How long should I wait for a personal check to clear?

Barry

Usually I wait 5-7 days if the buyer has a good track record, however, this check is from an Ebay Newbie (0 feedback!) Amount is ~$900.

davewang202

Call your bank and ask.....

291fifth

For a $900 check from someone with zero feedback I would wait until your bank confirms to you that the check has cleared and cannot bounce. It would be wise to sit down with someone at your bank to get an idea of just how long it will actually take.

darktone

it could take several weeks before it truely clears. It alway's a risk to take personel checks. mike

BAJJERFAN

In spite of my feedback a seller held mine ($1500) for 10 days. In your case I would ask for $25 of it in cash that way if it bounces you aren't out the overdraft charges.

My bank charges ME $15 if YOUR check bounces.

Wondo

I've had checks bounce after talking to my bank and having them tell me it's good. You need to call the issuer's bank for that kind of money.



edited to add: This was not an Ebay transaction. My partner and I have done over 5000 Ebay transactions without a bounced check which must be some kind of record!

nOoBiEeE

<< <i>Usually I wait 5-7 days if the buyer has a good track record, however, this check is from an Ebay Newbie (0 feedback!) Amount is ~$900. >>



Having worked for a bank, you should have called his bank first and though you cannot ask personal info in regards to the account, you have the right to ask, "I am calling to verify available funds on account # for the amount of $900.00". All they will say is yes or no. Generally an out of state check takes 5-7 business days to clear and an in state check takes about 3-4 days. Call your bank, they will tell you.

CopperDude

The person who wrote you a check should feel lucky that you except checks and should wait till you get it oked. Maybe the person will send guarenteed funds next time. Thats just my opinion

Barry

<< <i>My bank charges ME $15 if YOUR check bounces. >>


Same here. Banks suck, don't they?!

291fifth

<< <i>I've had checks bounce after talking to my bank and having them tell me it's good. You need to call the issuer's bank for that kind of money.



edited to add: This was not an Ebay transaction. My partner and I have done over 5000 Ebay transactions without a bounced check which must be some kind of record! >>



Many, perhaps most, banks will refuse to give you any information about someone's account, citing privacy rules. I had this happen with Bank of America last fall. The comment about being told the check has cleared when it hasn't is also right on the money.

JoyofCollecting

If the rash hasn't cleared in four days, I'd check again and call the doctor immediately.

moosesr

I received a large check on an eBay auction and took it to my bank and asked if they could verify that it was good. The bank teller called the bank the check was written on and verified that there was money to cover the check. But, the teller said "money in the account now does not insure that by the time the check travels through the mail to the other bank that the money would still be available". I was also told that sometimes when a check is returned to my bank for insufficient funds, it will be mailed back to run it through again. So, I can see why most people say to wait at least 10 working days for a check to clear if you don't know the person writing the check.

Charlie

RotatedRainbows

10 business days which means no weekends of holidays.

nOoBiEeE

<< <i> I was also told that sometimes when a check is returned to my bank for insufficient funds, it will be mailed back to run it through again.
Charlie >>



Yup, they usually run it through 3 times. Gets pretty frustrating when this happens.

Conder101

<< <i>Yup, they usually run it through 3 times. Gets pretty frustrating when this happens. >>


And they hit you with a bounced check charge for each time they try.

Sometimes when you have your bank call the other bank to verify that the money is in the account they can put a hold on the money in the account to make sure it is there when the check arrives. Talk to your bank and see if that is possible.

Barry

I took the check in for deposit, and asked the teller to call the other bank (Fleet Bank) to verify funds were available before deposting it. After a few minutes on the phone the teller told me Fleet doesn't provide that kind of information to non-customers. He said that's the first time a bank has refused to provide him with that kind of information.

Bottom line, he said give an out of town check 7 business days to clear.

ElectricEye

I use the ten day rule and still had a check come back after the items had already shipped ~ a check can be returned as many as 30 days after being presented for payment.

razorface1027

Same here. Banks suck, don't they?!

Try belonging to a credit union...They bite the hot hairy hot one

Tsimmerdown

The time a check takes to clear is most contingent upon the size of your bank, the size of the issuer's bank and the geographical distance between the two. Smaller banks generally don't have their own facilities for check processing and imaging, and instead farm this function out. This adds some time to the process. If the issuing bank is a large institution, they have multiple check processing facilities and the check will take fewer days to clear. Check processing facilities are 24 / 7 hour operations, but the posting won't appear until the next business day.

My recommendation as a rule of thumb- At least 2 full weeks and you should be OK.

Russ

<< <i>you have the right to ask, "I am calling to verify available funds on account # for the amount of $900.00". All they will say is yes or no. >>



More and more banks are now refusing to verify funds availability and will answer only that the account exists. I attempt to verify on any larger checks that I receive, and about half are now refusing. In those cases where I cannot verify funds, I wait the entire 10 business days, (two weeks), that's stated in my auction description.

Russ, NCNE

bxb

Logic dicatates that you not accept personal checks for amounts over $500 unless you know the buyer well.

Live long and prosper.

mrearlygold

10 business days if it's from someone who has no references.

Zero days for someone who has good, verifiable references.

Approval to those who demonstrate the ability to make intelligent observations on a coin and after the 1st deal.

Rgrds
TP

keets

bounced checks are a bummer, aren't they?? it seems that with a situation like this it's always better to risk a nuetral or negative for slow shipping rather than getting burned for the coin and NSF charges. i figure you should at least e-mail the buyer and inform them that there might be a delay.

i can honestly say that i haven't bounced a check in probably 20++ years, and the one so long ago that straightened me up was only for about $25 to pay a telephone bill. i think what i did was send the check and expected to get the funds in the bank before it went through. that was my first mistake!!!!! the bank sent me a letter to tell me the checlk had bounced and after writing other checks and keeping the balance close, the charges caused the check to bounce a second time when they put it through!!!!!

in the end i paid more for the check funds than the check was written for. i needed a few cold ones when that statement arrived.

al h.

BAJJERFAN

If you accept personal checks you may want to consider asking for $25 of it in cash in case their check does bounce, then at least you won't be out the fee for that.

LAWMAN

Until your banker says the eagle has landed.