How long do you hold personal checks before shipping out coin?

jdimmick

Just wondering how long do most people hold checks for (Buisness days) , before sending out the coin.

I recently had an E-bay sale on an item that was several thousand. The guy paid with a personal check, so I informed him that its customary for me to hold, especially being a substantial one. I have it packaged up and ready to go, but want to make sure everything is clear, before the coin goes. The check looks to be a good one and honest transaction, but just want to be cautious. He is not a previous buyer from me, nor do I know him.

I like to get items out to people, but on the same token, if people want coins fast, then I feel they should pay with certified funds or Postal Mo's.

jim d

itsnotjustme

I normally list 7-10 days in my auction listings. If the buyer has good feedback, the check has a real address and it is the shipping address, I may decide to not hold as long.

What bothered me was I once asked my bank how long I should hold. They basically said even when it looks like they have the funds, it can come back several days later NSF.

ElectricEye

10 days, but it can still be returned as much as a month later

BAJJERFAN

Just because their account has funds in it doesn't mean that other checks can't clear ahead of the one they sent to you. If you don't know them I would wait at least 10 business days before calling their bank. If the banks tells you in error that the check has cleared when it hasn't then I believe they must make good on it.

jdimmick

Brian,
Thats basically what I have been told too. My bank can only tell me that it appears to be okay, but cant guarantee it. The only really way to know is if you had a way to determine if the check cleared his bank.


I found something else out the other day, when I thought that registered package was lost. If you get a cashiers check, and it gets lost, you have to wait 90 days before you can do anything. (refund, stop, etc). I guess its a good thing so that a stop or void cant be made on a cashiers check, but a real inconvience if it were to truly get lost in shipment.

I had been told earlier by my bank when I went to cash a large cetified check that someone could stop a cashiers check cold and that its not guaranteed per say for at least 3 days, so I have always been even cautious with those to some degree.

I am not sure if this is all banks policy, but it is for mine which is a national recognized bank

Russ

My auction listings say 10 days, but I frequently ship as soon as I get the check. It depends on the buyer's feedback, their buying history and whether we've done business before.

For example, I got a check in a while back for around $1200 - a big chunk of change for me. Checking the buyer's history they had all positives and many, many transactions for far more. I shipped right away on that one. If they'd had no history, or it was one of only buying cheap stuff, I'd have held off shipping for the full 10 business days.

Russ, NCNE

291fifth

Frankly, I wouldn't take a personal check for the amount you indicate. Just too much risk. As previous replies have noted, it is nearly impossible to know just when it will finally clear.

lordmarcovan

I generally don't hold checks, but ship right away (or as soon as I can- "right away" is a rather relative term when it comes to my shipping habits, I'm afraid.)

Usually I don't even deposit the checks at all for a week or two, until I remember they're in my wallet!

I haven't gotten burned yet (knock on wood). Eventually somebody may come along and ruin it for everyone else by ripping me off, but until then, I am a fairly trusting soul, unless I see obvious red flags.

Barry

On a few bigger checks, I've called the payer's bank and checked to see if there were sufficient funds. Then, about five days after depositing it, I called again, just to be sure.

Robgetty

I really was surprised when Bank of America told me that they had no
real way to tell when a check had cleared; that the only ways were to
check with the bank that the check was drawn on (which they would
not do; they expected me to - or to have it bounce ( a positive negative
answer) - or to just wait for a long enough time that it will have been
processed. Seems like there should be a more cut and dried method.

291fifth

<< <i>I really was surprised when Bank of America told me that they had no
real way to tell when a check had cleared; that the only ways were to
check with the bank that the check was drawn on (which they would
not do; they expected me to - or to have it bounce ( a positive negative
answer) - or to just wait for a long enough time that it will have been
processed. Seems like there should be a more cut and dried method. >>



18th century banking in the 21st century. Those highly paid CEO's are sure earning their keep!

darktone

If you don't give checks a month to clear you are vulnerable to losing your money. mike

topstuf

MINIMUM ...... Fifteen ...WORKING...days. I have had a $20,000 check clear 30 minutes before the account was EMPTY. A scam guy.

On that amount, I continually called the bank to see if MY particular check had cleared. MANY others did not.

If someone sends me a check, I treat it like it was a stickem note. Worthless until cleared.

If they have REFERENCES, it is a different story. With good bullion references, I will ship as soon as they confirm the order.

