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Discussion Starter · #1 ·
So I sold a jeep today :nana: and I took part cash part check for it. Normally I take cash only, but I told the buyer he can't pick it up til the check clears and he was fine with that. How long does that take usually? Any other precautions I should be taking so I don't get screwed?
 

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Theres a ton of different factors that go into this.

If the person your dealing with is from out of state or out of country, good luck. Its probably going to be a while (5-7 days like BDR mentioned).

If the person is from the same bank as you, then it'll probably be deposited by tomorrow.

If the person is from a different bank, then expect to wait a few days.

Theres a thousand factors that go into it.. but usually its relatively quick. Call your bank and ask them.

And the money might show up in your account before it actually clears, so make sure that you can actually take the money out before you think that its cleared. A lot of banks will have it show in your current available balance, but it actually hasn't cleared yet.



-Brandon
 

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Things changed on how out of state and bank to bank checks clear about a year ago. Banks no longer have to send the physical check to the issueing bank to make it clear, its all done electronically, and the check is scanned and emailed.

Its now usually at max 2 business days. I've had checks under $5,000 clear in 1 day.

Another thing you can do, simply call the issueing bank and ask them if the funds are availble. They won't tell you how much money they have, but if the check will clear.

If its a local bank, it should clear in 24 hours.

As soon as your bank records the attempted deposit, it should add that amount to your "pending balance". Once it is cleared, it will switch to "available balance"
 

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So I sold a jeep today :nana: and I took part cash part check for it. Normally I take cash only, but I told the buyer he can't pick it up til the check clears and he was fine with that. How long does that take usually? Any other precautions I should be taking so I don't get screwed?
Was that your landrunner on eBay?
 

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Why don't you hold the guys check and tell him to bring the rest of the cash when he picks up the vehicle? Then its not your problem, he can do the leg work and bank b/s that you should'nt have to do. Give him the check back when he gets there with the cash.
 

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If it's a local Bank go to that Bank and Cash the Check. They will not Cash it if the Funds are not available.

Yes. Otherwise, who cares how long it takes? That's his problem.
 

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Things changed on how out of state and bank to bank checks clear about a year ago. Banks no longer have to send the physical check to the issueing bank to make it clear, its all done electronically, and the check is scanned and emailed.

Its now usually at max 2 business days. I've had checks under $5,000 clear in 1 day.
I just talked to my CU about an out of state check and they told me 10 days to clear, and the last time I went thru this, they held it even though the bank it was issued from showed the funds went to my CU within 4 days...
 

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I just talked to my CU about an out of state check and they told me 10 days to clear, and the last time I went thru this, they held it even though the bank it was issued from showed the funds went to my CU within 4 days...
I deposited 7 out of state checks friday. 4 of them are cleared, and I have the money, 3 of them are still pending

Maybe CU's work different then real banks.
 

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Things changed on how out of state and bank to bank checks clear about a year ago. Banks no longer have to send the physical check to the issueing bank to make it clear, its all done electronically, and the check is scanned and emailed.

Its now usually at max 2 business days. I've had checks under $5,000 clear in 1 day.

Another thing you can do, simply call the issueing bank and ask them if the funds are availble. They won't tell you how much money they have, but if the check will clear.

If its a local bank, it should clear in 24 hours.

As soon as your bank records the attempted deposit, it should add that amount to your "pending balance". Once it is cleared, it will switch to "available balance"
Very well explained!!! :thumb:
 

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Discussion Starter · #14 ·
Thanks for the tips guys. Yep it was the Landrunner on ebay, but this guy bought it outright so I ended the auction early. Thank goodness... people on fleabay don't know wtf they're doing. You wouldn't believe how many bids I cancelled just within the first couple days because of people not reading the whole listing. The guy that bought it really knows his stuff and I feel good about someone like him buying it.

According to my bank it's going to take about 5 days. 5 verrrrry long days. I'm so impatient.
 

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Not sure if it applies here, but I guess I'll ask anyway. I had thought I had read/heard along the lines of those stupid Nigerian check scam things that there is an issue if a cashiers check lacks funds or something after the check was processed to clear and the person landing in debt to repay the cashiers check.
 

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The guy who bought my old Backhoe had just moved here from Alaska. I waited 5 days for his check to clear and he took delivery. worked for me.
 

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Thanks for the tips guys. Yep it was the Landrunner on ebay, but this guy bought it outright so I ended the auction early. Thank goodness... people on fleabay don't know wtf they're doing. You wouldn't believe how many bids I cancelled just within the first couple days because of people not reading the whole listing. The guy that bought it really knows his stuff and I feel good about someone like him buying it.

According to my bank it's going to take about 5 days. 5 verrrrry long days. I'm so impatient.
If it was the yellow one, I've seen it tooling around now and then in the past. I was on eBay a few weeks ago and saw somebody in Adrian had one on there, figured it was yours.
 
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