topic Re: Help with Transfering Money in Among Friends

Help with Transfering Money

shiningstar — Tue, 01 Nov 2016 13:11:30 GMT

Long story, but will try to make it short. My cousin who is out of the country needs to borrow 20,000. I have given him money before and he has paid me back. The problem is the bank will not transfer the money to his account and we deal with a well known bank. They say it's a scam. If I withdraw the money, do you think they will let me send it to him through the same bank transfering the cash it into his account. I'm so tired dealing with these people.

Re: Help with Transfering Money

KingstonsMom — Tue, 01 Nov 2016 13:28:14 GMT

I doubt it.

Maybe you should listen to your bank, they may know more about the 'receiving bank' in the other country than you do.

If they send it and it is a scam, they're responsible for that money, I would think.

Re: Help with Transfering Money

I am still oxox — Tue, 01 Nov 2016 13:37:15 GMT

I would think long and hard, it is most likely a scam, which preys on older and guliable women.

I have seen if before and it never ends well

Re: Help with Transfering Money

judEve — Tue, 01 Nov 2016 13:47:13 GMT

@shininstar,

I'm sorry I know nothing about transferring money out of the country but do want to share with you my first thought when I saw your post which I assume you're well aware of. There are tons of scams going on now days where people get an email supposedly from a relative asking for money to be transferred. You did say you've lent this cousin money in the past so I hope this is not a scam but I can understand the banks concern however frustrating it may be. Did you happen to SPEAK to your cousin to confirm it truly is him? I highly recommend you SPEAK to him to confirm it is for sure him before going any further! Another thing I've heard these scammers do is in the email from the supposed relative that's out of the country is they say they need the money right away as some emergency has come up such as they've been falsely arrested, lost travelers checks, credit cards, etc and for some reason cannot verbally speak to you. Those are red flags to be aware of! Now I'm sure you're an intelligent woman who hopefully has heard of all these scams and knows for sure without a doubt this truly is your cousin I suggest you/he goes to the embassy and ask them for suggestions/guidance in this situation. As I said above I really don't know anything about actually transferring funds out of the country and that's the only thing I can think of. I just wanted to make sure you are aware of these terrible scams and do everything to avoid them even if it takes a day or two longer before you can lend him the funds. BTW last time you lent him money was it this much? That may be another red flag if it's far more than you've lent him in the past!

Good luck to you! Keep us informed!

Re: Help with Transfering Money

itsmagic — Tue, 01 Nov 2016 13:56:50 GMT

In addition to the excellent response from judEve sometimes scammers will actually call you on the phone leading you to believe they are your relative in need of money.

Re: Help with Transfering Money

ValuSkr — Tue, 01 Nov 2016 14:00:33 GMT

I too suspect it's a scam. Please read this consumer protection note from the FTC:

https://www.consumer.ftc.gov/articles/0204-family-emergency-scams

Re: Help with Transfering Money

KingstonsMom — Tue, 01 Nov 2016 14:03:08 GMT

@itsmagic wrote:
In addition to the excellent response from judEve sometimes scammers will actually call you on the phone leading you to believe they are your relative in need of money.

@itsmagic

Yes they do, while crumpling foil/paper to pretend a 'bad connection', so you can't really recognize the voice on the other end.

Re: Help with Transfering Money

RespectLife — Tue, 01 Nov 2016 14:05:11 GMT

I agree with the other posters...PLEASE think long and hard before you do this!!!

Lending a relative money face to face, placing it in their hand, in THIS country is one thing...sending it to another country ??? Absolutely NOT! $20K is a LOT to risk.

I wouldn't even trust a phone call from someone possibly 'claiming' to be him.

This exact scam has been reported THOUSANDS of times! A 'relative' needs help, your 'son' was arrested etc. You can research it.

Re: Help with Transfering Money

sweetee2 — Tue, 01 Nov 2016 14:21:51 GMT

PLEASE, LISTEN TO WHAT WE ARE SAYING THIS IS A SCAM. I saw this in dr. Phil. She thought it was her cousin. She would send money, he would pay back, send more , he'd sent back a little less. Went on for 2 years, until her daughter got involved. She had sent hundred thousand to his sending back all most nonething when they got down to figuring it all out.

Re: Help with Transfering Money

151949 — Tue, 01 Nov 2016 14:45:48 GMT

Why not phone your cousin and tell him you are just being certain it is a legitimate request from him. Then you can go to the bank tell them you verified the request and to transfer the money. If you only deal with him via e mail I would ask some pertinent questions only he would know like your grandmas maiden name or what high school he attended - or what sports he played - something only he would know.

Re: Help with Transfering Money

jackthebear — Tue, 01 Nov 2016 15:27:34 GMT

at least the bank is being diligent and watchful

all money over 10K has to be accounted for in all transactions

Re: Help with Transfering Money

Krimpette — Tue, 01 Nov 2016 15:37:14 GMT

You're way more trusting (and generous) than I am. For a sum of money that large, were I to feel inclined to make such a large loan, I'd only do it in person......and with a legal document to be signed showing the terms of repayment, etc.

Re: Help with Transfering Money

KathyPet — Tue, 01 Nov 2016 15:43:16 GMT

DId you actually speak to your cousin personally? IF so are you absolutely sure it was him?

WHy does he need to borrow $20,000? have you confirmed this story with any other family members who would know for sure if it is true?

Please, please do not send any money without verifying, verifying, verifying.

