When selling coins to new buyer who pays with a check, how long for it to safely clear if not a scam
Aspie_Rocco
Posts: 3,259 ✭✭✭✭✭
I’ve been working on a deal with a buyer that wants to pay with a check.
I typically only deal with checks from an employer or occasional acquaintance.
Coin transactions for me are 99% electronic via eBay, PayPal, Zelle. So taking a check is unusual for coins in my life.
How long should I wait to safely guarantee it’s not a possible scam?
http://www.pcgs.com/SetRegistry/publishedset.aspx?s=142753
https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/
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HAPPY COLLECTING
Contact your bank, they can follow up with you to let you know when it clears.
Collector of what ever looks good to me today.
Most checks drawn off domestic banks will clear the Fed within 3-4 business days. I have seen them sent back for return at 7 business days. I would wait 7-10 business days to be safe but yes talk to your bank.
This is the best way to handle the question presented.
Ask for a business reference you can call, then hold the check for about 10 business days.
I have heard that the account holder can claim "stolen check" up to six months later.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Try for cashiers check, and pay for shipping, then its a wash
I’ve heard the same thing too. I’m not sure if it’s true but I’d be careful.
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Here is a hint for all: Call the bank and ask for bookkeeping. Then tell them that Mr. XXXXX presented you a check in the amount of $xxx.xx and ask if it will clear. They will ask for the numbers on the check. Lots of times they know the client and will assure you that it will clear or not.
I've done this dozens of times with great success.
I've had the bank tell me that he deposits on the first and fifteenth and that would be the time to present the check (if local and you can do so in person).
bob
You could ask for a money order or cashier's check if the value is past your comfort level.
My last bad check came from these boards a few years ago. It was a company check drawn on Canadian bank with US address. The check looked good and was printed. It took 3 weeks to get back to me and accompanying bank fees ... the routing number and account was bogus and they must have printed it on their computer with some sort of accounting software. I got lucky because they then went national and started doing the same thing for gold and fancy Morgans at coin stores around country. It was a couple years before he was tracked down and prosecuted for taking $10K from one company.
Cashiers check only. Most banks only charge a couple of bucks. Some do it free.
There is no excuse for nat being able to pay with a cashiers check.
I would still verify a cahiers check.
Student of numismatics and collector of Morgan dollars
Successful BST transactions with: Namvet Justindan Mattniss RWW olah_in_MA
Dantheman984 Toyz4geo SurfinxHI greencopper RWW bigjpst bretsan MWallace logger7
Cashier’s checks can be bad als> @150K said:
Cashier’s checks can be counterfeited. They initially clear and then you get the bad news later.
USPS money orders are great. You can confirm they are not stolen upon receipt and before shipping merchandise.
$1K limit on all USPS MOs, just get more than one if necessary.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
disagree. Public answers serve a wider audience. As always consider their source and confirm elsewhere what you are told here.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong