ON PERSONAL CHEQUES...

[katiusciav]

i had sold a 925.00us vase a few weeks back and the lady wanted to pay via personal cheque. fine, so i send her an email with CAP LOCKS clearly stating 20 business day clearance, as advised by my bank...so i suggested a money order instead. but she still sent the cheque. so last night, i get an email from her saying her cheque cleared her account, if i could send out the item. i deposited this cheque april 17 or 18...a weak and a half ago. i asked if she could email proof of her cheque clearing (most people have internet banking and can copy and paste the section showing the cheque clearing), she replied back saying her bank told her the only way i can have proof is if they mail me a copy of the cheque (by the time i were to get it, her cheque would have cleared already), so now she's saying what else do you want me to do?
GRRRRRRRRRRRRRRRR....i emailed her back clearly stating that i had CLEARLY mentioned 20 business days for clearance, and a weak and a half later she's bugging me to send it. she's lucky i even agreed to the sale, as she has a po box unconfirmed address, but the only reason i'm going ahead with the sale (expresspost signature required by the way) is because she has 184 feedback score, %100...
anyways, just wondering if you guys take customer's word that their cheque cleared as good enough, or am i being too paranoid, should i just ship it???

[zarzuella]

Ask your bank to call her bank and verify that the funds have cleared.

[orbitdrop.ont_01]

I know my bank releases the funds first and asks questions later. There is a 15-day hold policy in place for MY protection as I am liable for the amount if it bounces across the country. With the 15-day wait I have, funds can be withdrawn before but is advised against. Once the wait is over you are in the clear as far as the bank is concerned.

While the banks may shake digital hands and pretend everything is good to go, the truth is something can happen at the other end which would force the bank to yank the deposit.

I have sent daily email updates to impatient buyers to keep them updated. The problem with personal cheques is everyone takes the wait PERSONALLY. My emails would remind the buyer that Canadian banks have this policy in place across the board. When the wait is over, a fancy little 'thank you - your item is coming' email usually satisfies my cheque payers.

As Zarzuella stated above, have your bank call hers or ask her to get her bank to call yours (as you don't have time to play 'Thank-you-for-calling-hold-please' all day while your buyer apparently does).

[katiusciav]

you know what, i just tried to post a message after typing for five minutes, and it tells me there's a technical error, to go back, so i hit back, and it asks me for my password (by the way-what's with asking for the password soooooooo many times-geez that's irritating)...so i put my password in and my message is gone. and now i just wasted another minute of my life typing what i just typed!
aaaaaaaaaanyways, thanks for the suggestion ann, but after thinking about it for a minute or two, i'm thinking, forget it! i already told her prior that she had to wait 20 days, if she didn't want to wait that, she could have bought a m/o...am i right, or am i right?!?!?
orbit is right=even after a cheque has cleared, there are other reasons where it can be returned, so i think i'll just wait another week and ship it off!

[tea_past_times]

You are right

[katiusciav]

working in collections from returned cheques, i know all the ins and outs of returned cheques...maybe that's why i'm overly cautious!
golly...this board is quiet today! 😐

[tea_past_times]

Yup

[bestshowtime]

It is very depend on bank which you are using and were is it from Canada or USA!
Canada: same bank with you bank-one day.
Canada: different bank with you -7 days.
USA: 30 days no warranty before 40 days.
Remember you have money in your account same day and you can use this money because you have very good credit with your bank if the cheque is good in future. But if not you are in big trouble.

[bestshowtime]

Personally I will not play a game with Cheque for $925US!!! Wait before it is 100% clear!

[futuretech_liquidations]

Kat - I hope the buyer is in Canada cause if not EXPRESSOST will not get you a SIGNATURE if the item is being delivered in the USA since they have no way to guarantee that their agent (USPS) will collect a signature...If you want signature service then you must use PUROLATOR, FEDEX, DHL, or UPS and pay their rates accordingly.

Also, as BESTSHOWTIME comments, I too would not send the item until my bank has told me that the cheque is cleared and they cover me if the cheque ends up being STOLEN or otherwise fraudulently used.

Talk to you BANK MANAGER and find out exactly how to best protect yourself.

Also, in the future you might want to clearly indicate in your listing that personal cheques must be CERTIFIED.

Cheers,

FTL

[katiusciav]

WOW, tim just read your other post about the fraudulent certified cheques! i'm glad i'm waiting! no chances man!!

[futuretech_liquidations]

Kat - yes it is very scary to say the least - but then again - some people on here would most likely say that I am over reacting but hey its my business and I will do and run it as I see fit - regardless of what others might think - better safe then sorry is my motto.

For large deals now we will only accept wire transfers from overseas buyers rather than take the risk.

TIM @ FTL