powderblue
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posted on January 21, 2001 02:06:37 PM
Why do sellers hold checks? I have found through countless check transactions that there really isn't any way of knowing a check has cleared--unless you only deposited one or two OR you get the check back as a bounced check after about a month has passed!
I don't know about you, but I cannot call and find out if a specific check has cleared--so why do sellers hold them? If they're holding them to make sure they go through, then they should hold them for a month--not 2 weeks (the standard).
P.S. After 1200 transactions, I have had one (1) check bounce--and that user not only sent another payment, but they also paid the $25 my bank charged me!
I think sellers do this just to buy themselves some time to get the packages together. In that regard, Paypal and the like are the WORST! You have to get the package out ASAP!
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Eagerbeader
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posted on January 21, 2001 02:15:54 PM
I never hold checks...your right..could take a month to know if it bounces.
I ship upon receipt..the faster I get paid..the faster I ship..the more I like it. One less thing to worry about.
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ExecutiveGirl
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posted on January 21, 2001 02:17:01 PM
powderblue: If you have only had one check bounce, then that's great for you. Some of us haven't been so lucky. I accepted checks for about 1 1/2 years and in that time I received probably 30+ bounced checks. One month alone I received 10. Half of those had to go to collections because the losers never paid (my bank also charged me $25 per bounced check) and to this day, some even collections couldn't get to pay me back.
Almost all of those checks I received I knew they had bounced within 10 days. Only a few took longer than that. So I think holding checks 2 weeks would be a good time to hold checks and I don't think it has ANYTHING to do with "buying time to ship out the items". Personally, I no longer accept them AT ALL. They are not worth the headaches.
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zkatt
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posted on January 21, 2001 02:17:22 PM
I hold them not because of the "bouncing" thing but because of the "stop payment" thing. According to my bank most checks clear in 10 days. I used to mail everything as soon as the payment arrived whether it be check or m.o then I had a buyer stop payment once they got the item. After much ado I got the item back--fit for the trash pile.
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smw
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posted on January 21, 2001 02:22:24 PM
I don't hold checks. I haven't had one bounce in 3 years. I think it has something to do with the type of stuff you sell.
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sharkbaby
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posted on January 21, 2001 02:23:25 PM
powderblue: It sounds like you have been very fortunate. Most of the people posting here have had MANY bad check experiences!
I have not, but I never did choose to accept personal checks. I get them from time to time anyway, but the track record of the bidder and the general feel of the transaction determines what I do. Once got a personal check for well over $300 from a new bidder who always took so long to respond to my emails. There was no way I was going to send all that mdse right out! That would have not been very smart on my part. Held it for a couple of weeks. The customer totally understood and everything was peachy.
If you bank (as I do) at a large nationwide institution, I believe that that period of time will be sufficient to ensure that the check clears the customer's account. I'm sure that there are exceptions, but that's the way it goes!
(Oh man, massive use of the word "that"...sorry about THAT!!)
And what the buyer is purchasing has little to do with the viability of their checking account!!
[ edited by sharkbaby on Jan 21, 2001 02:26 PM ]
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doninpa
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posted on January 21, 2001 02:40:31 PM
Probably over 4,000 transactions in close to 4 years on eBay, only 3 bounced checks, all made good. I don't hold checks, sometimes it takes 2 months for it to bounce What is it you sell executive girl? A friend of mine with a store for 10 years has not received that many bounced checks.
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LLampi
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posted on January 21, 2001 02:40:56 PM
I took a checks once. One came back after 30 days - reported stolen the letter said. I shipped the product after only 10 days.
I lost the product, the money and I had to pay a bank fee! That was too much of a loss for me! I don't take personal checks.
Lisa
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brighid868
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posted on January 21, 2001 02:44:52 PM
I state in my auctions: "Checks and MO accepted. Checks will be held 2 weeks to clear, MO's ship as soon as I receive them."
