Is it safe to send coins out(as a seller) not having to wait until a check clears

1907Quarter · March 28, 2003 2:58AM

or is it a better policy to wait. i.e. How many people actually send out problem personal checks as buyer?

dorkkarl · March 28, 2003 2:59AM

you'd be nuts!

K S

MICHAELDIXON · March 28, 2003 3:03AM

I send coins out before the check clears, if the check is under $1,000. If the check is over $1,000. and I haven't dealt with the person before, I call the bank and ask if funds are available. Sometimes I will wait and sometimes I'll go ahead and ship after checking with the bank. So far, I've only had one check bounce. That was from a buyer on Ebay for a $1.25 baseball card over 3 years ago!

paigowjohnny · March 28, 2003 3:04AM

I use checks almost exclusively.....I have not and will never stiff a seller. I generally exchange e-mails or calls before I pay someone I haven't dealt with before. No one has held my check so far, but I wouldn't blame them if they did. I know I would if I was selling to someone I hadn't worked with or talked to before. I really appreciate it if they make it clear in the auction that they might/will hold checks for clearing, so I know I might have a delay.

exposer · March 28, 2003 3:09AM

If you have never dealt with the buyer, wait for the check to clear. Stay in control at all times. If the buyer wants faster service have them send you a postal money order.

Russ · March 28, 2003 3:14AM

Sometimes I ship before the check clears, sometimes I hold it. If it's a bidder with zillions of positives and a lengthy history, I ship right away. If it's somebody I've done business with before, I ship right away. If it's a newb, or just doesn't feel right, I hold. It's all about common business sense.

Russ, NCNE

grip · March 28, 2003 3:18AM

Most of the time I do,I check to see if hes an established buyer/seller and than check hes feedback,never had a problem in five yr.Al

wayneme · March 28, 2003 3:22AM

i have this bridge in new york i would gladly sell you

sinin1 · March 28, 2003 4:18AM

what wayneme? I just bought one last week, it better not be the same bridge - could you send me photos.

Draco · March 28, 2003 4:28AM

As a buyer, I only send out a check for someone who doesn't accept PayPal. As a seller, I give the check 5 days to clear. If it's from a major bank, three days.

Lori · March 28, 2003 4:30AM

I have sold thousands of items on ebay and quite a few are paid for by check. In my over 3 years of selling I had one check come back as NSF and it was well over the 10 day wait that most sellers do. I ship items right away. I figure if the check bounces I can charge them my fees for the check as well. If a checking account looks new like #100 I will hold it for a week though.

Lori

Barry · March 28, 2003 6:29AM

I tell new buyers I wait 7 days. Sometimes I do, sometimes I don't. It depends on the buyer's feedback and the amount. Even with a 7 day wait, I believe it could take longer to get a bounced check back from the bank, so I could still get screwed.

I have one guy who has bought so much from me, I send him the coins as soon as the auction ends, even before he sends me the check.

K6AZ · March 28, 2003 7:32AM

For me, it is a combination of things. How well does the buyer communicate after the auction? What does his feedback look like? How much is the item? I very rarely hold checks anymore, the only time I do is when the buyer is new, or has bad feedback, or didn't bother to email after the auction. Those that don't email and send a personal check two weeks later are the ones who get to wait. I also clearly state in my auctions to allow four weeks for delivery if paying by check, that seems to sort out the riffraff.

griffin6 · March 28, 2003 7:37AM

I like the common sense approach many of you espouse. If a buyer has a good feedback rating or is known to me, I take the check and ship without hold. It's terribly frustrating as a buyer to wait for a couple of weeks when your bank shows the check cleared after three days. I always reserve the right to hold pending clearance, but have yet to do so. To date, I've only been beat twice on eBay out of 1500 transactions (and they're still pending), and they were situations where sellers didn't deliver.

ScarsdaleCoin · March 28, 2003 8:46AM

NO WAY....you will get burned....

BigD5 · March 28, 2003 12:22PM

If they aren't invited to any of my kids birthdays, then their check will have to clear my bank 10 BUSINESS DAYS MINIMUM before anything is shipped. Of course, if we've done a deal before, that's different. REALLY DIFFERENT.
One time, an unknown buyer emailed me to purchase a coin, provided references, and asked for immediate shipment, upon me receiving payment. The references checked out, so as soon as funds were received, off the coin went.
Even if you are an acquaintance of somebody (like another board member), it's probably a good idea to at least receive payment before sending the coin if you've never done a deal together.

Coulport · March 28, 2003 12:44PM

Must be the era of the internet.

I've been shipping coins as soon as I receive the order and have done so for a long time.
Never had a problem till the last couple of years and those from internet contacts.

Are people who suscribe and order from CW, NN or WCN so different from internet only folks?
Seems so.

BAJJERFAN · March 28, 2003 12:59PM

Depends on feedback, check number, etc and price of item.

rkfish · March 28, 2003 1:08PM

I think you should be able to put a good reference together
from the answers here......for us.....it's 10 days if we have never done
biz before and after a sucessful transaction or two then they are shipped
promptly when ordered or purchased......before check arrives sometimes.

A lot of factors go into making this decision for us that are all included above!

BAJJERFAN · March 28, 2003 1:14PM

I'll attest to that.

nwcs · March 28, 2003 1:14PM

I've sold a few items on ebay that were paid for by check. Amount was low so I sent the item anyway. DIdn't have any problems. I've also had some board members purchase coins. Some paid by check. If it is someone who has been on the board for a while or I've talked to them some in threads, I'll mail out the item when the check arrives. Haven't had any issues. But if it was a new member here, or someone with little feedback, I'd probably have it packaged up and ready to go the day after my bank shows it cleared.

Neil

EVillageProwler · March 28, 2003 1:30PM

I use the common sense approach... Aside from person-to-person sales, I've only dealt with board members. Most of the people I feel I know, and have no problems extending some degree of additional courtesy. Still, for first-time customers, I like to have payment clear before sending the coin out. If I feel I know the person really well, then I'd consider sending the coin out on approval. I guess it all depends on the level of familiarity with the buyer or confidence in the situation...

EVP

Is it safe to send coins out(as a seller) not having to wait until a check clears

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