posted on March 29, 2001 03:35:09 PM
I have been seing many many posts on the check issue. I have also had a few potential bidders email me and ask if i would accept their check. So far I have said no. I have never accepted personal checks out of fear of the rubber ones. When I bounce a check my bank charges me a $25 NSF fee. So I assumed that if a check I deposited into it bounces, then I would be charged a $25 NSF fee. Not so....
Today I did some research into the issue. I called my bank and told them my story and asked about any and all fees that would be charged to me in the event that a buyers check bounces.
The results were surprising. So I called 11 other banks in my area and asked them the same question. Everytime I was very specific about the situation, so that I could be sure they all understood me and I would get a good detailed answer.
What I found out was that NOT ONE of the 12 total banks I called charge an NSF fee to me. They all said that the NSF fee is the fee charged to the actual acount the the bouncer came from. I, as the recipient,would only be charged a returned check fee. This fee ranged from $2 to $5, depending on which bank. The credit unions were in the $2-$3 range, and the banks were $4-$5.
Quite a big differance from the $20-$30 I see people quoting.
Are people just not doing their homework? Are they simply making the same assumption I did?
posted on March 29, 2001 03:45:51 PM
I asked my bank, and its $28.50 with mine. So, I just quote $30. I did ask though, because it went up about a year ago.
posted on March 29, 2001 03:53:38 PM
I have switched banks 3 times. They charge $15, $20, and $25 per bounced check that would have come out of MY account. The lowest was from my credit union which charges $15 per check. And, don't forget - they also take out the amount your check was written for.
I had over 30 bounced checks in the one year I accepted them. Several times I had to bring their accounts to collection agencies, some took several months to repay, and some I never did get paid back at all. Some were from newbie bidders, some were from bidders with 300+ feedbacks.
I no longer accept checks - and haven't taken one in over 2 years.
posted on March 29, 2001 03:55:48 PM
When I asked the teller at our local bank about how long it took to know whether or not a check was good, she told me it depends on where they come from (distance). I then ask how much I'd be charged if the check bounced. Was told that I wouldn't be charged any bounced check fee, but would be responsible for paying the amount the check was cashed for.
posted on March 29, 2001 04:04:45 PM
I took a check from a client, deposited it and about 2 weeks later I had the check back in my mail. My bank had tried to deposit it twice and it kept coming back as non- sufficent funds. I was charged $1.50 (once) as a returned check fee. I contacted the client and asked if she would like me to keep trying to deposit it or preferably could she just send a Money Order and I would return the check. She asked me not to try and deposit it, made good on the check with cash and told me her bank charged her $18.00 every time I tried to deposit the check and it bounced.
I accept checks (most of my items are under $100.00) and with new buyers just try to wait long enough to make sure the check cleared their bank. If the feedback is good I won't even wait before sending out the item.
posted on March 29, 2001 04:10:02 PM
If your bank is charging YOU for someone else's bounced check, you need to find a new bank. According to my personal banker at Wells Fargo, there is NO charge to my account is someone else bounces a check. I just have to deduct the amount of their check from my account. Simple enough.
How on earth can any bank justify charging YOU $28.50 if someone else bounces a check? That is ludicrous!
Bounced checks are just a pain in the butt. However, of 200+ checks that I have accepted, only 1 bounced. I got about half of it from the guilty party before they changed their ISP and went undercover.
posted on March 29, 2001 04:10:22 PM
I had a buyers check bounce,only because two of the numbers of the checking account got tore off the check at one of the banks.They charged me $4.00 but when I showed them the check they refunded the fee.I just had to have the person write another check.
posted on March 29, 2001 04:11:02 PM
I just think that maybe people areen't being specific enough when they ask. Most people are just asking what the NSF fee is. So their bank says $20, or whatever.
But they need to specify that they want to know, not what their NSF fee is, but what the fee is to their account on someone elses NSF check. I have posted this question everywhere today. Around AW and a few places at ebay.
Many people are emailing me to let me know that they called their banks and found out the same thing I did.
Most of the time, we as the recipient are not charges an NSF fee. Only a returned check fee.
I'm still calling around. Lots of banks around here. so far I have called 3 more, in addition to the first 12.
The score:
14 ~~~~~$2-$5 returned check fee +
~~~~~No NSF fee.
VS
1 ~~~~~$1 returned check fee +
~~~~~$15 NSf fee
I just find this very interesting, and very inconsistant with what other sellers are saying.
