My Latest Experience at Heritage Auctions
DisneyFan
Posts: 2,466 ✭✭✭✭✭
I've been a client of Heritage for almost 20 years.
I've always paid with a cash back credit card as those cash backs partly fund my coin purchases. Heritage has been been sending coins within a week or so after the auctions.
Heritage currently charges 2.9% for using a credit card and "games" the charges so that the most I get back is 1%. So I decided to just mail them a check. Normally I pay my bills electronically through my bank, Unfortunately Heritage doesn't accept ACH debits. They use eCheck (also known as ACH credit) which allows Heritage to take money from my bank account instead of my requesting money be sent to Heritage. That's a big risk to me if Heritage makes a "typo." So my bank ends up sending Heritage a check through the USPS with expected delivery in seven days..
My first check took 10 days from the time the check was mailed to the time it was deposited by Heritage. It turns out Heritage expects payment in seven days and so my account was marked past due. My next check took 15 days and Heritage marked my account past due and started charging me late fees and interest for late payment! In the meantime they held back sending my coin for three weeks!
The purpose of this posting is to alert fellow board members that just mailing a check to Heritage appears to be no longer an option.
Comments
I'm going to suggest your displeasure is misplaced. I've had birthday cards take 2 weeks from DFW to NYC. Turn your ire to the destruction of the US Snail.
Once the check gets into Heritage's hot little hands, it's deposited, converted to an eCheck, and the money is withdrawn in 24 hours. It's been that way since 2004.
ANA 50 year/Life Member (now "Emeritus")
As someone with a background in banking, using a bank's "Billpay" service to send a check is extraordinarily slow. Typically the physical mail is not sent for 3-7 days after your request.
I'm sorry about the issues and there are limited solutions given your concerns...but the one you chose is the slowest possible option.
chopmarkedtradedollars.com
@MFeld - Mark, does heritage accept the Deluxe type e checks that are sent via email? I don't recall seeing that last time I checked the options but that would surprise me if you guys didn't.
Founder- Peak Rarities
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I look forward to the day- and I do see it happening for Heritage- when I read a title to a thread such as this one and I am not instantly drawn toward thinking, "this can't be good" before even opening it.
peacockcoins
I’m old fashioned and mail a check to HA, SB, or GC. They get the check a few days later, the check clears a few days later, and I have the coin/coins in hand shortly. Easy peasy.
Sometimes with larger purchases I will write multiple checks from different banks and that does seem to take longer. I don’t buy coins to resell so I’m in no big hurry.
I don't blame Heritage for not being keen on taking a rewards card. I'm sure most you are aware that the party taking the credit card payment is the one paying your rewards. My business gets charged a multitude of different credit card fees based on the type of card. If you are getting cash back from a credit card company, not a single dime comes out of their pocket, it comes from the company that accepts your card.
I’m sorry for what you experienced.
Did you call and speak to a client services representative to ask for the late fees to be waived?
If not, feel free to message me with your client number and I’ll be happy to ask on your behalf.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Dan, I don’t know but will see what I can find out on Monday and let know, either way.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
E- checks with Heritage are very simple and superquick.
Once you get it set up, when you make a purchase, online they ‘ask’ you if you want to pay the stated amount due via E-check.
So there is really no way for a ‘typo’ to occur, since you are personally confirming the stated invoice amount.
30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!
Write a check, get the coins, put in safe deposit box, visit the SDB every once in a while to look at the coins. That seems easy to me.
That's only because people are more likely to vent than to praise.
This thread isn't even about Heritage. It's about everyone but Heritage. It's about his bank and maybe USPS but not Heritage .
Agree. I've paid that way for a decade or more without incident.
I echo what @Typekat and @jmlanzaf stated. I have used the e-check payment option to pay my Heritage invoices for years now and it's quick, accurate, and without any problems or complications. I recommend going this route.
Thanks, Mark, They did waive it.
So you are comfortable with Heritage charging late fees if they don't receive payment within seven days and in the meantime they have possession of the coins?
