The bank wire factor at Nobullshit Network Forum

24oz · 04-04-2007, 03:10 AM

In my opinion bank wires have a huge importance when making due diligence in a program. From all the programs flying around the internet, how many you know that REALLY accept bank wires? and I mean really because some of them say they receive them but "only" for high amounts such as 20K etc and those do not count, because it is their way to look legit by making us think that they really have a bank account. And this is important because:
1-If there is a company behind any program, this company MUST have a bank account for moving the funds, transfer to brokerage accounts etc or do you know any company that doesnt have a bank account?. Without bank accounts still today is impossible to conduct trading activities in a commercial level.
2- If a program accepts bank wires, you know that at least 100% sure there is a company behind, because all banks in all jurisdictions require notarized corporate documentation in order to open a corporate account.

Accepting bank wires doesnt guarantee that the company is legit or that is really trading, but does guarantee that there is a real company behind the program. Now from the hundreds of programs flying the internet just check how many are indeed accepting bank wires, I am sure that there will not be more than 5 or 6, so it is an easy way to help you make your investment choices.

PD: Sorry if I posted in the wrong forum,but i think that it is an easy due diligence tip.

**mbongwe** · 04-04-2007, 07:12 AM

Actually accepting bank wire has some importance, but it's not much more than providing a real address or ID for example. We have seen such scams in the past and they seem to get more popular recently.
Accepting bank wire/providing company address/personal ID are good things, but they only give you to know who you work with. In case of blatant scam you could try sending the authorities against them. But the scammers are not so flat, many of them don't just run away today. They report losses, hacked accounts, stolen funds etc. Some of these programs even refund partially to calm down the member and make them believe the admin is honest.

**gaby** · 04-04-2007, 07:18 AM

do not forget the KAonline scam.. they had bank wires and many members used it .. It still did no good when he scammed ..

But it still is better than nothing i guess..

whizzer · 04-04-2007, 09:31 AM

I could imagine as with everything else there's always posibilities to use a fake documents to get what you want... f.ex. opening a bank account in countries with more "relaxed" security checks and regulations and/or with anonymous accounts. Either way, I can think of at least some other ways to get around it, but refrain from posting it to give away any ideas to the wrong people.

24oz · 04-04-2007, 11:02 AM

Quote:

Originally Posted by whizzer

I could imagine as with everything else there's always posibilities to use a fake documents to get what you want... f.ex. opening a bank account in countries with more "relaxed" security checks and regulations and/or with anonymous accounts..

For any bank in any jurisdiction is mandatory to provide NOTARIZED documents to be able to open accounts, so fake documents would not pass the bank's security check add to this that now most of the banks apply a Know Your Customer policy so it is difficult.
As per anonymous accounts this is just coded accounts where the name of the real account holder does not appear, but still the account holder had to provide the bank with all the notarized documents for the account approval.

With this again I am not saying that those accepting wires are legit but at least is something and without a bank account is hardly impossible to conduct trading and commercial activities.

**sharonsopinion** · 04-04-2007, 06:24 PM

There are so many criteria for chosing where to plunk your money down. Accepting/Paying by bank wire is a good one!

Showing data to a HYIP blogger/monitor, posting a screen shot, providing registration information, etc. to prove that there is a legit business behind the scenes is a criteria that rates high on my list. However, even proving that there is a legit business is no guarantee.

Just remember that no criteria is 100%. There are ways to get around everything. Take all of your selection criteria with a grain of salt. No criteria is set in stone, but the combination of many good signs is your best indicator.

Hmmm.... sounds like it's time to write an advice article! Please list all of your criteria for deciding on a program!

JMO,
Sharon

Simon · 04-05-2007, 10:45 AM

Quote:

Originally Posted by sharonsopinion

Hmmm.... sounds like it's time to write an advice article! Please list all of your criteria for deciding on a program!

First point, a big disclaimer letting people know that whatever criteria are used, there will have been, and will continue to be, programs that meet all reasonable criteria, and still run away.

**sharonsopinion** · 04-05-2007, 05:13 PM

I agree, Simon! Mbongwe published an excellent article, Private programs, refunds and naive investors at No Bullshit HYIP Blog, A Part of No Bullshit Network, on the subject. I am thinking about piggybacking on his article and on Leo's article. Tying the two together.

Thanks for your input!

JMO,
Sharon

ether93 · 02-08-2008, 11:44 PM

I agree with most of the responses so far. I don't think it means much all by itself, but it is another factor to consider when trying to judge a program.