BTW ~ these aren't all little small town local banks I'm calling. Some of them are, but some are big time banks. Here are a few:
Seafirst
Washington Mutual
Wells Fargo
[ edited by luvmy2bears on Mar 29, 2001 04:16 PM ]
posted on March 29, 2001 04:20:04 PM
Here's my experience on this.
In over two years of on line selling, I've had only one bounced check, and the buyer made good on it quickly. He also added extra to cover my bank charges.
I think I need another bank though. Mine charged me $8.00, plus I seem to be getting hit with other types of charges more and more often since a new company took over ownership.
posted on March 29, 2001 04:46:53 PM
I was charged $25.00 when someone bounced a check for $3.00. I still accept checks, but I wait a couple weeks for the check to clear. I charged the guy who bounced the check against me $30.00 fee to cover what the bank charged me and an extra $5.00 for my trouble and the $3.00 for the amount of the check and he did pay it.
posted on March 29, 2001 05:04:47 PM
Redskinfan: I'm one of the fans of the EO that pretty much lurk in the background and read everyone's informational and sometimes hilarious threads.I've seen you say in different posts that you charge a $30 fee for bounced checks. Anyway, my question to you is how in the world do you get them to pay you an extra $30 when they can't even keep their banking acct.funded? Do they just say sorry 'bout that and send it? Just curious. Do any refuse to send it to you? If so, how do you respond?
posted on March 29, 2001 05:21:45 PM
My bank (not naming any names, but "the right relationship is everything" is (I believe) the 2nd largest bank in the US (maybe internationally) and their charge to ME (the person who deposited the check into their account - NOT the person who wrote the check) $25 for a NSF check. And it takes them approx. 3-4 weeks to notify me (via snail mail)...Their Fee & the amount of the check are "swiftly" removed from my account.
On the 3 occasions where I did receive rubber checks, the buyers paid me (by Money Order ONLY) the amount due + the bank fee.
posted on March 29, 2001 05:58:10 PM
You can call the bank that the check is drawn on and they will tell you if the account has sufficient funds to cover the check.
Most banks have a 1-800 number and if you do this before you deposit the check you can save yourself some trouble.
If you really want to be sure have your banker call the bank the check was drawn on after about 4 - 5 days to see if the check cleared.
This is not feasible if you get a large amount of checks. ( your bank lady will dread to hear from you if you do this to often not to mention your time)
Of course there is no substitute for common sense. If you get a check number 101 from a 0 feedback bidder that is winning everything in sight, Watch Out!.
posted on March 29, 2001 06:11:59 PM
I have to agree, anyone who is being charged a fee like that ($25.00) should RUN to close their account and find a new bank. (Who knows what else they are burning you for!) Our bank (SunTrust) charges $6.00 if someone writes us a bad check. However, the law allows that we can in turn charge the writer a fee of $25.00 or up to 5% of the face value of the check (which ever is larger). We have to send the writer a certified letter stating the check was returned NSF blah, blah, blah. If they don't send the funds within 10 days, we just turn the paperwork over to the States Attorney's office and they take care of it from there. They actually are pretty quick about it too! We tried for months to get the funds from a writer of a $1400.00 check and he kept giving us the runaround. (He was several states away so that didn't help) Finally, we just contacted the State's Attorney and within about 3 weeks we were hand delivered the check, plus funds!
Teresa [email protected]
posted on March 29, 2001 06:48:16 PM
Just for information purposes....I have sold 624 antique prints on Ebay as of the close of business today. Out of those 624, ranging from $20.00 to over $500.00, I have had only one bounced check. My bank did not charge me for a returned check fee. The bidder immediately made the check good with a money order. I accept personal checks.
Most of my bidders use Paypal. I would guess that less than 10% of my business is with a personal check. It might just be the quality of your merchandise and the quality of customers it draws. I have no idea.
posted on March 29, 2001 07:32:12 PM
I'm sitting here looking at the returned check fee my credit union charged me for a bounced $11 check from a customer.
The charge to me? $20.00
And the customer refuses to respond to emails.
And, NO, I do not need to change banks. Mine charges no fees for ATM withdrawals, has one of the highest paying rates on accounts & is more than most banks on other items.
So it's a bit more than the $2-3 you've been quoted & this isn't from any small town credit union either but one of the largest in the country.
posted on March 29, 2001 07:41:24 PM
My bank charges $5 for a returned check fee.
