How long do you wait for a check to clear


Hello, I'm selling some equipment for several thousand dollars. I told the buyer that I would take a personal check and send the equipment after it clears. My bank said that they couldn't tell me when it cleared, only if it was returned. They said that in most cases it should be ok in 10 business days. I'm not sure when to ship the equipment Does anyone have any experience with this? Help!!
bwos
There was a law passed some years ago that when a check is presented to a bank it is processed immediately, it should clear the next day, mine does. No more check floating for the floaters.
That's exactly right. Go to the bank the check is written on and cash it. Why would a seller agree to a personal check in the first place. Sellers should at least require a Cashier's Check or Money Order, but the risk is equally on both sides in these transactions. I always get a little nervous when FedEx delivers my Cashier's Check and the communication suddenly stops. Fortunately I haven't been burned yet.
As a non-paypal person, 10 business days is the answer, but I ask for real email and verifiable info. With me, I give my law firm email so people can see who I am and also give all my contact info. I would expect the same. Finally, I tell people to hold my check as long as they want. There are laws governing time to accept or refuse a check, but the good laws only apply to instate banks. In general, banks screw you over with impunity.
The problem here is the ability of a bank to "rescind" or recall the $ AFTER the check clears. Does anyone know what the time limit on that is?