I word it this way because it encourages people to send MO's not checks. Some will always send checks but I look at it as the fewer the better. I always get a larger percentage of MOs than checks and I'm pretty sure it's because people don't want to wait.
But the truth is that I don't actually hold checks, because it's too much bother.
Works well for me.
I've taken about 100 checks out of about 500 transactions total. None have yet bounced, luckily.
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powderblue
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posted on January 21, 2001 02:45:21 PM
It really does have to do with what you sell and who the typical customer of your items is. Items for "grown ups" are generally great for dependable users.
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MrJim
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posted on January 21, 2001 02:47:13 PM
It depends on what you sell. If you sell mainly high end products, you attract a more affluent customer and be less likely to have deadbeats and bounced checks. If you sell crap, you will get crap. That is why there is such a dramatic difference in the bounced checks from one seller to another. If you are getting a lot of bounced checks and deadbeats you are selling to the wrong people, which means you are selling the wrong product.
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sharkbaby
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posted on January 21, 2001 02:53:27 PM
Sure do understand what you're saying about people buying low end stuff seemingly being the ones that would be more likely to write bad paper but, and I hate to break it to ya, MANY people will bid on high end stuff and try passing bad paper.
Hey, if I was going to rip someone off, I sure wouldn't rip them off for junk. I'd go for the good stuff. (But then maybe I'm smarter than the average person that would write a bad check!)
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MrJim
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posted on January 21, 2001 02:59:18 PM
sharkbaby: High end stuff yes, but only stuff they can get rid of quickly. If you sell computers and such, yes. If you sell high-end antiques and collectibles, they wouldn't know what it was let alone who they could sell it to. Pawn shops don't buy antiques.
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powderblue
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posted on January 21, 2001 03:00:10 PM
I agree with sharkbaby on that one!
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sharkbaby
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posted on January 21, 2001 03:03:28 PM
Yeah, good point, MrJim! Antiques would probably be a very safe area! I would love to sell antiques, but I love them so much I'd end up "eating up all the profits" so to speak!
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breinhold
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posted on January 21, 2001 03:51:16 PM
THIS IS INTERESTING..MY BANK TOLD ME IT TAKES 10 DAYS FOR A MONEY ORDER TO CLEAR! WHY DO BUYERS USE THEM? I SHIP AS SOON AS I GET ANY TYPE OF PAYMENT. AND SOME BIDDERS SEND CASH??? WHY???
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mulberry912
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posted on January 21, 2001 04:19:54 PM
As of this posting, I have sold 547 items on Ebay from $10.00 - $500.00. I have only had one check bounce and the bidder immediately made the check good. I ship immediately upon receipt of payment without a second thought. I do place a note in TOS that personal checks must clear prior to me shipping. I have yet to stick to it. I would guess that over 60% of the business I do is via PERSONAL CHECKS...MY HAT IS OFF TO THOSE BIDDERS ! ! !
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chis
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posted on January 21, 2001 04:30:06 PM
I think it's best to say you MAY hold checks for up to 10 days. This way no one will see you as an easy target to scam with a check that will not clear.
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uaru
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posted on January 21, 2001 05:01:45 PM
I can see why some checks are held. I can't see why a seller holds a $10.00 check with a valid address from a buyer with feedback in the hundreds. Yet some do. I pray I never become that 'careful'.
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kathyg
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posted on January 21, 2001 05:15:58 PM
I rarely hold checks, but I used to think that it made sense to reserve the right to do so. So in 3 years, I've only held one because it was check #102, handwritten address on it, for ~ $150.00. Turned out fine and this guy is now a regular customer with feedback higher than mine.
I've gotten 2 bad ones, in both cases the buyers let me know even before my bank did, and of course made good, including the fee.
So another lesson learned from eBay - 100% of the buyers I have dealt with are honest and have integrity. Can't say so much for the sellers.
