[Laminar]

I currently have an item on eBay that's going for $900 with two days left. I'm expecting it to climb well over $1000.

What's the risk of accepting bids from bidders with 0 feedback? The current winner has 0 and I'm not sure if I should cancel his bid or not.

Also, I can only use Paypal for an initial deposit, the remainder must be paid in cash or cashier's check. If I accept cashier's check, how long do I need to wait to be absolutely sure that the check won't bounce?

[Doofy]

Originally Posted by Laminar 

What's the risk of accepting bids from bidders with 0 feedback? The current winner has 0 and I'm not sure if I should cancel his bid or not.

You'd cancel someone's bid because he's not a cretin with a house full of crap he bought off eBay?

Just tell him that because he has no feedback you won't despatch until the payment is safe and secure in your mitts.

[SpaceMonkey]

Can't sell your wife on ebay. Sorry.

[Laminar]

That would make sense, except I said it'd climb over $1000.

[The Final Dakar]

It's a Mystique.

[turtle777]

Originally Posted by Laminar 

If I accept cashier's check, how long do I need to wait to be absolutely sure that the check won't bounce?

Here's some good advice on dealing with cashier's checks.

Cashier's Checks May Not Always Be As Good As Cash - Financial Services

Call the issuing bank in advance and ask if the check is good.
The main risk with cashier's checks is counterfeits.

Or consider using an escrow service, whcih will take a big cut of your money though.

-t

[Doofy]

Originally Posted by turtle777 

Here's some good advice on dealing with cashier's checks.

Cashier's Checks May Not Always Be As Good As Cash - Financial Services

Call the issuing bank in advance and ask if the check is good.
The main risk with cashier's checks is counterfeits.

Or consider using an escrow service, whcih will take a big cut of your money though.

Is life that difficult in the US and A? What a palaver.

Just deposit cheque. Wait 'til it clears and shows up on your statement. Send goods.

[Laminar]

Originally Posted by Doofy 

Is life that difficult in the US and A? What a palaver.

Just deposit cheque. Wait 'til it clears and shows up on your statement. Send goods.

By "statement" do you mean the monthly statement I receive in the mail? Or if I see that it shows up in my balance online that I'm good to go? In the first case that would mean waiting up to a month to ship the item, and in the second case that's not an indication that the check has cleared.

I recall reading on here someone's aunt or grandma falling for one of those "I send you a huge check, you deposit it and send me back half" scams. The check was deposited and everything looked fine so she sent the guy the money, only to have the check bounce a week or so later and she was out a couple thousand dollars.

[Phileas]

Originally Posted by Doofy 

Just deposit cheque. Wait 'til it clears and shows up on your statement. Send goods.

That's the way the innocent get ripped off all the time.

1. Fake cheque for Doofy Ltd.
2. Send cheque from Doofy Ltd to make a payment.
3. Doofy Ltd has funds in the bank, cheque clears and cash shows up in seller's account.
4. Seller ships goods.
5. Doofy finds unauthorized payment on his account, goes "wtf" and alerts his bank.
6. Bank claws back money, both goods and cash is lost to the seller.

The only way to make sure is to talk to the issuing bank. Even in UK-Land.

[Big-C]

I got hosed by someone paying with cashier's check back in the 90's. Took Wells Fargo 1 month to get feedback from a bank in New York (the apparent issuer), and when it was apparent the funds weren't coming my way, they promptly took the money out of my account, leaving me with a negative balance. At a time when I was super-poor (as opposed to regular-poor), it was devastating.

I'd like to think things are better now, but I have less faith in cashiers checks after that.

I'm kind of curious to hear how things go with this; I've been hosed by paypal too, and recently, have given up selling my stuff and instead just give it to my friends, because I don't want the hassle. Luckily I don't have >$1,000 items laying around, but I feel like it's not worth the hassle any more.

Oh - towards the end of my ebay experiences, I would simply cancel any bids from 0 feedback bidders (and stated that I would in my item description), but man, what a hassle to log in each day and micromanage the auction.

[turtle777]

Originally Posted by Doofy 

Just deposit cheque. Wait 'til it clears and shows up on your statement. Send goods.

Not that easy.

Consumer "protection" laws made it a requirement that banks make the deposit available after 48 (I think) hours. Therefore, you'll have the money BEFORE the check actually clears through all the systems.

If they find the check to be bad, they'll claw it back, even if it's a week later.

-t

[hyteckit]

Hmm... my auction just ended.

Winner? Some guy with zero rating.


