Karyn

Guitarhacker

slartabartfast

Most banks show "account balance" - What you think you have, and "Available Balance" - Funds you've paid in that have actually cleared. 

Many banks will show the "available balance" long before they actually have the money in hand. They will still not hesitate to debit your balance and charge you a fee if the check bounces weeks later. 

Correct!  Since you are a customer, they make the "fake check" amount available to you immediately and it may take 2 to 3 weeks or perhaps longer until the check is returned NSF or No Account Exists...... then your bank hits YOU for the money and fees.... and it it overdraws the account...add that fee to the bounced check fee. 

This must be why US banks are in such a mess*, a UK bank will not let you draw a penny against a cheque untill it has properly cleared.  For most cheques drawn on another UK bank that will take 3 days.  For a building society cheque you're looking at ten days. For foriegn banks it can be 2 weeks or more, but it's improving.  But untill the bank is happy the cheque is good YOU GET NOTHING.  Your account will show you've paid it in but you can't draw against it.
 
 
* Yes, UK banks are in a mess as well but for different reasons.

paper checks in the US are almost non-existent anyway.  I think the only time I've had any paper checks issued to me in the last 3 or 4 years was from an auto accident where the insurance company issued a check in both my name and the name of the body shop.

Beagle

Karyn

Guitarhacker

slartabartfast

Most banks show "account balance" - What you think you have, and "Available Balance" - Funds you've paid in that have actually cleared. 

Many banks will show the "available balance" long before they actually have the money in hand. They will still not hesitate to debit your balance and charge you a fee if the check bounces weeks later. 

Correct!  Since you are a customer, they make the "fake check" amount available to you immediately and it may take 2 to 3 weeks or perhaps longer until the check is returned NSF or No Account Exists...... then your bank hits YOU for the money and fees.... and it it overdraws the account...add that fee to the bounced check fee. 

This must be why US banks are in such a mess*, a UK bank will not let you draw a penny against a cheque untill it has properly cleared.  For most cheques drawn on another UK bank that will take 3 days.  For a building society cheque you're looking at ten days. For foriegn banks it can be 2 weeks or more, but it's improving.  But untill the bank is happy the cheque is good YOU GET NOTHING.  Your account will show you've paid it in but you can't draw against it.
 
 
* Yes, UK banks are in a mess as well but for different reasons.

paper checks in the US are almost non-existent anyway.  I think the only time I've had any paper checks issued to me in the last 3 or 4 years was from an auto accident where the insurance company issued a check in both my name and the name of the body shop.

Well ... to be sure.... yeah the American banks are in a world of mess.... (and truth be told, it's not just American banks, it's worldwide) ... but that came from lending to people who couldn't afford to pay back the 125% mortgages they were given in the heady days of fast rising housing prices...... but that's a whole different thread...the consequences of which are coming to a country near you soon.....


However, we Americans are known for our arrogance and impatience..... so the banks have accommodated us by allowing us to draw on the check ..... but actually,  it's a bit of a banking slight of hand.... they actually let us withdraw our own savings pending the check clearing properly. If the check exceeds the available balance in the account..... no problem....the bank simply drops that money into the account for you since we have overdraft protection....... also known as an instant loan .......accompanied by over draft fees and bad check fees for the bank's trouble.... either way, you are screwed. 

Col, just another thought regarding eBay.

As a seller, be wary of people who contact you using the eBay message system making you a 'non-eBay' offer for your items. In other words, they are willing to pay a certain price for the item that's less than you're starting price (or current highest bid) providing you sell it to them as a private transaction. Their offers are normally above the net price of the item you'd receive if you sold it at auction and paid the commission to eBay (and some of them seem brazen enough to point this out to you).

I've done it as a buyer locally here in Worcester, but only because I got to visit the guy's address, try the item out and pay with cash.

But never as a seller - the price you pay for the peace of mind of being able to resort to eBay or PayPal arbitration if something goes awry is worth the potential smallish loss you make when paying them commission.

When I put my Variax up for sale, I started it off at a 'tempting' £395 (+ tracked Royal Mail p&p) to try and engender some interest. Within hours, I'd received three 'cash' offers for me to withdraw it from auction and sell it privately (two offers of £375 and one of £350). I politely refused, and it eventually sold for £510.

Anyway, just a thought mate.

Thanks Steve!

Something else to bear in mind.

What an awful world we live in..........

He he, it can work out doing it that way Col. Not everyone's trying to rip you off!

Wise words again Steve, although they can be tempting sometimes. I sold a bike trailer a couple of years ago.

I'd got it at a bargain price from Ebay £120. I put it on auction with a start of £99 and got several offers for private sale up to £250. I was really tempted but let the auction run it's course and got £390 for it.

Result...