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Escrow account

Discussion in 'Other Off Topic Forum' started by matkat, Jul 19, 2005.

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  1. matkat

    matkat Formula 3

    Mar 18, 2003
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    #1 matkat, Jul 19, 2005
    Dear F-Chatters from the US I have a Client Who wishes to pay a deposit into such an account and being a Brit I really know nothing about it can You please tell Me the advantages and pitfalls of this.
    Thanks Guys
    Dave Mc
     
  2. matkat

    matkat Formula 3

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    #2 matkat, Jul 19, 2005
    Come on Guys some advice please.
     
  3. matkat

    matkat Formula 3

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    #3 matkat, Jul 19, 2005
    Cheers everyone for Your replies(none)rather pissed of with a lack of response for a basic(I thought obviously wrong)question will now go to google for the answer.
    Thanks for no response,please check out how often I have helped fellow F-chatters and have asked nothing in return.
    Dave Mc
     
  4. ^@#&

    ^@#& F1 World Champ
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    #4 ^@#&, Jul 19, 2005
    It could just be that no one has an account or that barely anyone is on. As for me, I am no help.... but i did respond.
     
  5. matkat

    matkat Formula 3

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    #5 matkat, Jul 19, 2005
    Thanks for at least a reply.
    Dave
     
  6. ^@#&

    ^@#& F1 World Champ
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    #6 ^@#&, Jul 19, 2005
    no problem. btw, I just looked at the escrow website because i was curious as to what it is. It seems like something similar to paypal. Do you know of any benefits this has over paypal? From what I know, paypal is pretty secure and is on your side when it comes to fraud.
     
  7. LetsJet

    LetsJet F1 Veteran
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    #7 LetsJet, Jul 19, 2005
    Chill Dave,

    You just posted tonight.........

    An escrow account is setup to protect both the purchaser and the seller. Both agree to terms required to complete the transaction. The purchaser places the funds into this account to verify that they have the funds and will complete the transaction. Once the terms are met the escrow agent releases the funds to the seller.

    Here is the danger.............. You must use a reputable Escrow agent, as there are scammers out there that make people think they are legitimate but are just bogus shops. If you have a strong bank relationship they may assist you.

    What is the item and approx. value? Is the deposit refundable or non refundable?
     
  8. LetsJet

    LetsJet F1 Veteran
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    #8 LetsJet, Jul 19, 2005
    NOT EVEN CLOSE TO PAYPAL

    NO NO NO
     
  9. ^@#&

    ^@#& F1 World Champ
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    #9 ^@#&, Jul 19, 2005
    sorry sorry. Told you I don't know
     
  10. LetsJet

    LetsJet F1 Veteran
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    #10 LetsJet, Jul 19, 2005
    Noah, I realize you were trying to help and I think that's great. It was nice of you to post. I just didn't want either of you confused.
     
  11. ^@#&

    ^@#& F1 World Champ
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    #11 ^@#&, Jul 19, 2005
    Too late on that confused part. But I kinda get what it is now. That is now one more site for me to avoid due to confusion.
     
  12. matkat

    matkat Formula 3

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    #12 matkat, Jul 20, 2005
    Thanks for the info,sorry I appeared tense had been in talks with the Client for about 16 hours and fatigue was getting the better of Me,again sorry and thanks.
     
  13. LetsJet

    LetsJet F1 Veteran
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    #13 LetsJet, Jul 20, 2005
    Dave, no problem.....

    You didn't answer my questions. I was waiting for a reply to help you further. Personally, I would not except a deposit through escrow. But, I wouldn't allow a deposit to be refundable either. I don't understand the point of that. I would not take an item off the market unless a non refundable deposit was in hand or a contract was enforce.
     
  14. matkat

    matkat Formula 3

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    #14 matkat, Jul 20, 2005
    Eric PMd You and thanks
    Dave
     

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