Why I hate cheques

mspoppins

I think the main problem with cheques is that they take several days to clear. It is a major nuisance and I cannot wait for the cheques to go for good! In soolin's case... why did you send the item before cashing the cheque? What if it bounced? I think one should always wait for the cheque to clear before sending anything away.

theonlywayisup

mspoppins wrote: »

In soolin's case... why did you send the item before cashing the cheque? What if it bounced? I think one should always wait for the cheque to clear before sending anything away.

Not that I advocate anyone doing anything they are not comfortable with, but I never wait for a cheque to clear and have as yet had none bounce. I take very few percentage sales wise, but nonetheless I only go to the bank once a fortnight and if the cheque comes the day after that, it is not banked for two weeks. The item is sent out immediately.

It is easy to weigh up the risk/likelihood and make an assessment on that. I am comfortable with it and I guess soolin is too.

Horses for courses.

macfly

Second that. Before they phase cheques out, the major banks have been told to make money transfers quicker, if not instant. If I withdraw from my online bank at an ATM, the debit is immediate. Paying mnoey in is also immediate. Yet an online transfer takes three days.

ootie

I too always used to send items before the cheque had cleared. Used to because I haven't had any for ages now.

I actually opened a co-op bank account very recently because it's one of the ones that can be used at the post office. I live in a tiny village miles and miles from town, so it's ever so convenient.

Alias_Omega

You dont have to goto the bank to pay in a cheque, you can always send it through the post.

It might seem rather crazy, but ive done that in the past if i cant make it to the branch. Usually a paying in slip & nice note does the trick.

In fact, back in 98-00 i was paid this way.

soolin

mspoppins wrote: »

I think the main problem with cheques is that they take several days to clear. It is a major nuisance and I cannot wait for the cheques to go for good! In soolin's case... why did you send the item before cashing the cheque? What if it bounced? I think one should always wait for the cheque to clear before sending anything away.

My starts routinely stay at 4.9-5. If i waited until it was convenient to go to a bank and then waited for a cheque to clear I would lamost certainly have problems with my delivery times as perceived by buyers.

I therefore have to take a risk and send items before I even bank a cheque. Thank heavens i get so few now (about 2 a year) especially as a great many of my auctions are now paypal only.