People, Do NOT, Under ANY Circumstances, Buy Coins Online Using Money Orders

Oh dear. Not good form to be callin' Peter crazy and I highly doubt he's ill informed.

 

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What Peter is saying USED to be correct. I was burnt a couple of times 2+ years ago. However, they have changed their policies about 2 years ago and again the beginning of this year. From what I can understand, today you are now pretty much guaranteed a refund if you have a problem on eBay, but I am not sure about outside eBay.

 

Man, all I am gonna say is this is scary. I think I will continue to keep my transactions to the same level as I am willing to lose in a slot machine. That way, if I do get ripped off, I can mark it down as educational expenses ? Seriously, freezing a bank account over a "personal" dispute seems just about as unethical as can be. Probably violates several banking regulations under international laws ?

 

Although I agree personal disputes should not in anyway affect our banking, I would much prefer that than to have any international laws regulating our personal banking.

 

You are right again Peter. In Europe it is registered as a bank in Luxembourg, however here in the US it's unclear whether it's a bank, a narrow bank or money services company. I guess it depends on the state law in each state it operates in what type of company it is. But because it transmits Credit Card funds, it is regulated. Man, I am just learning how "bent" all this is.

Now, if I buy something from Europe using my PayPal account, am I dealing with a money services company in Nevada AND a bank in Europe that handles that end of the transaction ? Wait a minute, now if I make the purchase with PayPal credit, then its a credit card company in Nevada ?


Thanks for the wake up.

 

hahaha ok. funny..! Heaven forbid I say something honest about our current Prez.. Sorry Peter. maybe not ill-informed - just old experience as Rim pointed out.

Seriously though. It might have to do with the amount of business I do through them, but I felt in every dispute, a level of confidence that I have never felt with any other financial institution .

Seller issues an invoice for goods through PayPal, Buyer Pays. Coverage is Top Notch for both parties based on my current experience IMHO.

I should add. That if you are buying, make sure you request an invoice or request for money with the item to be purchased in the description. Keep things on the up and up. Don't gift, for example. Again, IMO the 3% is cheap insurance.

Furthermore, For sellers, if you are selling more than 1k per month, open a merchant account. I believe it gives you a different lower rate and probably better service. also I seem to remember that once you are over $10k in 90 days, the percent drops to 2.2 or something like that. I think the next level is 100k over 3 months.

 

Smart move because had you commented, I would have to ban you for bringing politics into this thread.

seriously though, surprised "they" didn't plug that little leak. pun intended!:devil: but yeah - they are a private institution and they can ban/suspend/hold/do whoever they want just like you! Did I miss a point?

You had a bad past experience and I have had thousands of current positive experiences?

 

I would not have agreed with you Peter, at one time. But now, I agree wholeheartledly. On another (non-coin related) forum I contribute on, I bought something off one of the moderators, and paid him with a money order. Well, when I pointed out the fact that he kept my money and didn't send my item via PM, he decided to start a smear campaign against me, posting lies about me in multiple threads before the next time I logged in. Even though I had been a member of that forum for two years before he was, people sided with him and they took me as the villian...Even though HE was telling outright lies. It didn't even matter to anyone that I offered to give them my password to go in and see the PMs we had sent back and forth, he was dubbed right and me wrong. (No one took up my offer)

So, now, I have not done any money orders since then and I doubt I will do any more unless it's someone I trust completely. I had trusted that guy too, (it was not our first transaction) so even then I would be leery.

Even though I dislike Ebay/Paypal, I do think it is the best option available today. With Paypal's new rules, if you were the buyer you are automatically deemed right, and since I never sell anything, I feel confident in using it.

We have an account tied to our paypal as a different bank then we do our general banking with, so when I want to buy something it's a little bit of a hassle to have to get the money to the Paypal bank but I feel it is the best option.