Thank you and glad to hear it.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I appreciate reading your post! I tried asking Heritage if that was the issue and they would not give me an answer.
From time to time I get offers that a credit card is running a special promotion on rebates. One time it was 10% the first year, normally 1%. In a case like that, would your business be charged 10% or would the credit card pay the 9%?
to the consignor, they want their money fast, too
You would think so.
Agree that E-check is fast and safe. I’ve used it since it became available. As pointed out, the user has to confirm the amount. I generally don’t agree to any sort of “automatic” withdrawal, but I don’t think the HA service falls into that general category. I do the same with GC.
Although I understand your eCheck queasiness, when dealing with a top flight organization like Heritage, and a good bank, the risk of damage due to a keypunch error is minuscule. If it were to occur, you could have it reversed very quickly.
(I pay Heritage by eCheck and it goes very smoothly)
If there is concern about any fat fingering then a person could always provide HA access to an account with your bank that has funds that are very limited beyond what they are supposed to withdrawal while keeping any remaining money with the bank in separate accounts.
are overdraft echeck ach rejected without penalty?
It all depends on who the card issuer is. There may be rare instances where the card company absorbs some of the fees, but in the vast majority of cases it's the business that accepts the card that takes the hit. Don't get me wrong, a business has to accept credit card payments to stay in the black, but the fees do eat into profit margins. Especially on high dollar transactions. The credit card companies do not dip into their own pockets for rewards, they pay it from interest they make, fees they charge the card holder with, and the interchange fee that businesses pay to accept the cards. If you really think about it, you are really paying much of the rewards yourself. If you carry a balance you pay interest, some cards charge a fee to obtain the particular card, and the businesses factor the fees they pay to accept the cards into their pricing. The credit cards companies are masters at marketing, "hey use our card and we will give you money back". Trust me, they aren't giving you much of anything themselves.
I have used eCheck with Heritage for years and absolutely love it. No dealing with the USPS both ways as my winnings are always sent via FedEx.
I also gave up on my bank's BillPay service for the same reason - way too slow.
Member ANA, SPMC, SCNA, FUN, CONECA
Ask Mark Feld he posts on these boards he’ll help you out with this situation. It’s probably not a heritage problem, but he’ll help you out.
I think there may be some confusion here based on some of the comments. What Heritage calls "eChecks" are nothing more than ACH debit transactions that they initiate and that are processed through the ACH network. On my bank statements, the description appears as "ACH DEBIT PPD HERITAGE AUCTION."
This is not the same type of transaction as Dan eloquently described the other day regarding the Deluxe e-checks (although paper checks may be processed through the ACH network). On occassion, I send payments through my bank to recipients that they don't recognize. In that case, they may mail a physical check. Those can be very slow.
I have never had a problem with the Heritage "eChecks" and I'm not sure what he concerns are with "typos" or errors. As far as I can tell, Heritage's invoicing and payment processing is all automated. There is no human involvement to create data-entry errors.
I'm reading two different answers here.
With my bank, the check is sent immediately; BUT, dated seven days in the future!
If you really think about it, you are really paying much of the rewards yourself. If you carry a balance you pay interest, some cards charge a fee to obtain the particular card,
I don't carry a balance and don't pay annual fees. That's how I can afford to buy coins.
I use bank checks for the majority of recurring payments. It is indeed slow, so I pay very promptly. Would not use for anything requiring something like 7 days. Even if the bank were fast (mine is not) then you have mail time. At my age I like to keep it all smoooooth.
"Comfortable "? All sales have terms and conditions. Some auctions require a payment method up front which gets charged immediately upon completion of the auction. Others invoke a late fee. If I don't like the terms, I don't bid.
But your complaint appeared to be the payment delays which were all related to either your bank or the post office.
I don't see the difference unless you take "ask" to mean human.
The system is automated. When an auction ends, you go to your invoice and hit "pay". It pops up with a window to verify that you want to pay $X via the e-check. You click confirm and you're done.
They are both describing that same process.
I have to agree with Lanza on this one.
Before I posted, I tried to find those terms. I think it would be helpful if you posted them.
