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
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?
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the check may 'clear' for your use of the funds the next business day, BUT that doesn't mean that the funds can't be rescinded from your account many days later.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