When someone pays with a personal check. . .

mcastaldi

When someone pays for your auctions with a personal check, how long do you guys hold the check to clear before shipping?

Obviously, this will depend some on the dollar amount. For stuff under $50 or so I just ship it when the check arrives.

But I'm curious to see how the group handles it when someone pays for a high-dollar item (say $1000) with a personal check (unsecured funds).

Mike

bballjunkie

It depends on where the check is from with relationship to you but it generally takes four to seven business days for a check to clear. If you want to be sure, just call your bank and ask them if a particular check has been deemed to have been "collected" and is now "good funds".

Vargha

It depends on the person and their feedback. It's anywhere from immediately to two weeks for me.

KING KELLOGG

mcastaldi...

Hey Mike..

I usually ship the same day on small amounts ($100 or less...) and never had a problem. (knock on wood...)

I "buy" for larger amounts and rarely sell, so I don't have a grip on big dollar sales. I suppose I would trust the buyer first and chase later...




Larry

Vargha

Oh, I forgot to add -- never take a personal check from Larry. And make sure that the watermark and serial numbers haven't been tampered with if he sends you a money order.

nearmint

I always ship immediately, though if I got a large check from a new customer I would probably hold it for a few days. Most people who make large purchases use a credit card or paypal anyway.

My new customers usually start with small orders, then make progressively larger ones, so when I get a large check, it's usually from someone whose smaller checks have cleared in the past.

Remarkably, in 3-4 years of selling cards, I have never received a check that bounced. I figure that the goodwill I foster by shipping immediately outweighs the risk of having a check bounce.

Mike

Buckwheat

With online banking, I can see when checks clear. It is always within 2 business days. I think that with electronic routing, etc., it really is just a matter of seconds for your bank to access the funds from someone's account. Just think about ATM's all over the world that can tell if you have money in your account w/i seconds, and give you cash. Using ATM is no different than cashing a check.

If youhave to wait for the bank to mail you to tell you it is bounced, then that depends on the speed of the USPS.

If a person has good feedack, then I will ship immediately.

valion87

I ship immediately on amounts $50 or less. If I dealt with the person before I'll ship same day on any amounts. Hoping the favor is returned, but it never is. I guess I'm more trusting and as KK says (knock on wood).

mcastaldi

Buckwheat> The issue with that is that just because the funds post to my account doesn't mean the check actually cleared the buyer's bank. It just means that my bank removed their hold on my deposit. At that point, the check can still come back NSF - at which time my bank will deduct my account accordingly. And on smaller items, I agree with you - I'll ship immediately. But on a $1000 check, I'm a lot less willing to stick my neck out unless I REALLY know that person.

Vargha> I've found you also have to bite into any coins he gives you. They're likely made of wood. *laughs*

Mike

SUPERPUNK813

On a $1,000.00 or more transaction (and i've had a few) i will send the cards out as soon as i get the check if it's someone that i've delt with before. But if i've never delt with the buyer before i always hold the check for 7 days to clear on any transaction of $200.00 no matter how much feedback the person has.

qualitycards

The thing I notice is that Feedback is such a great equalizer. Anyone w/ a quantity of Feedback wants to keep his profile untarnished, so the fear of negative feedback keeps many in line. Most of my auctions are for PSA cards, and have had many repeat transactions, and in the last 4 years have had 1 bounced check (buyer quickly made good incl my bank fee) and perhaps 500 checks that cleared. The majority of paid transactions are Paypal & Money Orders.
A friend of mine who deals in CD's, gets bad checks by the bag full. At least w/ our graded crowd buyers, they know its a small world and wouldn't want to jeapordize future transactions...jay

gemint

I hold items paid by check for 5 business days. If a hold has been placed on the check, I will hold the item until the check hold is removed. I've never had any complaints.

pc

i ship immediately as "the law" is my friend.

LloydsBaseballCards

99% of the time I send right out, repeat website customers get send as soon as the deal is done!

KING KELLOGG

Vargha...

The last personal check I gave you had so many "0's" in the amount, I had to tape an extra 2" of paper on the end of it...


Mike..

My coins are NOT wood...Everybody knows the coins I produce in my castle are from outdated Frosted Flakes, pressed into the shape of a coin... ........You see, if the coins end up of no value...You can still enjoy a nice breakfast......


Larry

SUPERPUNK813

I've done deals with PC before where i got the cards the day after i sent a check! Top notch seller in my book.



Paul.

DCICEMAN

With my online banking, I can tell without calling my bank when a check clears. In-state checks usually clear in 24-36 hours, and out of state usually clear in no more than three business days. Then when I send out the card(s), it looks like I haven't waited for them to clear, when actually I have. I was a bit leary about online banking initially, but I love it now that I've tried it.

mariner

Nearmint said it best.....I agree with what he says....

I have been selling on ebay for 4 years, ship the card immediately upon arrival of payment (customer service) and have never had a check bounce. I just think it is the right thing to do.

Of course, with Paypal, this is becoming less of an issue. I think at least 75% of payments come via PayPal now....at least my experience is that.

Basilone

I ship next day no matter if its a check or paypal. Vintage PSA buyers are rock solid on eBay....

John

34GoudeyCollector

I follow the same principle as Basilone, for vintage only. The one and only check I had bounce all over the place was when I sold a 97 Bowman Chrome baseball set....Finally go that one settled (through much pain I might add). Never had a problem with vintage buyers.

Ken