E-checks on Ebay. Safe?

mrearlygold

Just received notice of a couple e-check instant purchases on ebay. Anyone hear anything about these? Anything to worry about?

Pretty neat but have my own paranoid concerns.

Thanks!

Tom

Russ

You mean a PayPal eCheck? They're fine. In fact, I love them because the maximum fee is $5 regardless of value. Just don't ship until it clears.

Russ, NCNE

Scavenger

Yes I did get one once, it's legitimate. I think it takes two or three days to clear though.

123cents

<< <i>You mean a PayPal eCheck? They're fine. In fact, I love them because the maximum fee is $5 regardless of value. Just don't ship until it clear. I agree.

relayer

It just means the buyer doesn't have funds they want to release with an Instant Transfer to pay for the coin.

So they do a Bank Transfer from their checking account to PayPal and when the funds clear, PayPal puts the funds in your account. It usually takes about 3-4 days to process.

BUT - hold up on shipping until you get a notice from PayPal that the echeck has cleared.

I had one not clear one time. I got the normal notice saying it would clear in 4 days, but then on that day I got another PayPal notice saying it would be 9 days. The buyer's echeck didn't clear his bank, so PayPal tried again. Then I get a notice from them saying it wasn't going to clear and to contact the buyer.

I opened a Unpaid item dispute and the buyer responded saying that he was changing banks and that is why the PayPal transaction didn't go through.

Of course, he was a lying sack of &*@# and wound up being NARU'd by eBay.

So an e-check can bounce just like a paper check, but as long was you wait for the PayPal notice that it cleared and to go ahead and ship you'll be OK.

At least there is a lower fee for eChecks (limited to a $5.00 maximum)

mrearlygold

Wow, that's cool. 5.00 fee max?

It says it takes 4 business days to clear. That's ok.

Thank you!

Tom

poorguy

Paypal checks should be good. Verify that they were from Paypal though.

eChecks = Bad. I've gotten two this past year and both were fraudulent.

Check #1. Arrived in the mail and just said "Payment for Purchase" for $5,000. I couldn't find any record of a sale for that exact amount so I looked up the name that was on the check. I found it on google, called the place and was transerred to the person who supposedly sent the check. She had never heard of us and was terrified when I read the information on the check. Everything was from her bank account. Big No-No.

Check #2. Someone purchased a coin directly through me and told me that a check would be coming from a place in Florida but to ship it to a different address (overseas) RED FLAG. So I wait for the check and it did come so I called the address on the check and they didn't know who we were or who the person's name on the check was. Again, their proper bank account info was on the check and if I would have deposited it, it would have went through.

Some sneaky SOB's out there.

Edited to say: Ok, so paypal said payment was via eCheck. Yes, those are cool. I'm talking about a check that comes in the mail from a website called echecks.com. I don't think that website is there anymore.

Tarmac

Some sneaky SOB's out there.

How can the average schmuck keep up with all these fraud schemes? It's tough enoughto sell the coins but then try to get paid w/o getting ripped off!

mrearlygold

<< <i>Some sneaky SOB's out there.

How can the average schmuck keep up with all these fraud schemes? It's tough enoughto sell the coins but then try to get paid w/o getting ripped off! >>



Good point. It's tough enough for those of us in the business sometimes.

Deal with someone who appears reputable and when you finally connect, stick with that person or 2 or 3.

Conder101

I certainly hope echecks through Paypal are ok since that is how I pay 90% or more of my eBay purchases. I don't have a credit card linked to my paypal account so all payments come from the linked checking account by echeck.

BAJJERFAN

I think PreyPal echecks are clearing pretty fast these days.



<< <i>because the maximum fee is $5 regardless of value. >>



So what is the PreyPal fee for a $8 echeck if you have a premier account?

Of course there is NO FEE if you still have a personal account. Recently I took $2800 thru my personal account and never took a cent off of my $500 monthly limit.

coinandcurrency242

I know about IGM pay which is e-checks! It's safe.

Russ

<< <i><< because the maximum fee is $5 regardless of value. >>

So what is the PreyPal fee for a $8 echeck if you have a premier account? >>



eCheck is the standard PayPal fee of 2.9% plus 30¢ up to a max of $5. On larger purchases, it's a significant savings. For example, I have one that'll probably clear tomorrow that would have been over $36. Instead, it's only $5.

Russ, NCNE

BAJJERFAN

<< <i>For example, I have one that'll probably clear tomorrow that would have been over $36. Instead, it's only $5. >>



Another good reason NOT to have a balance in your peepal account. Way to go sir!!

291fifth

I've never had any problems with them. Do wait until they clear.

MS70ORBUST

Very safe and nice to get, saves fees.