I sold a coin and received my first E-check

[jkrk]

Paypal indicated that I need to wait until the check clears( 3-5 days) and then ship.

 

I've never received one before.

 

my question .... why will a buyer use an e-check?

[coinman_23885]

EBay/PayPal likely forced them to do so. This could be for several reasons. For instance, the buyer could a problem buyer and had PayPal debits bounce in the past or it could be more innocent. Sometimes if you make a large number of transactions (more than normal) in a short period of time, PayPal will also force a e-check to protect itself from potential fraud. Just wait until the funds clear, and you should be fine.

[Nutmeg Coin]

Plus there are good echecks and bad ones. I got one last year that bounced with no recourse, so wait until they say it cleared.

[e1cnr]

Some people do not have a credit card, and PAYPAL is funded by bank account transfer (echeck). With no credit card backup, PAYPAL waits until the checking account transfer is complete to them before they will release funds to you (although they always seem to have a couple days float where they get to keep interest from millions in combined deposits)

[thebeav]

They seem to take some time to clear. I have taken at least a hundred of them with never a problem. My numbers usually aren't that large, so I have never waited for one to clear.I suppose if it was a 12 hundred deal or something, I would wait.....

 

Paul

[Conder101]

why will a buyer use an e-check?

I don't keep funds in a paypal account and it is funded from a checking account not a credit card.

[bsshog40]

I remember once that I either pushed the wrong button or paypal did it but quite a while back I wound up paying for an item by echeck. I think it turned out to be that my backup CC was expired but not sure, so payment was sent echeck. It took a few days to clear and all was good.

[tommy44]

As already stated, just wait until PayPal tells you it cleared and you'll be fine.

 

Domestic E-checks usually clear in 2 or 3 days, International can take a week or longer.

 

I've probably received over a hundred of them in the last 18 years that I have been selling on eBay and can only recall one that didn't clear. In he old days E-checks were actually a good deal for the seller, The PayPal fee maxed out at $5.00, don't think that is true any longer.

[leeg]

Heritage try's to give me a 1% discount on the price of a coin if I use an echeck. Must save them some money.

[johnny9434]

Plus there are good echecks and bad ones. I got one last year that bounced with no recourse, so wait until they say it cleared.

a word to the wise

[jkrk]

Thank to all of you for the responses.

 

I am very good when it comes to following instructions and the words of advice are noted. (thumbs u

 

 

[oldcollectorcoins]

Heritage try's to give me a 1% discount on the price of a coin if I use an echeck. Must save them some money.

 

check into their wire transfers.

 

one is normal and the other gets shipped faster as well as a possible discount.

 

something to do with guaranteed funds.

.

[Lucky One]

Heritage try's to give me a 1% discount on the price of a coin if I use an echeck. Must save them some money.

 

then tell Heritage that the echeck costs them nothing but the credit card costs them 3% so you shoukd get a 3% discount for using a check vs a credit card. Heritage is pocketing 2% for doing nothing at all- that money is yours...