Personal Checks

[DoubleCovaBrotha]

I heard that the new Check 21 laws would make bounced checks (or cleared checks)

much faster to find out about. I think it's now a 48 hour wait, once deposited,

as opposed to the old "I didn't hear anything until it bounced two weeks later

and by then I'd already shipped the book(s)."

 

Check 21 went into effect in Oct. '04. Anyone know the facts?

 

It is also important to note that although the money comes out of the funding account much quicker, YOUR bank may still withold the availability of the funds to your account.

[FlyingDonut]

How come some ebay sellers dont take personal checks? What's the logic behind that?

 

Ummmmm, because people bounce checks?

[ComicSupply]

Not to mention, people can stop payment on checks after they clear. Its tough to do and they have to have a good reason.

[jeff2004]

Personal Checks can be too much of a hassle and too many things can go wrong. When I was selling, I would only take money orders, cashier checks, and paypal. Rarely, I would accept a check from someone if I have dealt with them before. Of course, I would wait to make sure it would clear.

[tilleycs]

Ummmmm, because people bounce checks?

 

Exactly. I had someone bounce a check to me a while ago, and I stopped taking them right then and there. Fortunately, he was willing to send a money order to cover the cost of the auction AND the fee from my bank (charged to me, of course) for the check bouncing. It hasn't been a problem, people either use PayPal or send money orders. There are tons of places to get money orders - post office, gas station/convenience store, grocery store, Wal-Mart, etc.

[blazingbob]

In this business you really need to eliminate any excuse on why a person shouldn't bid or pay. Unfortunately that means I will take almost any form of payment.

[sterlingcomics]

I heard that the new Check 21 laws would make bounced checks (or cleared checks)

much faster to find out about. I think it's now a 48 hour wait, once deposited,

as opposed to the old "I didn't hear anything until it bounced two weeks later

and by then I'd already shipped the book(s)."

 

Check 21 went into effect in Oct. '04. Anyone know the facts?

 

http://www.federalreserve.gov/paymentsystems/truncation/faqs.htm

 

Personally I PREFER personal checks on all items if the member has at least 100 positive feedback and no more than 2% negs,

 

So even with all of this whiz-bang new process to cut down on processing a check, why does it still takes weeks to verify it cleared?

[Mithril Man]

I stopped accepting them for a while because I found that the people who were asking to pay by personal check were often very slow in mailing them. By the time I received the check, then had to wait until it cleared the bank, and check with the bank to make sure it cleared before I mailed the book, it just seemed like too much of a hassle. So I started taking PayPal only. It didn't really affect my auctions too much. However, I got a few emails from people who wanted to pay by check. Now I've decided to take them again, just so that I can cater to those people who don't have PayPal accounts.

 

I did have a check bounce on me early in my ebay career. It was for a small amount and taught me to always wait until they clear. That might also cause people to stop taking them.

 

How long does it normally take for a check to clear ? I have called my bank before (a large national bank) and they have been unable to tell me if it has cleared or not. Usually a day after I deposit it, my online account summary says it has cleared, but I do not think that it means that the funds have left the buyer's bank.

 

Also, I posted this once in an old thread, but money orders are used in fraudulent transactions more often than credit cards and personal checks - which is surprising to some. This is an older site, but the trend continues:

 

FRAUD

[ComicSupply]

I don't know, the way I see it is if you write a check, you are basically paying cash. Why not go down to the local 7-11 pay $.79cents and get a money order that we all know is good and doesn't need to clear.

[DoubleCovaBrotha]

So even with all of this whiz-bang new process to cut down on processing a check, why does it still takes weeks to verify it cleared?

 

My previous post:

 

It is also important to note that although the money comes out of the funding account much quicker, YOUR bank may still withold the availability of the funds to your account.

 

Even if the bank verifies the funds and clears the deposit from the other bank, YOUR bank can still hold the funds. Check with your own bank for their rules and regulations regarding the availability of deposits.

[ComicSupply]

With my business, we put a 10 day hold on them before sending anything. That pretty much assures you have the funds.

[Mithril Man]

With my business, we put a 10 day hold on them before sending anything. That pretty much assures you have the funds.

 

I have a non-commercial bank account. I have never received a bounced check. How does one's bank notify you ? Would you have to see it on an online account statement ??

[dam60]

I heard that the new Check 21 laws would make bounced checks (or cleared checks)

much faster to find out about. I think it's now a 48 hour wait, once deposited,

as opposed to the old "I didn't hear anything until it bounced two weeks later

and by then I'd already shipped the book(s)."

 

Check 21 went into effect in Oct. '04. Anyone know the facts?

 

http://www.federalreserve.gov/paymentsystems/truncation/faqs.htm

 

Personally I PREFER personal checks on all items if the member has at least 100 positive feedback and no more than 2% negs,

 

So even with all of this whiz-bang new process to cut down on processing a check, why does it still takes weeks to verify it cleared?

 

Sterling - being the good Charlotte native that you are and assuming that you bank with B of A, it won't unless you try to cash a check from a regional bank. All the major banks should clear within a few days and B of A to B of A should be same day.

 

DAM

[DoubleCovaBrotha]

With my business, we put a 10 day hold on them before sending anything. That pretty much assures you have the funds.

 

I have a non-commercial bank account. I have never received a bounced check. How does one's bank notify you ? Would you have to see it on an online account statement ??

 

That really depends on your bank. Each bank has a different policy. Some will do it as a courtesy to the customer, some won't inform their customers at all. The best thing to do is call your local branch and find out.

[bullseye]

for buying, as i haven't sold on ebay before, i use my debit card, which let's me use as credit, so i can use that through paypal if i am forced to. i like the idea of paying with money orders, but if i have the money in my account already, there is no reason for me to go to safeway or whatever and get a money order, let's me be lazy i guess is the bottom line

[casey1870]

How come some ebay sellers dont take personal checks? What's the logic behind that?

 

Ummmmm, because people bounce checks?

 

Also to add that my bank charges me $25.00 everytime your check does'nt clear. Case in point recieved $50.00 check,did'nt clear not once but 3 freakin times. That's $75.00 smakeroos for that check,out of my pocket! Needless to say I got reinbursed the full amount,luckily, it seems the lady had a checking account that her husband did'nt know about(thought it had been closed) & she had been writing checks. So never in my life will I ever take a check....also as others have pointed out it takes to long to complete the transaction......so ther's your answer in a nutshell.

[Dr_Neff]

people still write checks?

[the blob]

I have someone sending me a check for a $2.75 comic (plus $3 s/h). We waived our no personal check policy because I was so flabbergasted that this guy was willing to spend $5.75 for this particular comic I figured I wouldn't be a hardarse about it. And he had 100% positive 300+ feedback.