Heritage's invoice simply states "Make checks payable to Heritage Auctions and mail to: PO Box 619999, Dallas TX 75261-6199." So I had no idea that late deliveries of checks is a problem. I have been buying (and selling) at auctions for over 50 years. Perhaps Heritage could include some words to the effect that mailing checks through the USPS is not recommended because checks received late will incur a late fee and charged interest.
What was confusing to me was Heritage was telling me they do accept ACHs; but, didn't explain the difference between ACH debit and ACH credit. I'm used to my bank electronically paying everything next day; except to individuals and small business. In those rare cases they send a paper check next day with the expectation it will arrive within seven days.
In any case, through this board, I now have a better understanding of how to best pay Heritage and don't anticipate an issue in the future.
Agree.
OP, I think your fear of using ACH is misplaced. Likely there’s a higher risk of error in writing, mailing, and processing your check. Not being rude here, maybe ask Heritage what controls are in place to prevent this scenario from occurring
The first sign of the apocalypse...
https://www.ha.com/c/ref/terms-and-conditions.zx?view=buyNow
The auction terms and conditions are a pdf you can download. The link I provided has a link to the T&C file in the first line.
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.ha.com/c/ref/terms-and-conditions.zx?view=terms&ved=2ahUKEwi7tdHblpuNAxXIw_ACHXbJGyEQFnoECEYQAQ&usg=AOvVaw00swQPGsHwg7rUN61-J7f7
Or this link might work
Source: PDF Attachment (Page #1, "Payment" Section, Clause #29)
My procurement of inventory - shows (my table or a wholesaler who sets up for dealer to dealer), eBay, GC.
Who cares?
"Got a flaming heart, can't get my fill"
I have always used E- checks with Heritage and have never had any issues.
Wayne
Kennedys are my quest...
Frankie cares.
chopmarkedtradedollars.com
Directly on topic...
"Got a flaming heart, can't get my fill"
What about Monique or Francesca?
chopmarkedtradedollars.com
AI Overview
The statement "Who cares? Frankie cares" implies a contrast. "Who cares?" expresses indifference or a dismissive attitude towards something, while "Frankie cares" suggests that Frankie is the exception to that indifference, demonstrating concern or care for the situation. The second part of the statement provides a counterpoint to the initial, dismissive sentiment.
Here's a breakdown:
"Who cares?":
This phrase is a common idiom used to express that something doesn't matter or is not important. It's a way of showing disregard or a lack of concern.
"Frankie cares":
This part of the statement introduces an exception or a counterpoint. It highlights that despite the general attitude of "who cares?", Frankie is the one who cares about the issue or situation.
The Contrast:
The entire statement creates a contrast between a general indifference ("who cares?") and Frankie's specific concern ("Frankie cares"). It highlights the fact that while some may not care, Frankie is invested in the situation.
"Got a flaming heart, can't get my fill"
I'm a little confused. Your bank sends Heritage checks on your behalf?
Don't you have checks you can mail yourself so you don't have to wait the bank processing time?
Collector, occasional seller
I don't write checks anymore. I'm using what is commonly known as a bank Bill Payment service. On my computer I request the bank to make the payments. It takes money out of my checking account and it's free. All of my bills are paid next day, electronically. Some board members have said their bank's services are not the best. My bank's Bill Payment services have been superb. Anyway, Heritage is an exception in that they don't accept ACH payments that I initiate. They only accept ACH payments that they initiate (and I authorize each time, which I learned from this board). Thus, my bank is forced to mail them a check.
Whether I mail a check or my bank mails a check it doesn't get there any faster. The issue is the post office and Heritage has stated they do not have confidence in the post office's ability to deliver mail on time. Others have posted that they have had no problem mailing checks to Heritage. In my case when I started using checks, instead of a credit card, both checks took longer than seven days to be delivered. So I will be making other arrangements to pay Heritage.
I hope this is helpful. The purpose of my posting was to alert fellow board members that mailing a check to Heritage is a risk if it is not received within seven days.