posted on January 25, 2002 06:58:07 PM
Can someone tell me what the deal is with personal checks? How long do they take to really clear where there is no way that you will be ripped off? I have someone that wants to pay for an fairly expensive item with a personal check and I don't know what to do.
posted on January 25, 2002 07:15:56 PM
I had one take 15 days, but the buyer informed me before it happened. Ask your bank when you deposit the check and then if they say 2 weeks I would hold it one week longer. If they want the item bad enough they will wait for it.
posted on January 25, 2002 07:18:58 PM
Check's clear at different times, depending on where they're from. The best thing to do if you're worried, is ask your bank at time of deposit when a certain check will clear. They can give you the right amount of day's by it's tracking number. Then hold the check at least that long and maybe even another day or two to be sure. Just don't ship till you feel comfortable.
posted on January 25, 2002 08:01:17 PM
If the check is drawn on a natinal bank or a bank that has a branch within driving distance you can go to that bank and cash it rather than depositing it just be shure it is made out to you and not to a company name
posted on January 25, 2002 08:39:36 PM
"be shure it is made out to you and not to a company name"
While I do not hold checks ever that is an interesting statement. I knew about going to a branch to cash a NSF the second time but why I wonder can it not be made out to a business? I am me, I am owner, president etc of my business. Even my wife is Vice President.
posted on January 25, 2002 08:47:38 PM
For 15 months now I've been taking only personal checks or money orders. 90% of payment to me is in personal checks, and I've never had one bounce yet. I used to hold them 10 days to 2 weeks; now I just deposit them at my bank and mail the item right away. I suppose there will be a first time for trouble with a check, but not yet!
Also, though, most of my items sell in the 30 - 125 range, and I confess to holding some of the checks over $100 for a few days just for the principle of the thing. Oh, and once a buyer with eyeshades bought a fairly high-priced item and I made a point of holding the check for 2+ weeks. But in all this time, to have no problems really has been instructive to me.
One other thing: most of what I sell is not appealing to young men, who, in my estimation, are as a group pretty awful about communicating and then paying on time. What's up with those guys?! ~Adele
posted on January 25, 2002 08:57:34 PM
I never hold checks. I just hate that my inventory sits around waiting to be mailed. Unlike Adelle, I sell mainly to the young men to a little older than that and mine are quick to respond and to pay through paypal. I like that then it is off to the post office the next day...
posted on January 25, 2002 09:30:35 PM
I only hold checks if it is over 100 (which is verrrrry seldom).
My bank suggested that I deposit the check, keeping a record of the routing number, account number, check number, name of bank, well everything. Then call the bank after about 5 days to see if it has cleared. I have had one bank refuse to tell me, but she told me the person had enough money in the bank to cover it - 'waaaaaaay more than enough to cover it.' I assumed she was trying to assure me.
My one check was from Canada and one of my undeserved (really it was) negs was from Canada. Justjoking~!! But it is truth.
posted on January 25, 2002 09:42:12 PM
From my real retail store experiences, I learned a few things about checks and which are more likely to bounce than others.
Signs that a check is good include:
Is imprinted with correct shipping address
Has a high number like #2673 and not #101
Includes phone number in address imprint
Includes drivers license number in imprint
Signs that a check is questionable include:
Not imprinted with person's name or current address.
No check# or low starter check #.
Computer generated or sloppy printing.
Name on check does not match recipient or bidder.
The sender has 0 feedback, low feedback with negs.
posted on January 25, 2002 10:27:07 PM
Check number USE to mean something. Now that people order them from anywhere and everywhere, you can start with any number you want so a high check number means nothing. I started my checking account at number 2000.
Actually, even after a check clears a bank the account holder has 30 days from the date on their bank statement to have it returned. Banks rarely will do that. And I do mean RARELY. But it can and has been done.
