lswanson
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posted on December 5, 2000 08:32:01 AM new
This topic was essentially started on the m.o. thread, but it brought up a lot of hinted at, but directly addressed questions.
1. How long does it actually take for a depsosited check to clear your bank? My bank, in Texas, clears checks from the east coast in 3 business days, and checks from closer to home clear in 1-2 days. Why hold checks for 2-3 weeks as some sellers are now stating in their TOS.
2. How many of you ship the item before the check clears, or is even deposited for that matter, and how well has it worked for you?
3. If you have had problems with personal checks, has the trend been with large $ items, or small, or does it seem to have any trend at all?
Thanks up front for your input.
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ddhafe
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posted on December 5, 2000 08:50:27 AM new
I have had no problems with personal checks. I use to wait until the check clears but now if the buyer has very good feedback I will ship the item. I had my bank in Nebraska call a bank in New York to make sure a check was good because it was a large check and the buyer wanted the item right away. No problem there either
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yisgood
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posted on December 5, 2000 08:53:14 AM new
Even though a check "clears" in 2-3 days, sometimes it can come back 2 weeks later. Out-of-the-country checks can come back over a month later.
Maybe I shouldn't say this publicly but on small checks ($50 and down) I ship immediately, sometimes before I even deposited the check. On larger checks I might call the bank and ask if the balance covers it and then ship. I have never gotten a bad check for an auction payment in about 18 months.
http://www.ygoodman.com
[email protected]
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msykes
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posted on December 5, 2000 08:54:52 AM new
ditto ddhafe
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carolann56
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posted on December 5, 2000 08:57:32 AM new
I've only had one bad check, and the buyer made it right , including bank fees. My bank will automatically put a check through twice. By the time they do that, and then send me a notice in the mail. 14 days or MORE have gone by. I seldom hold checks unless something about the check ( low numbers, different address, or a gut feeling) tells me to. I leave the hold checks in my TOS, since it gives me a valid reason, if I need it. Oh, the one bad check. I got notice from the bank on day 16. Even waiting to clear, I'd have shipped and not found out until afterwards.
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kudzurose
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posted on December 5, 2000 09:04:46 AM new
I don't normally hold the item, but would if there was something about the sale/bidder/check that I did not feel good about.
Have taken hundreds of personal checks with no problems whatsoever.
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december3
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posted on December 5, 2000 09:37:15 AM new
I've never had a problem. With good feedback I usually ship right away. Sometimes I will hold them, for instance a brand new checking account or different addresses on the check and the shipping.
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kerrydaway
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posted on December 5, 2000 09:45:11 AM new
I used to hold shipment for 10 days. Then frankly found it very inconvienient for me. Now I ship out the day the payment arrives, and usually only make a bank deposit once a week so the check can be sitting in my office when the package is delivered to the buyer. I've only had one bounce, and the buyer made good plus bank fees with a money order immediatly. I do only sell low end items for the most part (under $50), and would only consider holding shipment on an amount that would overdraft my account if it were to bounce.
kerrydaway here and there......
kerrydaway1 at that other place 
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mballai
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posted on December 5, 2000 10:45:43 AM new
I ship when the payment shows up...the only exception is for a large amount.
I have had one bounced check that was made good on, so I just can't fathom why sellers do not trust the very people they are doing biz with.
Yes bad checks happen. If you are going to do real check clearance you'd have to wait about a month. So this 10 day wait is dumb.
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outoftheblue
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posted on December 5, 2000 10:54:52 AM new
We've had 2 checks come back after a 10 day holding period had expired and we had shipped the merchandise. Here's some possible reasons for long holding periods:
> The seller doesn't deposit the check on the same day it is received.
> It takes a few days for the bank to get notice to you that a check has bounced.
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seyms
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posted on December 5, 2000 11:25:07 AM new
As far as checks "clearing". Read your checking agreement. YOU are responsible for a deposited item. The bank simply gives you use of the money after so many days. Checks can come back for a number of reasons w-e-ek-s after you've thought the check "cleared".
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codasaurus
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posted on December 5, 2000 11:37:08 AM new
Hello Iswanson,
#1 All of our accounts are with a credit union. I have no idea how long it takes for a check to clear but I assume it is generally the same across the board since there are, I believe, federal regulations regarding the time frame for processing of checks.
#2 I generally ship as soon as possible after I receive payment. When I know the eBayer from my time on the eBay Q&A board, I will often ship as soon as the auction completes.
#3 I have never had a check returned on an auction payment.
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gboy
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posted on December 5, 2000 12:33:57 PM new
You guys should really mention how many good checks you've received too. To say that you've received none or only one bad check means nothing unless you know how many good ones you've received.
I've received 8 bad checks out of about 1000. Two people didn't make good on them, at least not yet.
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victoria
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posted on December 5, 2000 01:14:50 PM new
I guess I've taken a couple of hundred checks. 2 bad, both made good on the check, one paid my bank fee, I felt lucky that the other guy at least repaid the check.
I don't hold them, although my TOS says I do. Zero feedback, low number, whatever, it's too much bookkeeping to try to keep track of any more than what I do already. Payment comes in, next PO business day, book goes out.
Victoria
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HartCottageQuilts
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posted on December 5, 2000 01:50:56 PM new
What outoftheblue and seyms said.
I've had one check bounce, well after the merchandise had been delivered. Bidder refused to make good on it. Fortunately, I held onto the check and redeposited it a couple months later. Finally cleared, and from what I can tell wreaked havoc with the bidder's bank balance.
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borgt
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posted on December 5, 2000 01:56:14 PM new
I've taken probably over 1500 checks. I always ship the same or following business day as payment is received. Sometimes the checks don't get deposited for a few days, often after the buyer has received their item!
2 checks have bounced. One I found out about from the buyer before I was notified by my bank! Both made good immediately, with bank fees.
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Meya
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posted on December 5, 2000 02:00:58 PM new
Out of about 400 auctions, I estimate that I've received 200 checks. None have bounced. Sometimes I have offered a break in shipping for a low feedback bidder if they use a PO Money Order. I say that I hold items while the check clears, but only have a couple of times.
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talonis2
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posted on December 5, 2000 02:43:38 PM new
Well, I've completed about 2800 transactions, I've never held a check and I've only had one bounce. It was for less than $5. She made good on it with a money order. My bank doesn't charge fees for a check bouncing from another party.
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networker67
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posted on December 5, 2000 03:27:17 PM new
My friend personal checks and the time to clear depend on several things. All of which depend on the policies of your bank and the bank that the check is drawn upon.
Within my auction activities I have received exactly one check that bounced out of 300 auction transactions. Since I only pay for auctions with money orders or credit card. I have never bounced a check on an auction.
Now within other other business ventures we average 5 bounced checks a month. However since auction sales is a form of business. The occasional bounced check is a Risk of being in business. I direct you to the ebay creedo that "People Are Basically Good".
With that said bounced checks isn't really a problem within this format. The real problem is people not bothering to pay after the auction closes. So take checks just be prepared to cover the possibility that one may bounce eventually.
Even though I have never paid for an auction with a check. I would never bid in an auction that doesn't take them
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