posted on January 17, 2003 07:51:37 PM
I just got an email message from a customer, totally nice, asking where the shipment was, stating that the check had cleared the buyer's bank on January 8th. This is really strange since I just received the check on the 8th, and deposited it so late that day, that the deposit slip shows a date of January 9th.
I state in my E-O-A notice that I hold shipment on personal check payments for 10 business days, so I was not getting ready to ship until this coming Wednesday.
The buyer is over 900 miles away (3 states away) from me, and not in the same banking chain. Just how quick can a check clear? IS there overnight clearance (electronic, etc.)????
posted on January 17, 2003 08:04:40 PM
nope,,,,,,,f.o.s. that's just my,,,,thinking....but then again,,,,what Do I know? not much. but what I do know,,,,,,OMG!!!!!!!!
posted on January 17, 2003 08:14:17 PM
The only possible way that a check might clear in 24 hours would be if you had deposited in the main bank branch and it was immediately processed AND it was drawn on a bank in the same Federal Reserve region.
The usual procedure is that all checks batched and then sent to a central site, sorted and routed to the local Fed and then to the issuing Fed. That's why it can take so long for you to find out a check had bounced. Especially since it's routine to re-submit it on the first bounce. And that's why banks issue certified and cashier's checks.
Tell her that your bank had advised you that funds are not available for withdrawal and ask if her bank has an 800 # you can call to verify. She will have to give you her account info and the check number though.
posted on January 17, 2003 10:26:12 PM
Sorry. Sometimes when I post I have to hit the send button twice and others only once. This time twice was to much....
[ edited by Libra63 on Jan 17, 2003 10:27 PM ]
posted on January 18, 2003 07:22:16 AM
Some checks can take up to 30 days to clear the system, so there is not much point in holding them for 10 days.
If the check is bad, you will not know about till after you have shipped.
In your case, just email the buyer and tell them what you told us.
posted on January 18, 2003 07:51:48 AM
I have had 3 checks bounce that each took over 30 days. I have had a few that bounced in 14 days but that is the fastest. Holding checks for 10 days is a waste of time either send the item right away or don't take checks.
posted on January 18, 2003 10:43:30 AM
This the main reason I don't take checks. You can always call your bank & ask if a certain check has cleared. The bank can tell you after 10 days whether it is yes or no.
posted on January 18, 2003 12:52:59 PM
Both. You'll need her account number and the check number. You don't have to tell her that you're calling her bank, just that your bank needs the info to verify.
There is no way that that check could have cleared the same day. Check her FB and bidding to see if she's spree bidding.
Edited to add that since Monday is a holiday and banks are closed this may be moot since you planned to mail Wednesday anyway.
It sounds fishy and I can understand why it raised a flag for you.
[ edited by jensmome on Jan 18, 2003 12:54 PM ]
posted on January 18, 2003 01:08:35 PM
I won't need to contact the buyer, only his bank, since I make photocopies of all payments, and have all the info I need. And I have Tuesday to check, before the Wednesday shipment goes through.
posted on January 18, 2003 01:48:57 PM
Here is how my bank explained it to me also the reason I do not take checks. In most states the law requires banks to make funds available for in state checks around 3-5 days and out of state 7-10 days. So the funds show up in your account regardless of rather the check has cleared or not. The problem is that say the buyer you recieved a check from deposited a check 7 days ago and the funds show up in his account and he writes you a check.
Now say the first check bounces and that bank pulls the money back out of the first account and a chain reaction starts. By the time that money gets pulled from your account it could be 30 days or longer. Hopefully you have not wrote checks on that money or it just keeps going down the chain. Everyone has to pay bad check fees for the checks they have wrote against that money unless you have other money in your account to cover it.