Lovetosell--when someone bounces a check that lives in another state, do you send a letter to your state's Attorney General or the state that the check originated from. I just had a check bounce and this lady has yet to make good on it and I'm not sure what state I start in.
posted on March 29, 2001 08:15:44 PM
You go to the States Attorney in YOUR state. You can even call them and they will mail you the forms and the letter that you send out. Go get 'em.
Teresa [email protected]
posted on March 29, 2001 09:12:51 PM
My bank uses a 12 month rolling period, with no charge for 1 to 3 returned checks, $1.50 each for 4 through 9, and $4.00 each for 10 and above. So far (keeping my fingers crossed), out of about 900 transactions, I haven't had to deal with a returned check.
posted on March 29, 2001 10:22:57 PM
In order to take advantage of various offers, we use 3 different banks. The one I cycle my EBAY bidder checks through charges me $3.00 for a bounced check. But they get confused with almost every question I ask them, so I try not to do anything even slightly challenging.
I e-mail them a polite e-mail telling them their check bounced and how I am being charged fees by my bank over it. Then I go into how it's a crime to bounce checks and either quote statutes (if I have them) or state it like it is a statute and let them know if I do not receive retribution in such and such time that I will have no choice but to turn their name and address over to law enforcement. I get the money real fast then.
posted on March 30, 2001 08:33:09 AM
redskinfan:Could you email me an example of one of your letters? I'm not very good at wording things like a statute. I'm just not very good with words period! I would sure appreciate the help. I would like to start taking checks here soon, but I want to be well armed. (with info & paperwork!)
Thanks to everyone for all of your help! This thread has turned out to be so informative!!!
posted on March 30, 2001 08:35:51 AM
I went out to google and did a search on MI attorney General and found the website. However, when I called they told me they didn't handle bounced checks and told me to call the Prosecuting Attorney's office of the county where I lived. I called him and was told to send him a copy of the check and he would send a letter to the customer. It might be different depending on what state you live in. When I contacted safeharbor, I was told I could file mail fraud charges (if sent through the PO) as well as contact the DA in both states. I'm just not sure in what order I am supposed to do things in.
posted on March 30, 2001 09:33:00 AM
Well, just to add to the conversation. I have taken hundreds of checks, I have had one check bounce, it was for $5.00. I was charged a $10.00 returned check fee. I didn't bother to try to contact the check writer to try to make it good, but that would be the smart thing to do, and when it happens again, that is what I will do. After that incident, for a long time I held checks before shipping. But with continued experience that the vast majority of checks are good, I am easing up on that now. I will excercise some reasonable discretion, such as holding low check numbers, checks from low feedback buyers, and I do sometimes check feedbacks to see if there have been any previous problems. And on higher priced items, I will practice due care. And, when I get another bounce, I will attempt to collect the value of the check plus any fees or costs to me. But overall, after nearly a year in business, this has not been a problem. Many years ago, when I was a young man, for a short time, I operated a sideline business where the product was self serve. If I wasn't home, I just had a sign and asked the customers to leave the money in the mail slot. It was amazing the length people went to to make sure I got my money. In spite of this age of cynicism, and I am not naive, I know that there are SOB's out there by the plenty, but it is still a fact, in my opinion, that most people are honest, and will meet their obligations.
In my state, the district attorney in each county handle bad check filings & they have a particular statement they require you to use when making an initial contact w/a bad check passer. This statement MUST be sent via certified letter & they must be given a set period of time to respond.
One letter won't fit all. You might contact your DA or states attorney general & find out what procedures you need to follow if you are so unfortunate to have to deal with a bad check.
posted on March 30, 2001 01:53:25 PM
Look in the "government" section of your phone book. Or of course, you can do an internet search. IF your states attorney's office says they don't handle that, I'm sure they will direct you to the proper place.
Good luck,
Teresa [email protected]
is (I believe) the 2nd largest bank in the US (maybe internationally) and their charge to ME (the person who deposited the check into their account - NOT the person who wrote the check) $25 for a NSF check. And it takes them approx. 3-4 weeks to notify me (via snail mail)...Their Fee & the amount of the check are "swiftly" removed from my account.
I would like to start taking checks here soon, but I want to be well armed. (with info & paperwork!)
If I have another bouncer I'll save a copy for you