T/T Payments
Post 1 of 8
I spoke to my bank today about T/T terms and conditions as I have used them a number of times over 9 years and I did not realize this one point.
If a buyer sends a supplier for example a wire transfer in any amount of $ and the buyer decides after they send it to cancel it it can be cancelled if it has NOT left the senders banking system. So in other words if you send a supplier a T/T and you for some reason want to stop it you can ONLY stop it if the $ is STILL in your banks system. That in my mind means only hours after its initiated but you have to ask your bank how long that may be as it can vary in all cases.
The terms and conditions of banks vary but they still all follow certain regulations. I also asked my bank what can I do if I get no product or different product then what I paid for and I sent a TT as payment. They said that you can do a RECALL on your TT payment.
I asked them what does that mean and they said you have to have the person you sent the money to via a TT to agree to the recall and that see if they will refund your payment. So this is how banks get out of litigation with such a payment instrument.
So as you see banks do NOT have your own best interest at heart when it comes to such payments. Beware!!
If a buyer sends a supplier for example a wire transfer in any amount of $ and the buyer decides after they send it to cancel it it can be cancelled if it has NOT left the senders banking system. So in other words if you send a supplier a T/T and you for some reason want to stop it you can ONLY stop it if the $ is STILL in your banks system. That in my mind means only hours after its initiated but you have to ask your bank how long that may be as it can vary in all cases.
The terms and conditions of banks vary but they still all follow certain regulations. I also asked my bank what can I do if I get no product or different product then what I paid for and I sent a TT as payment. They said that you can do a RECALL on your TT payment.
I asked them what does that mean and they said you have to have the person you sent the money to via a TT to agree to the recall and that see if they will refund your payment. So this is how banks get out of litigation with such a payment instrument.
So as you see banks do NOT have your own best interest at heart when it comes to such payments. Beware!!
20 Mar 2006 18:16
Post 3 of 8
Replying to [GoldStar]:
My friend, let us be clear about a few things. The first is that a bank is NOT your agent or advocate - they are intermediaries, facilitators, working for a fee. They are independent entities.
The second is that banks are the most heavily regulated institutions in the world. Their laws are the strictest. So they do not do at their whims and fancies. They have to answer to the highest lawmakers in the land - in every country.
Third, in any remittance, there are several intermediaries - starting with YOUR bank, a correspondent bank, and the beneficiary's bank. When the funds you sent has been cerdited to the beneficiary's account, it is HIS BY LAW. It is no longer yours.
Hence, if you want it back. the chap who has it must agree to do so, i.e,. agree to return it to you. No one (including his banker) can simply dip into his account, debit him because someone some place else asked it to, and send away the fund.
Just think what would happen if someone else did the same to you, and started claiming funds credited to your account, whatever the so-called 'justification'!
My friend, let us be clear about a few things. The first is that a bank is NOT your agent or advocate - they are intermediaries, facilitators, working for a fee. They are independent entities.
The second is that banks are the most heavily regulated institutions in the world. Their laws are the strictest. So they do not do at their whims and fancies. They have to answer to the highest lawmakers in the land - in every country.
Third, in any remittance, there are several intermediaries - starting with YOUR bank, a correspondent bank, and the beneficiary's bank. When the funds you sent has been cerdited to the beneficiary's account, it is HIS BY LAW. It is no longer yours.
Hence, if you want it back. the chap who has it must agree to do so, i.e,. agree to return it to you. No one (including his banker) can simply dip into his account, debit him because someone some place else asked it to, and send away the fund.
Just think what would happen if someone else did the same to you, and started claiming funds credited to your account, whatever the so-called 'justification'!
23 Aug 2007 05:25
Post 4 of 8
Replying to [GoldStar]: we are supplier ,i think our products are worthy of its price . we are 30% melamine dinnerware supplier . i think bank is bank ,everyone is equeal ,whether you are buyer of supplier .
03 Sep 2007 20:09
Post 5 of 8
Replying to [kindayong]:
The bank cannot sit in judgment about who is right and who is wrong. It is not competent to do so. To debit an account, the account holder must authorise accordingly. None other can. Not even the remiiter or the person who has paid on to the account. It is THAT simple.
The bank cannot sit in judgment about who is right and who is wrong. It is not competent to do so. To debit an account, the account holder must authorise accordingly. None other can. Not even the remiiter or the person who has paid on to the account. It is THAT simple.
06 Oct 2007 02:23
Post 6 of 8
Replying to [GoldStar]:
thanks above speaking,learn more about the payment.![[em1]](http://img.alibaba.com/images/eng/style/icon/emoticons_smile.gif)
thanks above speaking,learn more about the payment.
06 Oct 2007 06:32
Post 7 of 8
why do the seller and the buyer do not use pay pal when the seller send order and the buyer gets is a feed back is sent and the money is release to seller a tracking number is sent when buyer has there order
09 Sep 2009 23:47
Post 8 of 8
Yes, I have learned a lot from this topic.
It will be useful for my future work.
Thanks!!
It will be useful for my future work.
Thanks!!
18 Sep 2009 01:28
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