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ahwahneeliz
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posted on January 21, 2001 07:20:00 PM
powderblue, I never hold checks, I hold the item until the check clears. OK, sorry I'm a $mart a$$.
I write in my auctions "Personal imprinted checks accepted, but item may be held for up to 15 days until check clears."
I haven't held a check yet... but did remind a newbie that I would exercise the option, and she opted for money order instead.
I do it to clearly state that I have the option (whether I use it or not) and in hopes of encouraging bad check writers to go elsewhere. Hopefully they read the info. Ü
`·. >(((º>`·.¸.¸>
ahwahneeliz
>(((º>¸¸.·.>((º>··.¸><((((ºcJ
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harvestmoon
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posted on January 21, 2001 08:01:16 PM
I've never really understood the logic in holding checks either. The money just sits in my cking acct for however long it takes the seller to cash the check, so whether they cashed the check within a day of receiving it or wait 10 or more days, what diff does it make since the money may not be in my acct after one day of receiving my check and cashing it or after 10 days. Doesn't make any sense to me at all.
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sharkbaby
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posted on January 21, 2001 08:03:27 PM
harvestmoon: They wouldn't be literally "holding" the check. They are holding the mdse awaiting the check clearing the account of the buyer. Check gets deposited right away. Holding mdse is in the hope that the check won't bounce.
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bootclan
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posted on January 21, 2001 08:22:12 PM
Guess what Mr Jim, I have had my own retail store for 27 years and sold on Ebay for 2 years. You can't be serious. Bad paper people are all over the place and buy all kinds of merchandise. Hang around awhile in retail or Ebay and you will get nailed, I promise you. I don't care what you sell. Hold the checks. Most banks clear checks within 10 days after deposit.
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HJW
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posted on January 21, 2001 08:44:14 PM
During the last three years, I have never
held a check and never had one bounce.
I think that it depends on what you are
selling. I am selling books for generally
less than 50.00. Although I haven't had a
loss, dealing with this amount makes it
easier to take the risk.
Occasionally, I buy a book on ebay and
have waited as long as a month for delivery.
Helen
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darcyw
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posted on January 21, 2001 09:55:17 PM
I've been selling on eBay for over two years, mostly high end antique porcelain. I've never had a check bounce, not once. I do not hold checks.
In fact I encourage my winning bidders to use personal checks over money orders if they don't want to use Billpoint. A certain percentage of the mail gets lost in the bowels of the post office. It is very expensive and time consuming for a customer to replace a money order. However a stop payment on a personal check is just one phone call to the bank and maybe a $15.00 charge.
I agree with the others that it is the type of merchandise you sell. If you sell high end quality items that appeal to the affluent collectors or antique dealers there won't be a problem with bounced checks.
Darcy
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quickdraw29
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posted on January 22, 2001 12:01:30 AM
I just had my third and final bounced check. The other two scammed me out of my item and never reimbursed me for the item I had sent, nor the bank fees. This third one, from Australia, I said he has to reissue payment, and all he said was he doesn't know why the bank returned it, with no indication if he'd send a new money order. So I figure I'm scammed again.
So no more checks for me. If I waited a month for clearnce then people would hound me and neg me, so I just won't take it anymore.
This also my second bad Australian buyer, and my listing is US and Canada only, but I didn't want to relist. So no exceptions anymore, I will not take foreign bids, and am discontinuing Canadaian bids too because I just had a Canadian send me the money without telling me he's from Canada, and this is the fourth time I lose money on Canadians.
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morgantown
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posted on January 22, 2001 12:19:08 AM
I do not hold checks. Unless the amount is VeRy large. Bidders really appreciate this! Note to self!
The few NSF checks that we could not collect, Michelle at madagency.com did! Plus, I like the NSF fees that are added to customer checks!! Nice!
ExecutiveGirl! If my bank charged me $25 for for a deposited NSF check, I'd find a new bank.
Mtown
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