buyer/seller beware

[Alan Alldritt]

I often see kits/models/engines,radio equipment et al for sale on the LMA website and wonder if the buyers/ sellers are aware of the real time it takes for guaranteed clearance of cheques?
As a for instance and worst case scenario (and in the case of Santander) if you issued or received a cheque after banking hours on a Friday then it will not be untill the following Wednesday week!!! when there will be no possibility of either cancellation/bouncing or the reclaim by the bank of the monies.
Whilst its true that monies can be drawn after 5 working days the banks do not advertise the 2-4-6 timelines where by (again this is Santander) if there are insuffcient funds or the the cheque is cancelled or bounced in the following next 3 working days then the said cheque is worthless and the monies can be reclaimed.
Just a thought and i hope nobody has got or will get caught out.

Alan

[Alan Cantwell 1131]

cheques--nasty time wasting things, a lot of folk use paytwice--sorry, paypal, with cheques, i have to go into town, ay to park the car, walk quite a way, que at a desk, silly old fashioned way of doing things, me? i prefer wire transfer, i give my account details, and sort code to the person i am selling too, he goes on line, gets his account up, presses a couple of buttons, and there it is, in my account in a very short time, some say to me, when i am buying from them, OH, i dont want to give you my bank details, yet, when they issue a cheque, there are the very details, PLUS, a signature!! sooner cheques are got rid of (later this year i think) the better

[Bob Thompson1894]

Sorry Alan, cheques will be here for years yet, which is handy for model clubs up and down the country. The rule with banks is that if it has not bounced by 6 working days, then it wont bounce. Paypal is only any good if you are a buyer, their automated complaints procedure nearly always favours the buyer. I would never sell anything through Paypal, they can claim the money back by raising a dispute within 28 days. As you say, the best method is bank transfer- you dont even need internet banking, you can take the money to the recipients bank at a branch near you, and pay the money into their account using their sort code and account number.

[Alan Cantwell 1131]

Ah, wishfull thinking on my part Bob, looks like 2018 at the earliest, now, thinking how banks work, that will be more like 2030, by then, i wont really care!!!

[Vince Raia]

PayPal, don't like using it, because when selling something they take a nice slice of your money and cheques, yes I'm with Santander, they hang onto your money for 7 working days, ridiculous in this modern age, but that's their way of earning some interest on your money. i also prefer the electronic banking method, (BACS) puts the money straight into an account with no messing, like doing a cash deal.

But cheques are very useful in business, I take cash or cheques for my business as I don't have credit card facilities, nor do I want it, again, costs you money, the only trouble is, is that they have now done away with cheque guarantee cards, which is a right butt ache for someone in my position, as I get a lot of customers who pay by cheque simply because they don't always have enough cash to pay for my services

I use Santander for the specific reason that it is FREE banking for small businesses, a big bonus when other high street banks charge X amount per cheque you pay into their bank, so a big saving over the years.

[Pat Marsden]

Cheques are also good for me as a sole trader, most of my customers pay by cheque and a lot of them are elderly so dont do electronic payment. I dont want a credit/debit card machine as it adds to my costs, costs I then would pass onto the customer. Vince, try the Co-op bank, as a sole trader I can use a personal account and dont get any charges at all.I did overhear a customer talking on hands free to a Santander employee who clearly told him that it takes upto 10 working days to ensure a cheque has cleared, sounds like a perfect reason to change banks to me.

[Bob Thompson1894]

Actually, I dont believe I have ever heard anyone say a good word about Santander.....

[Vince Raia]

Ha,ha, I make you right there Bob, they were a lot better when it was Abbey National, as I said before, I'm only with them for the free banking for my business, but then again, I thing all the banks are Cr*pp these days, you used to be a name and could pop in and see the local bank manager and have a chat about your account etc. Now your just a number, and can only talk to faceless people on the end of a phone who you don't know from Adam.
Also Santander are ruthless with their charges is you go overdrawn, or a D/Debit goes through while your waiting for cheques to clear, and isn't a scam to charge for going overdrawn etc. when you've got money in another account in the same bank! Rucks I've had with them over that issue.

And Pat, yes there are some other Banks out there that may ne netter like the Co-op but they don't have branches in every high street, so no good for me.

Wasn't it nice in the old day's when the Bank contacted you to say there wasn't enough money in your account to pay something so there were taking the money from the other account that did! How times have changed, yes, good old "Rip-Off" Briton rises to it every time.

[Bob Thompson1894]

Agreed. I forgot to pay my credit card bill once, and they took it directly from my account without asking- AFTER they had charged me a late payment fee.....this is with TSB, who I have always found ok before.