Like I said, I called the buyer today and filled them in on whats going on and how I feel uncomfortable shipping to someone I have never dealt with before and he agreed to just wait until it clears in which I will then immediately send the bullion to the buyer.
thanks all for the advice.
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Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
As one who prefers to deal with purchasing things with a check I EXPECT that there will be no goods received until after the check has cleared the seller's bank. I have come to learn that there can be a good deal of variability in when the funds left my account and when they show up in the seller's account. That can be a bit disconcerting to the buyer. Communication is the key. The seller should communicate at the point when the check was received, when the funds were received and when the item was shipped (after all, he is the one holding all of the goods). Things do get lost in the mail; so, after the item is in the usps system there is one more step to me being happy - receipt of my goods. I as buyer should be able to track the progress of the transport. Again, communication is the key.
There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. –John Adams, 1826
<< <i>As one who prefers to deal with purchasing things with a check I EXPECT that there will be no goods received until after the check has cleared the seller's bank. .... >>
A check actually clears when the BUYERs bank pays it. So the buyer can provide the evidence that it cleared and speed up the process. See my post a few up. --Jerry
I would not deal with this person. He sends a check he knows he needs to wait for it to clear. I use a postal money order until I am known to the person if pay-pal cannot be used. Who cares if he is a big dealer. Sell your bullion to someone else who can pay in a more secure manner he is not worth your time or possibilty of issues.
So how many forum members go to coin shows with the expectation of handing over a check and walking out with the merchandise? I'd bet over 90%. This includes 1st time dealer transactions as well since typically if you can procure a reference from another show dealer, you'll get the coin for your check. So why is this mail order transaction an anomoly? The shoe fits on both sides.
<< <i>I would not deal with this person. He sends a check he knows he needs to wait for it to clear. I use a postal money order until I am known to the person if pay-pal cannot be used. Who cares if he is a big dealer. Sell your bullion to someone else who can pay in a more secure manner he is not worth your time or possibilty of issues.
So how many forum members go to coin shows with the expectation of handing over a check and walking out with the merchandise? I'd bet over 90%. This includes 1st time dealer transactions as well since typically if you can procure a reference from another show dealer, you'll get the coin for your check. So why is this mail order transaction an anomoly? The shoe fits on both sides.
roadrunner >>
Once again, I agree with RR. I generally do not wait for the check to clear and often send the coin before receiving the check. OTOH, I do not fret when the seller makes a point of requiring the check to clear.
I recently had a transaction with a seller, with whom I had previously had one Ebay-PayPal transaction in the past. It was for three double eagles. We negotiated the price, and I sent him my check. I was surprised that my payment and the coins appeared to cross in the mail. He did not know me from Adam.
<< <i>Hey all, help me out on who is in the wrong here.
Won't mention names but here is a little info:
I sold some bullion to a member on the boards. I usually take USPS money orders but this person said they would send a check.
I said fine, well lets roll forward now. On Tuesday I get the check. I take it to the bank and they say that since I'm in Hawaii and the bank is on the mainland there is a 8+ day hold.
I tell the buyer this to keep them updated so that they aren't left in the dark.
I get this as the message back:
ya no what u are the only person that did not send coins...iam a large dealer..and did 250k this week...boy send them fast this is crazy...
First off, I must be old school or something because I don't send stuff first without payment and if its a check I want to wait until it clears so that I'm not screwed. I might send something first if its to another member that I know of or have dealt with before but this buyer I have never dealt with before.
What should I do? Just tell the bank to cancel the check and not deal with this buyer??
Thank you! >>
Why would you even question yourself? You are completely within your right to hold the item until the funds have cleared; in fact, you are wise to do so. I suspect that the referenced individual is likely trying to scam you...beware and don't waiver a bit. If he is truly a dealer with $250k/week revenue as he claims then you would think he would understand this. If he doesn't, ask him if you can make a coin purchase for a few thousand dollars on a check...ask if the coins will be sent prior to the check having cleared the bank.
<< <i>You are right and he is wrong. And I don't like his reply and would be suspicious.
In 2001 I got screwed after waiting 10 days for a check to clear on an $5G piece. Okay, it was a long time ago and banking practices and technology have improved.
I asked my bank how long I needed to wait and was told 7 business days. After 10 calendar days the check was still shown in my account so I shipped. A few days later I got the bounced notice. It seems my bank tried twice to clear it, hence the delay. Buyer was a scammer. Authorities were impotent. My bank refused to help.
