Waiting for cheque to clear

Simon_B_2

I've recently sent a cheque out to someone for an item. The money came out of my bank account on wednesday whats the reasonably amount of time to assume that the buyer has recieved the money into their account and therefore send the item?

May seem a little paranoid but i've not used Ebay for over a year after being badly ripped off and don't want to annoy the seller by hounding him just yet

TKPeters

The seller may not have realised that the cheque has cleared, we normally wait until the 7th working day to ensure that is has cleared (although it will never clear, just that the funds are available unless its a special presentation)

Blacksheep1979

money will be taken from your account many days before it hits the account of the person who cashed the cheque - this is a large money spinner for banks as they effectively get to borrow this money interest free for this time period.

Simon_B_2

Thanks for that i've sold a few things myself and have always sent the item once the cheque appears in my account, I know that there scams out there for cheques too but have no idea how they work.

Avoriaz

Simon, the money will have been credited to their account on Thursday at the very earliest, and probably not until Friday (today) or maybe not even until Monday.

If I was the seller, I would not despatch the item until early next week at the earliest.

You know the cheque is genuine but the seller doesn’t. Allow him/her some latitude. I would not start chasing it until Tuesday or Wednesday.

Simon_B_2

Many thanks for the advice, I will leave it till tue/wed before chasing him up I don't want to appear a nightmare buyer, just got thoughts of being messed around the last time i used ebay.

Stuart_P

was it a high value item?