Here's some tips to protect yourself:
1. Require signature confirmation from FedEx or UPS
2. Use Paypal
3. Make sure you have Seller Protection from ebay and that the address you are shipping to is a 'VERIFIED ADDRESS'

You are reasonable safe if you meet the 3 requirements above.

[Laminar]

Originally Posted by hyteckit 

Hmm... my auction just ended.

Winner? Some guy with zero rating.


Here's some tips to protect yourself:
1. Require signature confirmation from FedEx or UPS
2. Use Paypal
3. Make sure you have Seller Protection from ebay and that the address you are shipping to is a 'VERIFIED ADDRESS'

You are reasonable safe if you meet the 3 requirements above.

Good job.

1. Can't use FedEx or UPS.
2. Can't use Paypal for the balance of the purchase price
3. May or may not be shipping the item, but if I am, it won't be by the typical carriers

[Doofy]

Originally Posted by Laminar 

By "statement" do you mean the monthly statement I receive in the mail? Or if I see that it shows up in my balance online that I'm good to go? In the first case that would mean waiting up to a month to ship the item, and in the second case that's not an indication that the check has cleared.

OK, I can check my statement anytime, online.
Over here, if it's on our statement, it's cleared.

Originally Posted by Phileas 

That's the way the innocent get ripped off all the time.

1. Fake cheque for Doofy Ltd.
2. Send cheque from Doofy Ltd to make a payment.
3. Doofy Ltd has funds in the bank, cheque clears and cash shows up in seller's account.
4. Seller ships goods.
5. Doofy finds unauthorized payment on his account, goes "wtf" and alerts his bank.
6. Bank claws back money, both goods and cash is lost to the seller.

The only way to make sure is to talk to the issuing bank. Even in UK-Land.

I see. Admittedly, I never have this problem because (1) I don't buy anything second-hand and (2) I don't sell anything second-hand (usually either throw it or give it away).

[turtle777]

Originally Posted by Laminar 

Good job.

1. Can't use FedEx or UPS.
2. Can't use Paypal for the balance of the purchase price

Why ?

Can't, or don't want to ?

-t

[ShortcutToMoncton]

Do you people have email money transfer down there?

It's pretty much all I use for largish money transfers nowadays. Fees are relatively nonexistant.

greg

[ShortcutToMoncton]

I'm just going to go out on a limb here and assume he's sold one of his many motorcycles that he keeps posting pictures of?

[The Final Dakar]

His wife made him sell his TransFormer collection.

[Doofy]

Originally Posted by ShortcutToMoncton 

I'm just going to go out on a limb here and assume he's sold one of his many motorcycles that he keeps posting pictures of?

Narh, he reckons a little over $1,000, so it'll be the Ford.

[turtle777]

Originally Posted by ShortcutToMoncton 

Do you people have email money transfer down there?

It's pretty much all I use for largish money transfers nowadays. Fees are relatively nonexistant.

greg

Not sure what this is, since technically, PayPal would also be an " email money transfer".

At any rate, for secure payments, you can't beat a wire transfer. It either arrives or it doesn't. No claw back or nothing to be worried about.

Of course, it doesn't help that Laminar is so secretive about the things he can or can't do. It really makes it hard to recommend the right solution.

-t

[The Final Dakar]

Originally Posted by turtle777 

Of course, it doesn't help that Laminar is so secretive about the things he can or can't do. It really makes it hard to recommend the right solution.

-t

Secretive? He flatly states what he can do. Perhaps you mean inflexible? Though that's probably inaccurate too, as he hasn't resisted doing anything yet.

[ShortcutToMoncton]

Originally Posted by turtle777 

Not sure what this is, since technically, PayPal would also be an " email money transfer".-t

1. I log into my online banking.
2. I click "email money transfer".
3. I type destination email address.
4. I type password question, and answer that the other person would know.
5. I click "send".
6. Optionally, I send them the answer to the password (if they wouldn't know it).
7. They receive an email saying they've been sent money by me.
8. They click accept, then have to log into their online banking.
9. They type the answer to the question.
10. Money is deposited into their bank account.

Cost: I think it's $1.50 per transfer for me. Up to $1000 at a time I think - varies with the bank. Convenience factor is extremely high.

greg

[turtle777]

That works across different banks and states ?

Amazing. There must be a central clearing house behind it, that collects / transmitts all the account and routing numbers.

-t

[turtle777]

I assume you are talking about this: Interac

Interac is the clearing house. Works with participating banks only.

Still, very nifty

-t

[Phileas]

Yes, it works really well. And you're right, it's an Interac service. It has all but replaced paypal for many Canadians.