Re: Help with Transfering Money

Tinkrbl44 — Tue, 01 Nov 2016 16:39:28 GMT

@shiningstar wrote:
Long story, but will try to make it short. My cousin who is out of the country needs to borrow 20,000. I have given him money before and he has paid me back. The problem is the bank will not transfer the money to his account and we deal with a well known bank. They say it's a scam. If I withdraw the money, do you think they will let me send it to him through the same bank transfering the cash it into his account. I'm so tired dealing with these people.

@shiningstar

PLEASE listen to your bank! Keep the 20k in your own bank account and find some other way to help your cousin .... IF it actually is your cousin. Scammers are very sophisticated and frequently impersonate cousins, grandchildren, nieces and nephews.

Your well known bank is on top of all the latest fraudulent activity and scams. PLEASE listen to them.

Re: Help with Transfering Money

chrystaltree — Tue, 01 Nov 2016 17:29:04 GMT

Oh, good grief. Op didn't ask for our advice about scams and she clearly said it's a relative and she has loaned him money before and he has paid her back. No where in her post did it indicate that this could be a scam. My advice is that rather than telling the bank how she wants to handle this transfer of funds.....she should ASK them how it should be done. It's her money, if she wanted to transfer every single penny she owns to a scam artist, she's entitled to do that. It's not the bank's business. All she needs to do is go into her bank and explain that she wants to transfer funds to a relative and ASK how that can be done.

Re: Help with Transfering Money

KathyPet — Tue, 01 Nov 2016 17:36:14 GMT

THe OP,did not say how this request to borrow the money came to her. DId she speak to her relative in person or was the request via E Mail? if he called is she sure it is him? WHat does he need the money For? DId she ask? AS others have pointed out it is not unusual,for these scammers to borrow small amounts and pay the money back in order to gain the trust of the person being scammed. IF she is totally and completely sure the request is legitimate and it is indeed her relative that she knows requesting the money then she should go ahead but she should be very very wary.

Re: Help with Transfering Money

Bellabutterfly — Tue, 01 Nov 2016 18:12:42 GMT

Don't do it! You are being scammed...Listen to your bank.

If you chose not to listen to your "Bank" or your "Financial Adviser". This is $20,000- that can never and will never be recovered.

You will then feel "Used and Stupid".

This money can never get recovered.

Be wise...

Tell him to go to a bank and get a loan...

Re: Help with Transfering Money

Plaid Pants2 — Tue, 01 Nov 2016 18:32:03 GMT

@chrystaltree wrote:
Oh, good grief. Op didn't ask for our advice about scams and she clearly said it's a relative and she has loaned him money before and he has paid her back. No where in her post did it indicate that this could be a scam. My advice is that rather than telling the bank how she wants to handle this transfer of funds.....she should ASK them how it should be done. It's her money, if she wanted to transfer every single penny she owns to a scam artist, she's entitled to do that. It's not the bank's business. All she needs to do is go into her bank and explain that she wants to transfer funds to a relative and ASK how that can be done.

I'm thinking that her bank might be legally required to tell her that it is a scam.

Because, for argument's sake, let's say that it is a scam, and her bank didn't warn her beforehand.

After she realizes that she had been scammed, she could, theoretically say, "You didn't tell me before I transferred the money! You knew and didn't tell me! I'm suing the bank!!!".

Re: Help with Transfering Money

CrazyDaisy — Tue, 01 Nov 2016 19:38:23 GMT

@Plaid Pants2 wrote:
@chrystaltree wrote:
Oh, good grief. Op didn't ask for our advice about scams and she clearly said it's a relative and she has loaned him money before and he has paid her back. No where in her post did it indicate that this could be a scam. My advice is that rather than telling the bank how she wants to handle this transfer of funds.....she should ASK them how it should be done. It's her money, if she wanted to transfer every single penny she owns to a scam artist, she's entitled to do that. It's not the bank's business. All she needs to do is go into her bank and explain that she wants to transfer funds to a relative and ASK how that can be done.

I'm thinking that her bank might be legally required to tell her that it is a scam.

Because, for argument's sake, let's say that it is a scam, and her bank didn't warn her beforehand.

After she realizes that she had been scammed, she could, theoretically say, "You didn't tell me before I transferred the money! You knew and didn't tell me! I'm suing the bank!!!".

The bank may suspect that it is a scam (and they may be right), however they do not have any proof.

They can warn her, yet it is her money. They cannot stop her from transferring it is that is her desire. She just needs to discuss the correct proceedure.

Re: Help with Transfering Money

chrystaltree — Tue, 01 Nov 2016 19:44:13 GMT

@Plaid Pants2 wrote:
@chrystaltree wrote:
Oh, good grief. Op didn't ask for our advice about scams and she clearly said it's a relative and she has loaned him money before and he has paid her back. No where in her post did it indicate that this could be a scam. My advice is that rather than telling the bank how she wants to handle this transfer of funds.....she should ASK them how it should be done. It's her money, if she wanted to transfer every single penny she owns to a scam artist, she's entitled to do that. It's not the bank's business. All she needs to do is go into her bank and explain that she wants to transfer funds to a relative and ASK how that can be done.

I'm thinking that her bank might be legally required to tell her that it is a scam.

Because, for argument's sake, let's say that it is a scam, and her bank didn't warn her beforehand.

After she realizes that she had been scammed, she could, theoretically say, "You didn't tell me before I transferred the money! You knew and didn't tell me! I'm suing the bank!!!".

No, that would never happen. If a bank suspected something is scam, it's their responsibility to alert depositors. That's true. But it's not up to them to look for scams where none exist and then hold our money hostage. Even when something is clearly a scam, if the customer wants to proceed, the bank can't stop them. The the US, we are allowed to act foolishy and make mistakes.