12-15-10: Slikric3000
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.
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Yes, the check may 'clear' for your use of the funds the next business day, BUT that doesn't mean that the funds can't be rescinded from your account many days later.
As many have said, this applies to even 'certified' checks. My local bank branch manager (BoA) told me the same thing...they can't tell you when a check 'clears' because they send it into the banking system black hole and don't hear anything (only if there is a problem) and that is a very variable time.
The best advice posted above was the idea of going to the local branch of the buyer's bank (if there is one) and cashing the check right there, and then with money in hand, deposit it in your bank. Other than that, the answer is just wait.
And the certified bank check business..all it means is that the buyer has the money in his account, but it doesn't mean you are going to get the money any more so than if it was a personal check.
Best methods:
Wire transfer
Postal money order
In person cash transfer
...and good A'gon feedback
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.
---------------------
Yes, the check may 'clear' for your use of the funds the next business day, BUT that doesn't mean that the funds can't be rescinded from your account many days later.
As many have said, this applies to even 'certified' checks. My local bank branch manager (BoA) told me the same thing...they can't tell you when a check 'clears' because they send it into the banking system black hole and don't hear anything (only if there is a problem) and that is a very variable time.
The best advice posted above was the idea of going to the local branch of the buyer's bank (if there is one) and cashing the check right there, and then with money in hand, deposit it in your bank. Other than that, the answer is just wait.
And the certified bank check business..all it means is that the buyer has the money in his account, but it doesn't mean you are going to get the money any more so than if it was a personal check.
Best methods:
Wire transfer
Postal money order
In person cash transfer
...and good A'gon feedback