Renting DVC points - Payment question

[cheesemouse]

Hi - I am considering renting some points. The owner has asked to be paid via wire transfer. Is this normal/standard? What do most owners do for payment when renting out points? I expected to use paypal or provide my credit card. The whole wire transfer to their bank is sending up red flags to me. It' probably fine, but I'm just not sure. Should something go wrong and I end up with no reservation, I have no recourse when using that method of payment.

Thanks!

 

[bobbiwoz]

Find another owner if you are uncomfortable. I do not rent, but have read that PayPal is accepted by many owners and renting services. Go with what feels right to you! Renting points does require an amount of trust on both sides, and this transaction seems to be lacking that right at the start!

 

[bumbershoot]

Should something go wrong and I end up with no reservation, I have no recourse when using that method of payment.

From what I've learned here, paypal doesn't offer protection for such a payment either, so you're probably just fine.

I think that scammers do use places like Western Union, but just being asked to do a wire transfer doesn't mean they are scammers.

 

[vicki_c]

Although many work out payment by Paypal, Paypal's terms prohibit using it for timeshare rental payments. Maybe this owner is just a rule follower. And like most, probably doesn't have the ability to take a credit card. You could ask them about a check if you're willing, but they probably won't book until your check clears and it's possible what you want could be booked by then.

 

[JimMIA]

Depends on what they mean by wire transfer. If they mean an electronic transfer from your bank account to theirs, that would not concern me. If they were asking you to wire money to some kind of money transfer company (like Western Union), I would not do that.

If you have concerns about the wire transfer, I would just ask the owner why they request that. They'll probably tell you because it's quick and safe for both parties. They might also ask how you'd like to pay -- and if you want to pay by Paypal or some similar method (and are willing to pay whatever fees are involved), they may be fine with that.

Whatever method you use, be sure to research whether there will be any fees involved.

 

[cheesemouse]

Although many work out payment by Paypal, Paypal's terms prohibit using it for timeshare rental payments. Maybe this owner is just a rule follower. And like most, probably doesn't have the ability to take a credit card. You could ask them about a check if you're willing, but they probably won't book until your check clears and it's possible what you want could be booked by then.

Huh, I didn't know that! I do very little eBay type shopping online and am not very familiar with PayPal. Thanks for the heads up.

What do most renters do for payment??? This is all so new to me. While in sure this renter is fine, I'd hate to be the one person that gets scammed.

 

[vicki_c]

Huh, I didn't know that! I do very little eBay type shopping online and am not very familiar with PayPal. Thanks for the heads up.

What do most renters do for payment??? This is all so new to me. While in sure this renter is fine, I'd hate to be the one person that gets scammed.

I think most renters / owners use Paypal anyway.

 

[crisi]

Certified check or wire transfer is common. Personal checks are less common. Credit cards are very uncommon. Lots of PayPal, but it is against their terms and since it is, if you are scammed, PayPal won't help.

 

[Dean]

I generally do personal check as long as there's enough time. I'll use paypal occasionally if someone insists but I require they pay the extra fees.

 

[DMKEDM]

I've always paid and been paid by check (which makes it sound like I rent routinely when in fact I've only been involved in 4 rental transactions and one points transfer)...

You do have to have some time in which to wait for the check to clear...but as an owner I was fine w/making the reservation right away (I could have canceled it had the check not cleared)...if I'd been using borrowed points, or had I been close to my banking deadlines, I might have waited on the check clearing, but the extra week for the check to clear simply wasn't an issue...

I was one of the very, very few scammed "back when" and my bad situation involved me using Western Union to wire money...can't imagine any circumstances under which I'd do that again--but I don't think it was the wiring of money that was "the" problem. It was a symptom of the problem, tho. While I wouldn't refuse to do a wire transfer, if time isn't of the essence I'd ask to use a check instead.

I categorically will NOT use PayPal for anything, ever--I had a serious ID theft issue w/them several years ago and once burned twice shy as they say. I'll do without whatever I want to buy or sell rather than use PayPal...

Good luck w/your situation!

 

[cheesemouse]

I've always paid and been paid by check (which makes it sound like I rent routinely when in fact I've only been involved in 4 rental transactions and one points transfer)...

You do have to have some time in which to wait for the check to clear...but as an owner I was fine w/making the reservation right away (I could have canceled it had the check not cleared)...if I'd been using borrowed points, or had I been close to my banking deadlines, I might have waited on the check clearing, but the extra week for the check to clear simply wasn't an issue...

I was one of the very, very few scammed "back when" and my bad situation involved me using Western Union to wire money...can't imagine any circumstances under which I'd do that again--but I don't think it was the wiring of money that was "the" problem. It was a symptom of the problem, tho. While I wouldn't refuse to do a wire transfer, if time isn't of the essence I'd ask to use a check instead.

I categorically will NOT use PayPal for anything, ever--I had a serious ID theft issue w/them several years ago and once burned twice shy as they say. I'll do without whatever I want to buy or sell rather than use PayPal...

Good luck w/your situation!

Thanks for the help. Actually, I spent several hours last night reading about your tale of woe with your rental that went bad many years ago. If you don't mind, I'm going to PM you with a few questions I have.

Carrie

 

[BrerNashville]

What would be the difference in paying via check vs. via wire transfer, other than the $20 fee on your end (and on the lessor's end, often, that he will pay for)? You get a real bank account on the wiring instructions, so as long as it's not the Bank of Nigeria or some such, I wouldn't have any qualms.

If you're getting scammed, once your check has cleared, you can't do anything about it anyway (or at least, not any more than you could having sent your payment via wire transfer). You will have a few days to order a stop before it's deposited, but if the lessor won't actually make the reservation until the check clears, you won't get any more information after you mail the check and the check clears. In fact, a wire transfer can't get lost in the mail, so you take that contingency off the table.

 

[Sammie]

If you are uncomfortable walk away, because honestly unless you are dealing with someone you know, it makes no difference how you pay them, the reservation is theirs until you check in.

No one type of payment guarantees complete lack of any chance of a scam.

Paypal is more for convenience than any safety factor.

 

[Dean]

What would be the difference in paying via check vs. via wire transfer, other than the $20 fee on your end (and on the lessor's end, often, that he will pay for)? You get a real bank account on the wiring instructions, so as long as it's not the Bank of Nigeria or some such, I wouldn't have any qualms.

If you're getting scammed, once your check has cleared, you can't do anything about it anyway (or at least, not any more than you could having sent your payment via wire transfer). You will have a few days to order a stop before it's deposited, but if the lessor won't actually make the reservation until the check clears, you won't get any more information after you mail the check and the check clears. In fact, a wire transfer can't get lost in the mail, so you take that contingency off the table.

I don't put myself in a position to get scammed. I make every effort to be working early in my use year and require 25% down and the remainder at 120 days all non refundable. For this reason I generally shy away from escrow options since they usually offer far too much protection for the non member and far too little for the member.

 

[msp2mco]

When I have rented out points, I have taken personal checks. I have plenty of lead time and make the reservation. The checks have always cleared, but if they haven't, I have plenty of time to cancel the reservation.

I avoid renting points to someone who wants a reservation within a month or two. It's just too complicated on the reservation and payment end. The more lead time, the better.