It usually takes 4 business days to get to the account. Every bank has different policies as far as how quickly they return it for NSF. A bank may choose to hold the check waiting for a deposit in a day or two before returning it. The return of the check takes another 4-5 business days. Then you bank has to back it out of your account, which can take a day or two. Most banks (at least the ones I am familiar with) will mail it to you from they corporate bank which depending if it is in the same town as you will take more time. Some banks will route the check to the branch the account was opened in or the one it appears you do your business at and then they mail it to you. If you have a nice bank they may call you when the check is returned and ask if you'd like to come in and pick it up or if you want it mailed.
So if you are really concerned, wait at least 15 days. Or you can wait 5 days and call the bank it is drawn on to see if it cleared (most will tell you). There are some banks in my area that will charge you $2 on a credit card to check this.
If you are really really really concerned do not take checks or money orders or cashier checks for that matter. All can have stop payments on them.
posted on January 25, 2002 10:32:40 PM
LaneFamily - I a past job we had a customer that like to give us NSF check to pay is fleet of trucks insurance. Everytime I received a check from him I would call to see if they would clear. If it was good, I hopped in the car and went to the bank with it. The check of course was not made out to me, it was made out to the company I worked for. I was an employee only. I would take my business card and my DL and have them give me a cashier check payable to the company. Never had a problem. After about the 4 time they started charging my for the cashier check but the $5 was worth it.
posted on January 25, 2002 10:41:38 PM
so what are we supposed to take-CREDIT CARD? and eat chargeback for breakfast ,lunch and dinner??
with cc transaction,we not only lose merchandise,shipping fee ,we also eat chargeback fee .
plus the cc processors can be rather ignorant and arrogant at the same time.
we paid them to verify the cards ,they failed to do so and then turn around and charge us for their incompetance.
one banker said to me,you just have to build all that risk into your profit margin.
at least with personal check,the penalty is higher for the issuer.
with 6 years of selling in cyberspace,i only have one rubber check i cannot collect.
posted on January 26, 2002 12:07:57 AM
Received over 2,000 checks and have never held one ( most are under $50 ). Only 1 bad check ( a few dollars ) out of the 2,000+ checks. I prefer checks as the buyer can trace or cancel any lost payment and re-send another payment. Of course e-payments are most appreciated even though they cost me money. ( no bad epayments yet )
posted on January 26, 2002 05:14:45 AM
I'm not a big seller - maybe 500 items in 3 years. 90% paid by check, not one problem. Lots of check in my B&M store also. Not one problem, buyers all over the country (resort area). Again, no problems.
I think that this economy is based on trust. The buyer trusts that the item I've sold is what I said it is. I trust the buyer will pay for it with a good check. Even in retail, this same trust prevails. Someday, a check will bounce - that's life.
Take no starter checks, the one's with no numbers or demographic information at all.
Look at feedback.
High end items - you're on your own.
Wish I could figure out how to paragraph on this board.
posted on January 26, 2002 07:45:22 AM
I don't hold checks either, my bank tells me it would take at least 30 days to be sure it clears, no-one is going to wait that long. I've had 4 bouncers, 3 paid, 1 didn't. In early Dec I had a check returned because it was post dated. I have never checked the dates on checks, so it was returned, and the bank wants $20 to re-submit it, not worth it. I contacted buyer 6 weeks ago and she told me "post dating is my way of keeping track of my bank account, I didn't expect it to reach you so soon" !!!! She promised a new check, but nothing, and no more responses. I would re-submit the check just so that she gets charged for the item she already has, but if it comes back NSF I am out even more. Any suggestions?
posted on January 26, 2002 08:27:05 AM
I had a check from Australia bounce only after seven days, seems to be the norm from when I received other rubber checks. All the rubber checks I received were for small items under $10. Guess those are the people who can't manage their money well.
As for fraud, I think you're more likely to get it from credit cards than a check. Criminals know checks usually have to clear and they won't bother. You should be alright to send the expensive item right away, but use some precaution like checking users feedback.
posted on January 26, 2002 09:17:07 AM
Anothertreasure! Here's how to paragraph here:
For flush-left printing, as in this paragraph, just hit the "enter" key twice after you've finished one paragraph, and it'll space down for you.
