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SVTPerformance's Chain of Restaurants
Road Side Pub
Dealing with Remote Buyers?
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<blockquote data-quote="Black2010" data-source="post: 15703431" data-attributes="member: 126428"><p>I don't normally do this (and no disrespect as I'm positive this was in good faith) but this is bad information about checks clearing in less than a couple weeks or banks talking with each other. If it's the same bank then they can confirm funds are in house and do the transfer but if it's different banks I wouldn't move to quickly.</p><p></p><p>A check doesn't "clear" when the funds show up in your account. It can be pulled back weeks later as being fraud.</p><p></p><p>Sorry, but the car doesn't leave my hands till I have cash in hand unless I know you and am willing to accept the risk a known person would scam me.</p><p></p><p>PERSONAL CHECKS, CASHIER'S CHECKS, CERTIFIED CHECKS AND MONEY ORDERS ALL TAKE 3-4 WEEKS TO CLEAR YOUR BANK</p><p></p><p>========================================</p><p></p><p>There is a Federal Law that states that banks have to make deposited funds available to you in 48 hours (with a few exceptions).</p><p></p><p>That does not mean that the funds have cleared!</p><p></p><p>Funds Available ≠ Funds Cleared <------- These are two totally different things!</p><p></p><p>-</p><p></p><p>Banks don't cash checks directly from other banks.</p><p></p><p>When you take my check from Bank of America and deposit it in your Chase Bank account, Chase does not get the cash directly from BOA.</p><p></p><p>Instead, Chase cashes the check through a Clearing House that takes checks from many different banks. The Clearing House gets the money from BOA and then it is placed in a Chase account.</p></blockquote><p></p>
[QUOTE="Black2010, post: 15703431, member: 126428"] I don't normally do this (and no disrespect as I'm positive this was in good faith) but this is bad information about checks clearing in less than a couple weeks or banks talking with each other. If it's the same bank then they can confirm funds are in house and do the transfer but if it's different banks I wouldn't move to quickly. A check doesn't "clear" when the funds show up in your account. It can be pulled back weeks later as being fraud. Sorry, but the car doesn't leave my hands till I have cash in hand unless I know you and am willing to accept the risk a known person would scam me. PERSONAL CHECKS, CASHIER'S CHECKS, CERTIFIED CHECKS AND MONEY ORDERS ALL TAKE 3-4 WEEKS TO CLEAR YOUR BANK ======================================== There is a Federal Law that states that banks have to make deposited funds available to you in 48 hours (with a few exceptions). That does not mean that the funds have cleared! Funds Available ≠ Funds Cleared <------- These are two totally different things! - Banks don't cash checks directly from other banks. When you take my check from Bank of America and deposit it in your Chase Bank account, Chase does not get the cash directly from BOA. Instead, Chase cashes the check through a Clearing House that takes checks from many different banks. The Clearing House gets the money from BOA and then it is placed in a Chase account. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Dealing with Remote Buyers?
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