Can a buyer stop a cheque, how long to wait before sending

Counting_Pennies_2

Hi all.

I have an odd feeling about my buyer. They haven't followed the instructions on my listing, and have paid by cheque which I didn't allow in my payment options, they also have just 1 in feedback and their communication has been a bit wierd, just can't put my finger on it.

Anyway, they have chosen the most expensive delivery option as well, and just to ensure my odd feeling isn't realised, I wanted to double check how long I should give it until I send the item.

I banked the cheque on Friday and it has already appeared on my electronic bank statement, does that mean it is cashed, or does that just give an impression that it has been paid in and now the bank are getting the funds from the buyers bank.

Sorry to ask such a vague question, but don't want my odd feeling to be realised in them cancelling the cheque out of a bit of sport!

Thanks

nightswimmer

Counting_Pennies wrote:

I banked the cheque on Friday and it has already appeared on my electronic bank statement, does that mean it is cashed, or does that just give an impression that it has been paid in and now the bank are getting the funds from the buyers bank.

That just means that it in the system. When I use my on-line bank it says something like

Account Balance:
Available Balance:

When I cash cheques the Account Balance is higher than the Available Balance until that cheque clears, and then they are the same amount.

Please be aware though that cheques can be cancelled even after they have been cleared, so if you are suspicious, especially if it is a valuable item, make sure you send it via a trackable method and keep your records for several months, just in case.

Di

if you said that cheques were not accepted, why did you accept one? as nightswimmer says, cheques can be revoked months after supposedly being cleared.

at least he chose (i presume) special delivery so it can be tracked. if buyers dont want to pay with paypal, suggest bank transfer or postal order (recorded or special delivery if of high value for PO)

good luck

ps who is the buyer?

dutchconnection

Hi, If I was you I would NOT accept the cheque. If you only gave paypal as an option, you should only allow paypal. Just think of it this way. If they have no bad intentions, they wont mind. I have just started trading on Ebayl and NEVER accept Cheque's, way to unreliable, and Way WAY to easy for scum, so .... E-mail this person, tell them to cancel the cheque and demand paypal payment. better to loose a sale then get scr3w3d out of your stuff.

slowen

I tend to only accept paypal on my auctions now since false buyers ruining my auction but when I accepted cheques if it was for a small amount I would send the item a day or two after receving it as it would cost the buyer more to cancel the cheque than the value paid. Any items over £25 I tell buyers to allow 7 - 10 working days for the cheque to clear into my account before sending the goods

princess

Costs £7 to cancel a cheque with first direct

slowen

pennylane99 wrote:

doesnt cost anything to cancel a cheque.....

I bank with HSBC and they charge to stop a cheque, cannot remember how much it is as I have not needed to cancel a cheque yet

soolin

http://news.bbc.co.uk/1/hi/business/6144756.stm

Basically cheques clear for funds after approximately 6 days, they never actually clear against fraud. It is rare to have problems with cheques although I have had a couple reversed after 9-10 days and another after several weeks which is why I personally don't like them.

Soo