If by "paragraphing" you mean indenting a paragraph, just hit your space bar (long thing at bottom of your keyboard) 5 times or as many as you wish to indent, as I did here.
I discovered of course that if you hit the "tab" key, as we do everywhere else, to indent a paragraph, AW takes you Somewhere Else! Go figure. ~Adele
the reson you want the check made out to you personally if you intend to cash it is if it is made out in a business name it can be a hassle proving you are autorized by the business to cash it rather than depositing the check and as someone else mentioned in a earlier post they may charge you a fee less likeley to do this for a indidvial.
I have used this on occasion when I was uncomfortable taking a check and wanted to be 100% shure funds were good before I proceeded.
spock here......
Live long and Prosper
posted on January 26, 2002 11:01:50 AM
We take personal checks but I will not accept "cash advance" or "loan" checks. You know these...your credit card co. sends them to you in hopes you will write one for a big ticket item. Gets charged to your credit card with a big (usually 3%) transaction fee.
The trouble with these is that it's all too easy to use one for a credit card you've closed or maxed out. And the person you tender it to has no idea if it's good or not. We have never had one that *didn't* bounce. So we no longer accept them at all.
posted on January 26, 2002 03:46:00 PM
I was one of those guys saying I had taken over 1,000 checks and never a bad one.I never held checks. Well all that changed about a year ago. A repeat customer with over 100 positive feedbacks made 2 purchases 2 weeks apart. The first check bounced 28 days after deposit the second came 27 days after deposit.
Those 2 checks totaled over $400.00 that I never got back. At about the same time 3 more checks bounced all between $75.00 and $100.00 I did collect on 2 of those one with the help of a collection agency.
I lost $500.00 and have never taken another check and never will. It has not hurt my business at all. Money orders are very easy to get most convenience stores or gas stations have them or banks and post offices. For those that can't get one I take PayPal.
I don't know why eBay sellers are expected to take checks try paying for gas with a check even at a local gas station. Try paying for diner at a restrant or renting a car. Most of these and many other businesses do not take checks.
posted on January 26, 2002 04:25:52 PM
The theory concerning cashing a check to be certain it won't bounce is flawed. In the city I live in the banks have a real racket going. If the check is drawn on an out of town bank no bank here will cash it-even my own-it must be deposited. If the check is local I can go to the bank it's drawn on and cash it-BUT if my account is not with this bank I am charged $8.00 (yes I said $8.00) in order to cash the check. I can cash it at my bank, however, once I endorse the check the teller attaches the check to my account in the computer and if it bounces the funds come out of my account immediately. That is why I tell people that I will deposit check and wait for 14 days. My bank will always notify me within that time period if the check is no good. I don't know about anywhere else but in the state of Ohio if a check is over 25.00 and it bounces you must contact the owner of the account at least twice and have proof such as emails, letters, etc. If you have the proof the police will swear out a warrant for that persons' arrest. If the check is out of town the local police in that area will be notified. I've had to do that once and it works like a charm. When a cop shows up at their door with a warrant for passing bad paper they want to make it good immediately. I'm not advocating this but if all else fails this is an option.
posted on January 26, 2002 04:42:12 PM
it is true ,money order is very cheap,you can get it in supermarkets and people do go there !!
but the problem is you must pay with cash and folks dont always have the cash on hand.
with check they can play this float game,by the time the check arrived at your doorstep,it is payday and their paycheck is deposited to cover oustanding checks.
posted on January 26, 2002 04:56:25 PM
wow 8.00 to cash a check ...I was speaking of past experiance's I hadn't done this recently thats good to know ....
As to not having the cash for a money order you can use bidpay and buy a money order with a credit card .
toolhounds experiance is making me seriosly rethink taking checks and I do tend to agree that business wouldn't fall off much if at all as long as you offer paypal and not money order only.
