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Waiting for Paypal

Normally I don't sell to those with no feedback on Audiogon or eBay, but occasionally I make an exception. Once the paypal account shows that I have the money from the buyer, I request a check immediately. Is there a safe length of time to wait before I ship the item? Is it safe to ship once I receive the check from Paypal? My bank account is linked to Paypal. If there is a default later on, can Paypal pull the money back out of the bank account even if they sent me a check in the mail instead of direct deposit? What would you do? Thanks.
tgrisham
tgrisham OP
1,179 posts
 
Thanks. I had set up PayPal with my bank checking. I can set it up again and then delete the account once Paypal records the payment. Then have PayPal send me a check. I will have to ship it first. I've used U S Postal money order. But, my local PO only has so much $ on hand. Anyway, thanks for everyone's input.
elizabeth
6,726 posts
 
Tgrisham
A solution to the USPO money order cashing problem is to cash for what the teller will give in cash and BUY ANOTHER USPO money order for the rest.
Since YOU bought it you know it is good, and can just deposit to your own checking account.
(Banks take USPO money orders just like any check)
So for $1 or so you can cash the money order from the buyer and know immmediately it is good, and get part of it cash up front, then re-money order it as your own money order for your own bank.
I have done this and was perfectly happy with it.
tgrisham OP
1,179 posts
 
Thanks. Food for thought.
fly_fish_nz
70 posts
 
Many financial institutions, including mine, have been burned by fake Postal money orders and put an inordinantly long hold on them. Basically if the MO comes back as fake after presented to the counter party, which can be weeks later, you are on the hook, as is the case with personal checks, certified checks, etc.

Your first suggest, presenting to the USPS, is best, since they can verify that the MO is legit and you walk out with your cash or new MO.
inna
5,245 posts
 
I too only link paypal to credit card, and the credit line is not big.
I deposited USPS money orders at Citibank many times and they were cleared immediately. The amounts were relatively small so I don't know what happens if you deposit a few thousands.
Quick transfers from one account to another may not be a bad idea but you can be late or something elase might happen. I wouldn't count on it 100 percent.
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