[Laminar]

Originally Posted by ShortcutToMoncton 

I'm just going to go out on a limb here and assume he's sold one of his many motorcycles that he keeps posting pictures of?

Yes, this one.



I have to support my habit somehow, and I have a rare Kawasaki that needs a full restoration this winter.

[olePigeon]

A lot of people don't accept bids from 0 feedback customers. If you do, put some stipulations: payment has to be cleared before shipping. Inform the buyer it will take 5 to 7 business days.

[turtle777]

Actually, 0 feedback could be either

a) a legit n00b (since scammers typically pad their feedback ratings well in advance)
b) a n00b scammer

-t

[Phileas]

(with apologies to Reg)

[Laminar]

Originally Posted by olePigeon 

A lot of people don't accept bids from 0 feedback customers. If you do, put some stipulations: payment has to be cleared before shipping. Inform the buyer it will take 5 to 7 business days.

I messaged the current high bidder (with 0 feedback) and requested contact information so I can call and discuss payment terms in person.

[imitchellg5]

That's a good move. I know with some higher priced items, people will register simply to buy that. My friend sold his car on eBay Motors and the buyer had zero feedback, but that was because he had only registered to purchase a vehicle.

[Laminar]

This buyer has been registered since '08. Got his phone number, will try calling tomorrow.

[brassplayersrock²]

Originally Posted by The Final Dakar 

His wife made him sell his TransFormer collection.

YouTube - pawn stars :transformers toy collection

[Laminar]

Four hours left and it's up to $1700...

[Doofy]

Originally Posted by Laminar 

Four hours left and it's up to $1700...

Well, what did you expect? It's a sweet looking bit of kit.

[olePigeon]

Originally Posted by Big-C 

I got hosed by someone paying with cashier's check back in the 90's. Took Wells Fargo 1 month to get feedback from a bank in New York (the apparent issuer), and when it was apparent the funds weren't coming my way, they promptly took the money out of my account, leaving me with a negative balance. At a time when I was super-poor (as opposed to regular-poor), it was devastating.

Oh, Wells Fargo. Did they do the thing where they charge you an overdraft fee after the overdraft, then charge you a second overdraft fee because the first overdraft fee was, well, overdraft? Happened to me once, though I was able to argue out of it. Banker said "just this once" after I explained the failing in the bank's logic.

I think my favorite new bank thing is the letters they send out for "Overdraft Protection." A new consumer law was passed making it illegal for Banks and Credit Card issuers to allow the card to draw more funds than available. So the banks send out a letter about offering "Overdraft Protection." You can pay them $5/month to give the bank permission to loan you a tiny amount to allow you to overdraw your account, at which point there is a $60 fee... so, you pay the bank $5/month for the privilege of paying them a $60 fee if you spend too much.

I love this country.

[torsoboy]

What about just asking for a money order? The banks can't claw back that money, since it is a pre-paid item. I guess someone could spoof a money order, but it seems unlikely.

[turtle777]

Originally Posted by torsoboy 

What about just asking for a money order? The banks can't claw back that money, since it is a pre-paid item. I guess someone could spoof a money order, but it seems unlikely.

Seriously, do your homework.

-t

[downinflames68]

Have dude mail cash. In a box. With signature required. Insured for value of said cash. To you.

[Railroader]

EDIT: deleted... just 'cause.

[downinflames68]

EDIT: deleted... just 'cause.

[turtle777]

Duh.

-t

[brassplayersrock²]

Originally Posted by downinflames68 

Have dude mail cash. In a box. With signature required. Insured for value of said cash. To you.

How heavy are ya? Might kill the shipping. Or were you thinking many little boxes?

[torsoboy]

Originally Posted by turtle777 

Seriously, do your homework.

-t

As a result of doing my homework, I have concluded that you are an ass. Progressively getting more and more of an ass as time goes by.

[torsoboy]

Here's another little result from my homework, turtle: you can verify a postal money order by calling the Money Order Verification System at 1-866-459-7822. Seems easy enough to me.

[Laminar]

Auction ended, winning bidder (from Illinois) has zero feedback. I contacted him/her 10 hours ago, haven't heard back from them yet.

Second highest bidder (from Oklahoma City), also with zero feedback, contacted me right away letting me know he has cash and wants the bike if the final bidder happens to fall through.

[turtle777]

Originally Posted by torsoboy 

As a result of doing my homework, I have concluded that you are an ass. Progressively getting more and more of an ass as time goes by.

Pff, whatever. Google Postal Order and Scam, and you can see that this is far from safe. You might have to improve on your homework.

And the suggestion (calling the issuing bank) works with cashier's checks as well, I suggested it earlier in this thread.

-t