Escrow Accounts

[myles yancey]

Would it be possible to set up an escrow account for dealers /customers exchanging money for purchasing submarine kits/hulls that would be offered to Subcommittee members ?

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Hi

This is not a good idea because you would be involving the Sc and its officers in your day to day sales and that is not the job of the SC to control and or monitor the sales of vendors to the SC members.
If you wish to have Escrow accounts set up it is the responsibility of the vendor to set it up thru his or her business.

Thank You
Myles

[Guest]

Best think is to use

Best think is to use a credit card, then you have some protection.

[myles yancey]

Posted: Tue Sep 15, 2009

Posted: Tue Sep 15, 2009 5:59 pm Post subject: Escrow

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That is the problem.Hull makers want full payment up front without any guarantee of delivery.
I'm not suggesting that the Subcommittee be the escrow company but offer a Subcommittee sanctioned escrow company that is the responsible party.
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John

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Hi John

John I still have to disgree, because if a problem arises
between the Buyer and the vendor both the vendor and
the buyer would call the escrow company and then it would
boil over to someone asking the SC to get involved. and
trust me that is exactly what would happen.
again no we will not sanction any type of escrow company.

Myles

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Joined: 18 Apr 2009
Posts: 247
Location: sacramento,ca.
Posted: Tue Sep 15, 2009 6:28 pm Post subject: escrow

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That is not applicable if the hull maker does not accept credit cards and also takes several months to produce the hull.
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John
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John this is a problem that vender and buyer should work out amongst
themselves at the time of payment if need be.

Myles

[Guest]

Then it becomes a question

Then it becomes a question of trust, and a decision on how much you really want a particular boat.

Unfortunately, there are dishonest people out there on both sides of the deal. Some are very happy to order things up, then change their mind at the last minute, leaving the seller with some dead stock.

On the other hand, payment up front puts little pressure on the seller to complete the order.

Within this hobby, there are many excellent producers of submarine hulls, kits and assorted paraphernalia, some with a more chequered past, and some who've been downright fraudulent.

It's like the old Latin saying- Caveat emptor.