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Using bank bill-pay to pay for auction wins?
cinque1543
Posts: 532 ✭✭✭✭
When you win an auction at Great Collections, Heritage Auctions or other site, I know there are different ways to pay. But am curious, does anyone use their bank's bill-pay service to have a check sent from their bank to the auction house?
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No, but that is a good idea for the bullion houses too.
I do bank e-check/wire transfers and save a few bucks on the commissions. 😉
$$, its your money, keep it 😉
How is that different than ACH ?
For my 2 bank accounts, their bill pay is an ACH to payee. Then their is Zelle, a Bank money movement function, but need both parties to have their accounts setup & confirmed n the system. I think this avoids an actual ACH and the banks move money electronically.
Thanks. I’ll check to see if the auction houses accept ACH payments. I know that APMEX does not; that’s why I asked about bank bill-pay by check.
The Auction houses accept ACH payments. I think there's a limit or cut off amount though?
Might need a unique account number when setting up the bill pay for the auction house to recognize your bank payment. To them, they will see money coming from your bank, but don't think your unique account # or name at the bank.
BC, HA and SB all take ACH; they will delay shipping for a week, while the payment fully clear the system, until you've done it a few times and they're comfortable with you.. There is no benefit to messing with paper checks.
HA e-check is ACH and very easy to use.
SB is direct debit is also ACH, but was such a bitch to set up, I abandoned it and use a debit card (also free).
There are two types of ACH electronic payments:
ACH Credits (Push): Initiated by the you to "push" funds to the Auction House. This bank bill pay service is often used to pay credit card bills.
ACH Debits (Pull): Executed with your authorization to "pull" or withdraw funds from your account. This is how GC, HA, & SB operate.
If an organization is setup to electronically withdraw funds through ACH Debits from your account, it is unable to accept electronic ACH Credits payments. Instead a bank needs to mail a paper check which often arrives late.