posted on August 18, 2001 07:01:53 AM new
Hello. Quick question on how you would handle a situation. A person bounced a check to us on a auction payment. No big deal as this is only our third in over 4 years online. My question is holding a check until it clears. We noticed it took our bank 15 days to send us info on the bad check. It looks like it was submitted two times. So how long would you hold someones winning merchandise until check clears? If we held it ten days, we still would have lost out.
Any advice? Thanks.
posted on August 18, 2001 07:11:00 AM new
I think banks routinely resubmit NSF checks. The amount of time it takes depends on whether your bank and the buyer's (Deadbeat's?) bank are in the same banking zone/region or not. I am not sure, but I think a buyer has a certain number of days (30 maybe?) to revoke a check even if it has supposedly cleared. Anyway, if you really wanted to be sure, you'd have to hold it longer than the standard 7-10 days I read in most TOS. I don't bother ... I ship when I receive the check....haven't had a problem yet but won't be surprised when I do.
Gerald
"Oh but it's so hard to live by the rules/I never could and still never do."
posted on August 18, 2001 07:15:25 AM new
I have had only a handful of bounced checks in my online selling and all of them but one have been made good. I gave the buyer a couple of times to make good and she always promised the money was on the way. So yesterday (a few months after her last deadline and after I am sure she has decided that I totally forgot about the check) I called her bank to see if the funds were there. They told me there was more than enough to cover the check. Come Monday, I am going to deposit it again and see what happens.
posted on August 18, 2001 09:48:58 AM new
dixiebee: you must have a good bank! The few bounced checks that I've received, my bank runs them through 2 times and then sends them to me with a note that they cannot be redeposited again. I also get charged a fee for other people's bounced checks! They sure are a pain to deal with as usually the people who write the check then become those who just never answer your emails. Not going to call half way across the country for a $3.50 bounced check! I do make them pay a fee for my time involved.
posted on August 18, 2001 10:27:06 AM new
I've only had one so far in many transactions. A bidder should reimburse your fees. Mine did--in cash!
I do not hold checks unless they are for a substantial amount. It adds a long delay to cycle time, makes more work, shows mistrust, and adds nothing of value to the transaction. I've had a stack of checks that were already shipped orders before I got them to the bank.
Bounced checks and chargebacks are part of doing business but they are quite rare. I prefer not to have business process that operates in fear of something that is for less than one percent of my business.
posted on August 19, 2001 01:34:38 AM new
I use this practice when I receive a check as to whether or not I'll hold the item for shipping. And I learned it from another AWer.
1. The buyer should have a high number in their FB with little or no NEG FB.
2. The serial (check) number on their checking account should be over 200, or a number you feel comfortable with. This will allow you to determine they have had a checking account for a long period of time.
3. How long have they been an ebay member. The longer the better.
4. the promptness of payment. Did they pay for their auction on time, or did you have to wait 3 weeks for payment when your TOS say 10 days?
So if your buyer has a FB of 3, registered 2 months ago, has a check number of 5, and failed to pay in the prescribed time, then I'd hold it for as long as needed.
