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How do you pay? Why?


I thought maybe some light should be shed on how we pay for our purchases here and why we do them the way we do.

Personally I’m not very enthusiastic about paying extra for convenience via Paypal. It’s really no quicker as the following transfer of funds to the bank being used takes 3-5 business days after the funds hit your Paypal account… and there's that sur charge as well.

Postal money orders are fine enough but depending on the price tag, several need be acquired very often.

Cashiers check (certified funds) is my pref. One stop shopping. Right at my banking facility and the funds are secured, if lost or stolen I have but to make a call to my bank. Ever try calling the Post office? You can't. Not directly anyhow

The problem I continue to see is the ‘time frames’ being reported by sellers about how long Postal money orders, and/or cashiers checks take to be posted. I keep hearing from one day to a week or more by some accounts for these MO’s and CC’s to be posted.

Maybe my bank is special, I don’t know, hence this thread. Always when I deposit MO’s or CC’s, the funds are posted to my account within 24hr, or the next business day… sometimes immediately, depending on the time of day they are presented…. Which is fine.

Personal checks do however take lots longer. I’ve been told as much as two to four weeks by my bank.

How does your financial institution handle receipt of certified monies like Postal M.O. & Cashiers checks?

Have you asked lately, or just go online later and take a peek?

These more secured funds should surely involve less time to post than personal checks... or why bother with them in the first place?
blindjim
kotta's avatar
kotta
649 posts
 
I prefer to receive and send a USPS MO. I would think anyone forging such a document would be messing the US government and if sent across state lines, interstate laws would kick-in as well? I may be foolish or unknowning in this regard, but I sure wouldn't want to mess w/the US Gov't.
ckorody
643 posts
 
I too just figure in the Paypal fee - I suppose to some people it has that tingle of getting something for nothing - for me I am getting their money.

I would like to contribute two things which I learned doing trades here:

1) You can do a refund on Paypal for 60 days after the transaction at no charge to either party. Nice for a change of heart or a problem of some kind with the merchandise.

2) If both buyer and seller have accounts at BofA (which must by now include a large percentage of the known universe) funds can be wire transferred at no charge and it often posts the same day

Finally as a seller I like using Paypal for the convenience it offers in preparing shipping labels and tracking them - I find the Paypal implementation works much better then the USPS site - go figure
timrhu
2,779 posts
 
Paypal is my favorite method for both buying and selling here and even more on ebay. The reason? The money in my paypal account is reserved for this hobby. My wife has no idea how much is in the account nor does she care.
As others have stated, I don't like paying the 3% fee some sellers ask for. I simply make an offer which takes this in accord. When selling, I never ask for paypal fee and usually state "paypal preferred" which precludes this IMO.
nrchy's avatar
nrchy
2,124 posts
 
I have used paypal for years, but recently have decided that I am only going to take gold bullion from now on... Paper money is too volatile, and too easy to counterfit. A couple of simple tests will tell the quality of the gold, and it's easy to transport, but passing those baggies can be uncomfortable...

O

o

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markphd
667 posts
 
If you're in the U.S., the law requires clearance wtihin a couple of days. The bank, however, may not clear the money in your account for you for a couple of weeks. So the bank has the money before they give it to you. They then have an interest free loan from you for that interim period. It's one of the ways they make money.
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