posted on February 13, 2001 01:42:22 AM
I had only one bounced check from the day I started selling things in auction, in 1998. no bad checks in 1999, 2000. but in the month of January, I had 4 bounced checks! So far, 2 had paid back plus the service fee,and one claims it is on the way, but the other one says he is trying to find a new job,and can pay me in mid march, but if I dont file a FVF refund soon, my 60 days will pass! The check was only for 14.00!! Am I the only one getting these rash of bounced check, or is there others?
posted on February 13, 2001 07:11:16 AM
I'm sorry that is happening to you!
I just can't warm up to the idea of accepting personal checks, so I never have. However, I occasionally receive one and have been fortunate so far. It's just additional stress that I don't need!
I'm able to offer many other methods of payment and have done very well without having to offer the option of accepting personal checks. A couple of times I preapproved the acceptance of a check because the buyer banked with Wells Fargo or Bank of America. So I was able to just take it to the bank & cash it out.
posted on February 13, 2001 09:50:50 AM
I have accepted personal checks for various auctions. So far, I have had no problem. However, I have always made it perfectly clear that I hold the item until the check clears - no exception, no deviations, no reason. This doesn't mean I am completely comfortable with accepting them, it is just part of doing business. On the other hand, I wouldn't have any qualms about turning the matter over to a collection agency if they didn't make good on the check (plus bank fees) if one ever did bounce.
posted on February 13, 2001 10:45:36 AM
Make sure you contact your bank and find out exactly how long it takes a check to "clear".
You may find it is longer than 10 days for clearing. It may be 10 days after the check is posted etc., which translates to 14 or more days.
You can also get stuck after a check "clears" if a second larger check hits their bank and the bank bounces both your "cleared" check and the second check while making yet a third check good. I have reads complaints stating that Banks will bounce the largest number of checks possible from the balance available to get the most NSF fees.
As example- make a $450 check good and bounce 5 other checks totalling $450. A $15 NSF fee vs $75 in fees.
