posted on September 8, 2001 12:56:40 AM
I have heard so many horror stories about payments getting turned around because the buyer was a fraud.
The guy who won my computer wants to send a check and insists. I am not saying I smell a phony, but how many days do I need to wait before it clears? after it clears am I okay==or can they come after me later and try to claim insufficient funds etc. I am scared because it is 600 dollars. thanks for your help.
posted on September 8, 2001 05:40:52 AM
Check with your bank. The funds will normally be avalible in 1-5 business days. The check may not clear for longer. Your bank can give you the correct answer to how long it will take.
posted on September 8, 2001 06:09:24 AM
most banks will not track a check and tell you when it clears, i have tried at 2 different banks i deal with, one being bank 1 5th largest in country, and was told they can not tell when a single ck clears.......i hold mine no less than 14 days, i was burned by holding one 10 days, got the nsf notice on day 12.......you might be able to call the bank it is written on and check with them after you deposit it,,,,,,,,,for 600 bucks i would tell him 14 days and then wait another 2 beofre i sent the item.....
posted on September 8, 2001 06:59:04 AM
You can always call the check writer's bank and confirm funds prior to cashing or sending out the item. That will tell you if the funds are there NOW (of course, they could always close their acct. before the check clears, though)
posted on September 8, 2001 07:15:02 AM
Good morning everyone,
Here's a possible solution...
Find out from your buyer what bank he uses. If it's a big one - Wells Fargo, B of A, etc., and there's a branch in your area, you can go there and cash the check.
You have the cash immediately (happy seller)and you don't need to wait to ship (happy buyer.)
Some banks will charge a few dollars if you're not a customer but for this kind of money it would be worth it.
Personally, I can think of a couple of reasons he wants to use a check. First, convenience. Second, if a money order or certified check gets lost in the mail, it takes a long time and is a big pain to replace it. A personal check can have payment stopped easily.
posted on September 8, 2001 07:30:37 AM
To answer your question, YES, the check may come back and debit your account even though it appeared to have cleared. The issueing bank apparently can do anything it wishes, even a long time after it appeared to have cleared. Want to be really safe? As long as he knew you don't take checks, tell him 30 days. For that amount of money, he can get off his duff and pay by the TOS. jmho, but experienced in this matter. You might also tell him you'll pay for a certified check, if you want the sale and feel really charitable.
posted on September 8, 2001 07:39:57 AM
you can buy a money order for under 50 cents at local supermarket??
a lot of buyers dont have much cash in their bank account to buy a 600 dollars money order,he could be playing this float game,when the check arrives 3-5 days ,you take it to your bank and finally cleared,it can easily be 7-10 days,it buys him some time until he gets his paycheck or have some money coming to him.
posted on September 8, 2001 08:34:38 AMThe guy who won my computer wants to send a check and insists.
Lots of people have problems sending anything but a check.
The test is to agree but require an extended hold period, 2-3 weeks. If your buyer agrees to that, your buyer is almost certainly legitimate. If your buyer ALSO demands that the item be shipped quickly, watch out.
posted on September 8, 2001 01:39:50 PM
A friend of mine is a bank officer. He told me it all depends on your bank and the sender's bank. If they are part of the same Federal Reserve "division", the check will "clear" faster. He has gotten check returns up to a month after they were sent.
As to going to the local branch of the sender's bank and cashing it, I don't know where all of you live, but in NJ you can't cash a check unless you have an account at the bank. I've tried it at several different banks and they've all said no dice.
posted on September 8, 2001 02:03:04 PMAs to going to the local branch of the sender's bank and cashing it, I don't know where all of you live, but in NJ you can't cash a check unless you have an account at the bank
I've never had a problem with a bank not cashing a check drawn on thier bank reguardless of if I have an account with them or not. A bank that wouldn't cash checks drawn against them would make me very leary.
posted on September 8, 2001 02:22:41 PM
I've tried cashing checks at branches of banks they were drawn on and they ALWAYS ask: "Do you have an account here??" And they ALWAYS say you must deposit it in your own bank when told no. AND this is not new, I remember trying to cash a check several years ago and gotten the same answer. My friend the bank officer said this is because banks are continuously stiffed with bad checks. If someone knows a NJ bank that cashes checks when you don't have an account, tell me who it is.
posted on September 8, 2001 04:08:37 PM
I used to work for a bank and used to verify cleared funds all the time, all you need to do is when the check arrives, write down his account #, bank name, check #, amount, and his name.
