Learn me EFT's

Electronic fund transfer.

Negotiating payment for a car, rather than risking a rubber check or funny money I'm thinking EFT. How do i do this without giving this person my bank acct number? I am the receiver in this transaction.

What I did......I went to my bank and opened an account just for this transaction, gave that number to the buyer and when the money hit my bank I immediately transferred it to another new account and closed the first one.....it cost me $10 to do this.

In Canada, you do it using email addresses, but I know there is a limit on the size and daily amount on sending etransfers.  I'd go talk to your bank about a big one.  I can't imagine you'd have to give up a bunch of personal information.

I think that most EFT methods in the US can be recalled by the sender other than a wire transfer. Also, at least with the banks I've dealt with from a buyer side, wire transfers use a different routing number compared to the normal one. I don't know if that prevents the routing/account number combo from being used for nefarious ACH transfers, but that might be worth looking into.

In reply to Streetwiseguy :

I believe the limits are on sender's account. Send a transfer to email address and it's done. My TD account is set to auto deposit so sender gets a message that transfer can't be covered once it's sent. I deal with more than one bank - it keeps them on their toes.