation and communicate with the other bank. If the person tried that, and you had proof they did the transfer....... well that's fraud.
 
nfq said:
Cash up front, in your hands. No eTransfer's or other forms of payment.
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^ That's what I would do. If he can eTransfer, he can get the cash. Or even a money order (if for some reason his bank won't let him take out a big sum in one transaction) but I would go with straight cash. And make sure you have a good amount of friends with you since this guy seems quite shady. What a headache.
 
This
nfq said:
Cash up front, in your hands. No eTransfer's or other forms of payment.
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Kellen called it, and this thread just confirms why I mostly dislike people and prefer animals, here is one person trying to be nice and another person trying to take advantage of the situation with lies and dishonesty. Humans!
 
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ZX600 said:
This

Kellen called it, and this thread just confirms why I mostly dislike people and prefer animals, here is one person trying to be nice and another person trying to take advantage of the situation with lies and dishonesty. Humans!
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People are animals too. They will kill & take advantage of other animals if they need to. One of my dogs killed another one of mine due to dominant issues
 
RockerGuy said:
People are animals too. They will kill & take advantage of other animals if they need to. One of my dogs killed another one of mine due to dominant issues
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Keep the deposit + kill him to establish dominance
 
I'm surprised people don't build in statements for the bill of sale. Sure it can say any price you want, but i always put a clause in that i'm not going to show the bike to anyone else, and buyer will give me x deposit, which is not refundable.

I've also made conditional clauses for deposit given, and will be returned only if inspection does not go as expected, and buyer wishes to back out (and provides details/certficates to seller).
 
kellen said:
Keep the deposit + kill him to establish dominance
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Kellen is the winner of this thread.

Others need not post further.
 
Offer to return the deposit... backout on the last minute... your new bike needs new tires.
 
nfq said:
Transactions can be reversed even after posted, to correct transfers that customers 'mistakenly' made.

If you've paid a bill online recently (that isn't automated) you'll more than likely get a pop up that says 'Paid in error? click here to undo this payment'.

Cash is cash. Polymer bills too, too many fake paper bills floating out there.
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What a load of ********. Paying bill online is a form of wiring which exactly means reversible tx. EMT is through Interact, which means the tx is cleared B4 being sent. Its basically like cash or certified cheque.
 
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cool said:
What a load of ********. Paying bill online is a form of wiring which exactly means reversible tx. EMT is through Interact, which means the tx is cleared B4 being sent. Its basically like cash or certified cheque.
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Transactions can be reversed. Some take more effort than others.

Cash is still king.
 
Chasem said:
I always thought e-transfers were the safest way.... Once you get the confirmation and the money is in your account... I don't think there is a way to claw it back.

We do this with Shanty customers that might try a credit card charge back. Never had one reversed.
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Electronic transfers can be reversed. Lots of scams used happen this way. Google this on redflagdeals.com
 
kiwi said:
Electronic transfers can be reversed. Lots of scams used happen this way. Google this on redflagdeals.com
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Interesting... Never happened to us on e-transfers. Credit Charge backs... Yes absolutely.
 
kiwi said:
Electronic transfers can be reversed. Lots of scams used happen this way. Google this on redflagdeals.com
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I've written details into the bill of sale/contract including all of the deposit & payment details, so if anything goes south I'll have the signed papers indicating what happened.

Hopefully this guy isn't that much of a POS, but you never know, seeing as he's already been caught BSing me in a few ways.

As it stands, I have his original deposit, and 2 EMTs (folks were correct, limit of $1,000 per day/transaction), the remainder to be paid in cash tomorrow afternoon when I deliver.

I'll just be glad when it's over with... though I am sure as hell going to miss riding for a while.
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