 

Greetings guys - well, here it is. I hate being an ass, but I'm the one that this thread was started for, or about, whichever. I've only been a member for a short time and part of that was due to recently starting collecting again, getting information and thoughts on how the hobby has changed, etc... The other part of it was to make contacts with other members so I could acquire coins and currency and build my collection - even make a few purchases for investment. I have always been a fan of silver and have noticed the price increases lately - so with that I started purchasing it here and there just to put away. I've had a few prior transactions via CT members with no problems, until the last one. One member, cerdsalicious, had an ad for bulk Morgan Dollars for sale...(some of you may have seen it, said he was seeling for a house purchase or something), we emailed back and forth and came to an agrrement on a price for a roll of circulated pieces. I promptly sent a MO on 12 Novemeber and waited like always. After almost 2 weeks and no Morgans, I emailed him for info. He replied that they were mailed out on the 24th. At this pont it's been a month since I mailed payment and still no Morgans. I emailed Peter here at CT and he has since posted this issue for future reference. As of today, I will be sending as tracer on the MO and filing a complaint to the USPS for fraud via mail. I tried to give him plenty of opportunity to make good and I have heard nothing from him since the earlier reply.
In the big picture, it's not a lot of money, however, to me it is and I tend to barter or buy 1-2 pieces at a time like some, to build my collection. I cannot afford to lose money like this at once. With the holidays upcoming, I could have just as easily kept the money for other purchases or even just saved it. I also accept that it's my fault for sending cash in the form of a MO, however, I always seem to trust fellow collectors that have the same persona and interests as well as an established reputation on various forums, so it wasn't just a blind transaction. I do hope this can be resolved in a mature and quick manner....

regards
JS~ aka coinup

 

Thank you for the idea in regards to filing a complaint with the USPS.

Here's the link I found for it;

https://postalinspectors.uspis.gov/forms/MailFraudComplaint.aspx

 

I could not agree more.

 

Misinformed!!

I'm sorry, but from my experience you are very naive, and should possible read internet posts in various sites (e.g. http://www.paypalsucks.com/ ). I believe the site is still operational, and have been informed of continued PayPal threats to that/other sites. From your statements, it seems apparent that you live in a relatively uninformed world.

Paypal "seized" the assets from my account for more than 4 years even though the account wasn't being used for internet activities, but had been opened to satisfy a single disabled customer who pleaded with me to accept funds through that organization. The customer was very pleased with the transaction, leaving positive eBay feedback, and didn't initiate the seizure which occurred long after our transaction when funds were idle in the account, awaiting a need for dispersal.

I would suggest that you learn to emulate others (e.g. Chip - #10 post) who when taking exception to a post, cite verifiable supportive examples for their statements, and don't insult the intelligence of others who I believe have shown extraordinary business knowledge/sense. I personally thank Peter for his efforts and patience in allowing critical unsupported differences in HIS forum, especially when many are not contributing financially for the forum support.

PayPal/eBay are notorious for stalling/denying cases/claims, and have denied payment on numerous fraudulent purchase activities of mine which amounted to a strong 5 figure sum including sales of expensive certified double eagles, automobiles, trike motorcycle, etc.. EBay "mandated" internet (PayPal) payments for specific transactions, circumventing the legal protections afforded when utilizing unregulated Cyberspace, rather than other agencies with possibly severe legal consequences when committing criminal actions (e.g. USPS).

PayPal has on numerous occasions closed my account for unreasonable conditions when several large deposits were forwarded from eBay sales, without any buyer dissatisfaction, holding the funds for a significant time period.

I believe that familiarity with the heretofore mentioned site, will authenticate that PayPal is relatively invincible to civil legal actions, as cited by past "class action" law suits which weren't properly adjudicated. They have grown to be an uncontrolled entity existing in virtually lawless cyberspace environment.

If one is a "small time" entity dealing in relatively insignificant amounts of funds, you are correct that they needn't fear PayPal confiscating the paltry funds, unless they violate stated reasonable terms of commerce,

I will not provide PayPal with anything but a debit card number linked to a bank account with only transactional amount funds.

I believe you owe Peter an apology for making such rash statements without questioning/verification.

 

Follow up - I went to the PO to get a trace on the MO, the cool lady behind the counter called it in so I didn't have to pay the fee and wait however many days to find out. She says it hasn't been cashed...so my next option is to cancel it and get a refund from USPS, but I have to wait 30 more days...we'll see. Very interesting....

 

Hey, I have 35,000 facebook friends and I trust them all ! yeah right!

 

I'm fairly certain, USPS will resolve this issue. Now, both these parties ( Seller & Buyer ) need to be patient and it will all work out.

 

dude, I've been patient...it's been a month. I could have driven to California, picked up the items, and back to Texas in 4 days.
I'm pretty sure I know how to handle it from here. This is more of a 'CYA' post for CT and other future potential buyers....

 

That's strange... you'd think if he was trying to nail you for those coins he would have cashed the thing already.

 

exactly - however, the last reply I got from him on 24 Nov was that they were in the mail...