Deposit the check into your account wait 3 buisness days, call his banks customer service #, say you are a merchant wanting to check if a specific check# cleared a customers account so you may release merchandise. They will ask check# and amount, if it has cleared you will get a simple yes or no, if a no then call back the next day and so on...I do this all the time with checks over $25.00 and have only had a problem with 1 bank(Citizens) not giving me the info.
This makes it super easy to not turn down checks. A lot of people would rather pay this way.
posted on September 8, 2001 04:16:05 PM
When I wanted to cash a check without waiting, I would take it to the bank it was written on -- they'd usually never give me any trouble. The one time that they said they wouldn't cash a check unless I had an account, I said in a loud voice (so everyone else in line could hear) ... "I'll have to inform Mr. X that you won't honor his check even though his account has sufficient funds." They cashed it quick enough after that.
El
"The customer may not always be right, but she is always the customer."
posted on September 8, 2001 05:23:18 PM
Have him check with his bank. My bank allows
customers one free money order or cashier's
check each day. Good luck!
Z
---
"Cannot say. Saying, I would know. Do not
know, so cannot say". -- Zathras (Babylon 5)
posted on September 8, 2001 06:01:21 PM
yes,i am in houston and my bank teller will give me free american express money order as long as i write them a check drawn on my account with them for the same amount.
posted on September 8, 2001 08:28:39 PM
I do have a real problem with sellers who don't accept small checks. I think a bidder should make an effort to pay a large mount with a money order. Failing that say that it might take thirty days to clear his check. This ain't rocket science, just agree to do business in the best way possible.
"In pioneer days they used oxenfor heavy pulling, and when one ox couldn't budge a log, they didn't try to grow a larger ox. We shouldn't be trying for bigger computers, but for more systems of computers." - Grace Hopper
posted on September 9, 2001 10:19:00 AMand PART 229—AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC) at:
There's a variance between such regulations and the common behavior of banks. Follow the logic, and you'll see where they aren't really doing anything illegal.
In particular, the law does not say "the bank cannot deduct a dishonored amount from depositors account". It might say that the bank eventually must give the money back if you persist and follow all procedures.
So banks have a well developed routine in such matters. It ends up saying "you are morally wrong to pursue this matter (you did deposit a bouncing check) and we are going to stall at every opportunity and wait for you to force us to take action individually on several procedural points".
They can drag it out for months if not years.
The bottom line ends up for most situations is that the bank does end up sticking the depositing customer with a dishonored check regardless of protection described in the referenced laws.
posted on September 9, 2001 11:00:39 AM
How long does it take for a check to clear
I just got hit with a fee from my bank. I called to ask what this fee was for, they said it was for a deposited item. I ask, you mean a check, they said yes. They cannot tell me the amount, they said they are 'putting it through again'. If it doesn't clear the second time, the amount is deducted from my account.
Now I have no idea, who the hell wrote me this bad check. They said 'a copy was being sent in the mail' I haven't received it yet.
Time it took them to do this? 2 weeks. Now I have to wait longer, on top of that have a fine or rather, fee, for the first time, and probably looking at the amount being debited from my account, in about 2 weeks.
I complained, they are sticking to their policy. Its a large bank here.
Item was sent to this buyer over 2 weeks ago.
What do you do, money orders, electronic payment only? I dunno
posted on September 9, 2001 11:23:40 AM
It can take up to 6-8 weeks for a check to clear, depending on the schedule of both banks in sending and receiving deposits/debits through the system.
That's why I don't bother holding my items for an period of time before shipping - even 14 days is not going to be long enough to tell if a check will bounce. In over 2 years, I've only had 4 checks bounce and only one of those never was paid for (I was young and foolish) ... one check I had to send to a collection agency (www.madagency.com) and was very happy with the results.
The thing is, I think that people who bounce small checks on purpose figure that sellers won't take the time to follow up on them. What they don't know is that if it goes to a collection agency, not only do they have to pay the face amount of the check, plus bank fees -- they also have to pay a set fee to the collection agency (the amount depends on state law, I believe) over and above the check and fees. So their little $4.99 bouncer becomes $40 and a black mark on their credit record.
El
"The customer may not always be right, but she is always the customer."
[ edited by eleanordew on Sep 9, 2001 11:25 AM ]