I don't take personal checks from strangers anymore. Lance. >>
If you bank told you that the check was "in your account" meaning that the amount was reflected in your balance and the bank stated that it only takes 7 days to clear...then you might have had legal recourse against the bank (I'm sure that the statute of limitations has lapsed). Your email was a bit broad and many circumstances are unknown; it is possible that I misinterpreted your post.
Comments
Like I said, I called the buyer today and filled them in on whats going on and how I feel uncomfortable shipping to someone I have never dealt with before and he agreed to just wait until it clears in which I will then immediately send the bullion to the buyer.
thanks all for the advice.
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
–John Adams, 1826
<< <i>As one who prefers to deal with purchasing things with a check I EXPECT that there will be no goods received until after the check has cleared the seller's bank. .... >>
A check actually clears when the BUYERs bank pays it. So the buyer can provide the evidence that it cleared and speed up the process. See my post a few up. --Jerry
So how many forum members go to coin shows with the expectation of handing over a check and walking out with the merchandise? I'd bet over 90%. This includes 1st time dealer transactions as well since typically if you can procure a reference from another show dealer, you'll get the coin for your check. So why is this mail order transaction an anomoly? The shoe fits on both sides.
roadrunner
<< <i>I would not deal with this person. He sends a check he knows he needs to wait for it to clear. I use a postal money order until I am known to the person if pay-pal cannot be used. Who cares if he is a big dealer. Sell your bullion to someone else who can pay in a more secure manner he is not worth your time or possibilty of issues.
So how many forum members go to coin shows with the expectation of handing over a check and walking out with the merchandise? I'd bet over 90%. This includes 1st time dealer transactions as well since typically if you can procure a reference from another show dealer, you'll get the coin for your check. So why is this mail order transaction an anomoly? The shoe fits on both sides.
roadrunner >>
Once again, I agree with RR. I generally do not wait for the check to clear and often send the coin before receiving the check. OTOH, I do not fret when the seller makes a point of requiring the check to clear.
I recently had a transaction with a seller, with whom I had previously had one Ebay-PayPal transaction in the past. It was for three double eagles. We negotiated the price, and I sent him my check. I was surprised that my payment and the coins appeared to cross in the mail. He did not know me from Adam.
Ha!
<< <i>Hey all, help me out on who is in the wrong here.
Won't mention names but here is a little info:
I sold some bullion to a member on the boards. I usually take USPS money orders but this person said they would send a check.
I said fine, well lets roll forward now. On Tuesday I get the check. I take it to the bank and they say that since I'm in Hawaii and the bank is on the mainland there is a 8+ day hold.
I tell the buyer this to keep them updated so that they aren't left in the dark.
I get this as the message back:
ya no what u are the only person that did not send coins...iam a large dealer..and did 250k this week...boy send them fast this is crazy...
First off, I must be old school or something because I don't send stuff first without payment and if its a check I want to wait until it clears so that I'm not screwed. I might send something first if its to another member that I know of or have dealt with before but this buyer I have never dealt with before.
What should I do? Just tell the bank to cancel the check and not deal with this buyer??
Thank you! >>
Why would you even question yourself? You are completely within your right to hold the item until the funds have cleared; in fact, you are wise to do so. I suspect that the referenced individual is likely trying to scam you...beware and don't waiver a bit. If he is truly a dealer with $250k/week revenue as he claims then you would think he would understand this. If he doesn't, ask him if you can make a coin purchase for a few thousand dollars on a check...ask if the coins will be sent prior to the check having cleared the bank.
<< <i>You are right and he is wrong. And I don't like his reply and would be suspicious.
In 2001 I got screwed after waiting 10 days for a check to clear on an $5G piece. Okay, it was a long time ago and banking practices and technology have improved.
I asked my bank how long I needed to wait and was told 7 business days. After 10 calendar days the check was still shown in my account so I shipped. A few days later I got the bounced notice. It seems my bank tried twice to clear it, hence the delay. Buyer was a scammer. Authorities were impotent. My bank refused to help.
I don't take personal checks from strangers anymore.
Lance. >>
If you bank told you that the check was "in your account" meaning that the amount was reflected in your balance and the bank stated that it only takes 7 days to clear...then you might have had legal recourse against the bank (I'm sure that the statute of limitations has lapsed). Your email was a bit broad and many circumstances are unknown; it is possible that I misinterpreted your post.