It pays to have GOOD high volume refs.

airplanenut

It depends on the buyer. Sometimes I hold it until the bank tells me it cleared, sometimes I ship when I get it. Very occasionally, depending on the buyer, I'll ship once I've been told a check is in the mail, and not even wait for it to arrive.

Jeremy

Coulport

I found it more advantageous to deposit the check and hold the merchandise if there is a question.


Edit to add the emoticon.

BigD5

Wait 10 business days. Then call his bank and find out if the check has cleared. 10 business days may not be long enough on a lot of instances also, and you may end up shipping an item and receiving a notice from your bank after shipping the item. Personal checks stink for this reason. I send a check, not expecting any expeditious service, from someone I don't know.

goose3

On that '56 with a check from a stranger, personally I'd wait to ship until His bank says it is clear!

I'd also email him and let him know that and see if he wants to mail an alternative payment.



I generally pay for everything with checks but when something gets up into 4 figures I go to the bank and get an official check.

ldhair

One other thought.

You used to be able to send a check for collection.
It took a few days but you could have your money in cash.

jdimmick

John,
It wasnt for the 56. That guy paid me with a cashiers check, and not only that, sent it next day air. On the 56 auction, I specified payment must be made in certified funds.

When ever, I buy coins locally, I pay with cash. When ever I buy from out of town I send Postal mo's up to 2900.00 and send cashiers checks for amounts over that.

Now when you get postal mo's over 3k or cashiers checks over 3k , you have to fill out a form. Since I am not a narcotics dealer or involved in illegal activities, I dont mind doing it.

jim

SarasotaFrank

as banks get bigger, and consolidate, I have found you can start to cash checks in more places.

For example, I sold an item to a fellow in California. His personal check from Bank of America arrived, I went to the local B of A branch and was able to cash it on the spot. Likewise I made a sale to someone who paid with a SunTrust check.

as good as cash or Money Order.

when selling to folks I know from this forum, I ship as soon as I get the funds, or in some cases, before.

MacCoin

last time I sold something it was to a member I have known and I saved the check until he got the coin and let me know if he wanted it or not it was a 16d dime. very cirulated. he didn't want to keep it so he sent the dime back and I did the same with the check.

Bikingnut

Every check I've ever gotten for a sale on ebay, I've always deposited the next day. Granted, the weren't for the ampint you described, but I've never really understood the hold the check idea anyway. If the check is going to bounce the day after I receive it, why won't it bounce in 7-10 business days? It's either good or it's not.

As for sending the coin I usually wait until the funds have been deposited into my account. In every case it has been the following business day.

dizzlecc

dizzlecc

I work for a bank. Checks within the same state clear within 3 days. Checks out of state clear anywhere between 5-7 days. Then the bank has two days to return the check for nsf or fraud reasons.

The 30 day rule comes into play. When the maker of the check claims it is fraudulent and then their bank tries to recollect the funds.

The current rules really protect the check writer and put the depositor in a vulnerable position.

For honest people, after 7-10 days the check is fine. For the others, the transaction was bad from the start.

Outhaul

Personally, I don't accept personal checks. But if I know the person I will. Case in point; A forum member, Ron (RNCHSN), won an eBay auction I was running. I normally do not accept personal checks at all, but in his case not only did I accept his check, I shipped the coin the day after the auction ended before I received the check. Ron is very reliable and there are few people I would do this for.

Cheers,

Bob

flaminio

My rule-of-thumb for eBay is that if the buyer has no negative feedback, then if the amount of the check is less than their feedback, I ship right away; otherwise I hold for a week. I've never been burned by a bounced check, but then again, most of my bidders pay with PayPal.

supercoin

It's so hazy as to when the check actually clears that I usually try to ship immediately unless there's a glaring reason not to. The best way (as mentioned) is to cash the check at the bank it was drawn on, but that's not really worth your time unless it's a big one.

Keep in mind that when your bank notifies you that a check was bad, they may not be too speedy about it either. I've never received a phone call, just mailed notice.

Also, customer's banks are not as forthcoming with merchants lately about whether funds are available. Last couple times I tried the bank wouldn't tell me at all.

I totally agree with the comment about banks being behind the times. Waaay behind the times. It's crazy there is no electronic way to transfer money instantly. Even "electronic checks" take several days. Wire transfers are the fastest, but are tedious and expensive.

Keeps Paypal in business, I guess.