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Question about personal check paying for auction?

BHAVIN
I clearly state in my auctions that I only take money orders and cashiers checks. However once in awhile people just don't listen or read and send a check.

When I ask my Bank they tell me that the check can come back as insufficient anytime in the next two weeks after deposit and then the funds will be pulled from my account. Does this sound correct?

I have a customer telling me his check cleared the night after I deposited it and that he will email me a copy of the cancelled check. Is this good enough or can it still come back on me? If the product purchased was mine I would just send it but as I am selling it for a friend I can't take any chances and would like some input on how it acutally works more than advice on how I should run my auctions if you understand what I mean. Thank you.
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Comments

11 comments

Date Votes
  • andrewsw16
    I'd say to take that full story to YOUR bank along with the copy of the canceled check your buyer sends you. If indeed the funds have already transferred from the buyer's bank I don't see how it could later bounce as insufficient. The big danger is in the interval between the instant you deposit it in YOUR account and you see the increase showing on your balance (and you think you have the money, but you really don't) and the time it truly does clear HIS bank with sufficient funds. Of course there is a tiny chance he will send you a fake photoshopped canceled check in hopes of convincing you to hurry up and ship the merchandise before you get the true "insufficient funds" notice from his bank. That might be a bit paranoid, but unfortunately there are crooks out there. He could fake some of that, but if he also shows ou the back of the check with YOUR endorsement then, it probably HAS cleared. I don't know how he could fake your endorsement. Perhaps YOUR bank can contact the buyer's bank and confirm the check REALLY has cleared with sufficient funds. If not, then it is up to you to decide whether to believe the validity of the canceled check he sends or make him wait a couple of weeks. He has only himself to blame for the delay if that is what you decide to do.
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  • tsr1965
    Take the information your bank has given you, and add it to your auctions. It even takes a couple days for a Certified bank check to clear these days. I say USPS money order, certified check, or personal check. The item does not ship untill the funds CLEAR MY bank.

    Best
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  • nmyers
    Your customer doesn't understand the banking system.

    Initial clearance of checks assumes that they are all "good", but problems may be found later. So, it is wise to wait 2 weeks to be sure that it isn't charged back to YOU. For foreign checks or MO's, you should wait 6 months. (YES, 6 months!)

    I ask for the same payment form as you, although I do not accept ANY form of payment on MoneyGram (even a bank check).

    Neal
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  • fordsix
    personal checks at least two weeks i like Postal MO i had personal come back and it cost me 15.00 i do not take personals anymore
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  • Grasshopper
    As pointed out,,,banks can take up to 10 business days,,,so IF THEY can't follow your rules,,,hold that check for the number of days until it clears,,,I know,,,!![B)],,Good old boy me took the check and sure thing,,insufficient funds,,pain in the ass...lost my item and money...trust can only go so far,,imo..
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  • lcdrdanr
    I had Bank of America send a check back to my bank, Wells Fargo, 4 months after it had been cashed. It was their screw up, they transposed two numbers and paid a $20 check $500 (customers account) while only paying $20 on the $500 check (customers account). They reversed the $500 check but never paid the additional $480 on the $500 check. At least, not until I met with the District manager of Wells Fargo and laid out all the records.

    4 months afterward.

    Dan R
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  • cpermd
    I take personal checks.
    But I let them know it has to clear before shipping.

    CP
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  • golferboy426
    There is "clearing: which can happen in just a few days. However as stated before, that can be reversed. You DO need to wait 10 business days to be safe
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  • wpage
    Intrastate banking is typically 3 business days.
    Interstate banking typically 10 business days.
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  • BHAVIN
    Thank you all very much! I will go with my standard 2 weeks.
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  • WWllVet
    I put in my listing that I will not accept personal checks. If someone decides to send a personal check, I just send it back, and so state in my listing.

    For GOD and COUNTRY

    Not as Lean[:D][:D]Not as Mean[:(!][:(!]But STILL a MARINE[}:)][}:)]

    Vet
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