posted on August 13, 2003 06:46:58 PM new
I received payment for an auction item and the buyer wrote on the back of the check..........For deposit Only.....Can someone tell me why a buyer would do that?
Dose this mean that I can't cash it against my account?
Am I only able to deposit it into my account?
I usually ship items out upon recipt of checks, I don't hold them for clearence but I dont know if I should ship this time because of what he wrote on the back of the check.
posted on August 13, 2003 06:51:11 PM new
It is often done as a safety procedure. It protects against the check being cashed by any yoyo at a check cahing place. It actually needs to be deposited into an account, which is traceable, which give the buyer a little protection in case of fraud as it gives a jumping off point for investigations if needed.
It just means you have a very safety conscious buyer.
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If it's really Common Sense, why do so few people actually have it?
posted on August 13, 2003 07:42:32 PM new
You have a buyer who is very security conscious. He probably is still a little leary of on line dealing. Bend over backwards to expedite that package to him and make him think you are the only person on the internet that it is safe to do business with. You'll have a big time repeat customer and your competitors won't be able to get near him.
The light at the end of the tunnel will turn out to be an oncoming train.
posted on August 13, 2003 08:31:43 PM new
Thank you all for your response, I had also emailed my buyer and he said just what all of you are saying too.
Which I guess is good to do, but here in New York cash checking stores dont cash personal checks. He said he was sorry if it will cause me a problem, I said, No, no problem at all here it was just that I never had anyone do that before and I was curious as to why.
So, I guess I can get his package ready for tomorrows pickup.
Thanks Everyone
posted on August 13, 2003 08:34:37 PM new
At one time business's had rubber stamps with for deposit only on them so checks couldn't be pilfered by their clerks.
posted on August 13, 2003 09:15:27 PM new
It is kind of odd for the issuer to write that though.
Usually it is the person receiving the money or making the deposit that would write that along with their bank account number. It is done just in case the check gets lost. If you write that on the back, then it can only be deposited in your account. It cannot be cashed or deposited in any other account. But in your case, the buyer did some of your work for you. Just add your account number and bank and you are all set.
posted on August 14, 2003 09:49:31 AM new
I put " for deposit only" on the backs of all the checks I mail out when paying bills and have for years. It is just a safety precaution. Actually, one's bank will need time for the check to clear anyway before cashing.
buyhigh
posted on August 14, 2003 10:01:10 AM new
I understand what it means now, but at the same time.........since it is my money that is being sent to me I should be able to do what I like with that check .....like maybe just cash it against my savings account without having to deposit it in to a checking or savings account, not that it is a big problem, its just like I have to do what the buyer says with MY money?
It is not a problem for me, just was curious why a buyer would have told me what to do with MY money.......I don't tell him what to do with his merchandise? .........lmao now
posted on August 14, 2003 10:36:05 AM new
Toni - it's actually pretty simple. Your bank does not "cash" out of state personal checks for you. They may give you the cash amount of the check, but in the case of out of state personal checks, they will generally put a hold on the balance of the account you are cashing it against for an equal amount.
~~~ • ~~~ • ~~~ • ~~~ • ~~~
If it's really Common Sense, why do so few people actually have it?
