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I've seen on eBay where sellers that take personal/cashier checks or money order would claim that it takes 7 to 10 days to clear. Is this true? I did not inquire what bank(s) the seller uses. BofA - from my observation and a customer - takes no more than 3 business days. And I haven't been able to find any banking documentation (from BofA website) that mentions this. Maybe the bank is local-only. But I wonder: are there banks out there that take that long to clear checks? Or are eBay sellers lying?
I had a check from my tenants and after almost 7 business days my tenant called me to say there was a problem with their check and it would bounce. I already had the money in my account. The tenant told me exactly what had happened and they offered and paid me the costs for the checked being returned and I got a new check the same day. My bank charged $ 15.- for the returning check and she had to pay costs too (not sure how much). My tenant claimed the cost to the party at fault...but my experience was after 7 days the check was taken out of my account so if I would except a check I would wait at least 10 days to be sure. By the way I only except PayPal on Ebay when I sell and use it also to pay...much better and safer.
I think there is some rule where you can actually "attempt" to cash a check twice if it bounced on the first attempt... so if it bounced on the first try, then try a second time.. it it doesn't go through then it is permanently dead... I seem to remember this from a TV court trial... so it may be 7 days because of this rule?? Don't know..
I think there is some rule where you can actually "attempt" to cash a check twice if it bounced on the first attempt... so if it bounced on the first try, then try a second time.. it it doesn't go through then it is permanently dead... I seem to remember this from a TV court trial... so it may be 7 days because of this rule?? Don't know..
It can take up to 7-10 business days for a check to clear. Not all institutions have switched over to the full Check 21 program yet. Quite a few of the smaller banks/credit unions may use a bigger bank to do their check processing, and sometimes in order to cut down on fees they may have lag time before it gets sent to processing bank. I know work at a credit union and when we take a check in it will not got to our processing bank until the next day so you have two days before it clears.
Also yes there is a rule that you can only run a check twice. You are not required to run it twice if you do not intend to prosecute but if you do want to keep that as an option you must run it twice. Another option is if you receive a check that will not clear you do have the option of getting a Cashiers Check if the bank/credit union it is drawn on is near you.
Almost all domestic banks now participate in electronic clearing of checks... they clear overnight.
Yeah, it will be on your account overnight but can be taken out if it bounce...which can be a week later...
This is also the trick that scam artist use...saw it on Dateline....
they send you a check and you deposit it and they tell you a day later they paid to much and request you send the amount that was to much...to be send back...the rest you can keep...than a week to 10 days later the first check bounces and you are left with a debt...This is about large amounts of money so be aware!!!
The big problem is that if your bank is like mine, you are notified that one has bounced by snail mail.
That adds days to the 7-10 day.
Add in a possible weekend and...........
I did instruct my bank to stop trying twice......cuts down on time and, since they charge me a hefty fee....cut down on costs
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