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How do you pay? Why?


I thought maybe some light should be shed on how we pay for our purchases here and why we do them the way we do.

Personally I’m not very enthusiastic about paying extra for convenience via Paypal. It’s really no quicker as the following transfer of funds to the bank being used takes 3-5 business days after the funds hit your Paypal account… and there's that sur charge as well.

Postal money orders are fine enough but depending on the price tag, several need be acquired very often.

Cashiers check (certified funds) is my pref. One stop shopping. Right at my banking facility and the funds are secured, if lost or stolen I have but to make a call to my bank. Ever try calling the Post office? You can't. Not directly anyhow

The problem I continue to see is the ‘time frames’ being reported by sellers about how long Postal money orders, and/or cashiers checks take to be posted. I keep hearing from one day to a week or more by some accounts for these MO’s and CC’s to be posted.

Maybe my bank is special, I don’t know, hence this thread. Always when I deposit MO’s or CC’s, the funds are posted to my account within 24hr, or the next business day… sometimes immediately, depending on the time of day they are presented…. Which is fine.

Personal checks do however take lots longer. I’ve been told as much as two to four weeks by my bank.

How does your financial institution handle receipt of certified monies like Postal M.O. & Cashiers checks?

Have you asked lately, or just go online later and take a peek?

These more secured funds should surely involve less time to post than personal checks... or why bother with them in the first place?
blindjim
bigbucks5
183 posts
 
Don't confuse 'posting' time to your account vs actual clearing. Hence CCs and MOs post immediately, but you may find out a couple weeks later that it is counterfeit, leaving you holding the bag. It is, however, not typical to see counterfeit items like these, so in that regard it is 'safer'. I always ship upon receipt of a CC, but I am still taking a chance, although a small risk im my opinion.
audiotomb's avatar
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audiotomb
1,059 posts
 
if someone takes paypal without the 3% fee (inexpensive items) i jump on that

otherwise I send a personal check priority mail
quick enough, efficient, easy to keep track of, and I don't have to track down a money order somewhere
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kira
83 posts
 
I only use Paypal. Been burned too many times by the "check is in the mail". With Paypal, the transaction is complete and well worth the surcharge.
forrestc
89 posts
 
Yes most all banks post funds from cashier checks and money orders the day you make the deposit, especially if your account maintains an average balance greater than the amount of the check or money order. The reason many people wait for a period of time prior to shipping the goods, is in case the cashiers check or money order is counterfeit.

At times, dishonest people have been known to purchase a real money order with a real serial-number for low amount, and then carefully bleach out the actual amount and reprint the new fraudulent amount. From what I understand, done correctly, it is difficult to tell if the money order is is real or fake. In this case, the bank takes the money order in, posts the amount to your account, and then when the fake money order is actually reconciled by the issuing company, a charge-back is sent to the bank which is then charged-back to your account. Ouch!
forrestc
89 posts
 
Also, I much as I dislike PayPal fees, I still prefer PalPal for the reasons stated above by Swampwalker. When I sell something, I don't put the " . . . add 3% for PayPal" in my ads. In fact, I'll even go as far as to state, "No fee for PayPal". To me, it's not worth 3% to mess around waiting for a payment that never shows up. Just cover the 3% in your selling price and don't put it on the buyer.
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