Paying with personal check

[redshirt1957]

Made the mistake and paid for a Rolex from an individual with a personal check. The seller's bank put an 11 day hold on the check, which I understand, then stated that they could not guarantee even then that the check is good. I should have known better and paid via a wire transfer like I did the first time. I was trying to buy without the wife knowing about the purchase until she got the bank statement!!!!!!! Note to buyers and sellers.....with all the scams with personal checks and bank certified checks.....pay via a wire transfer. This assumes the seller does not take credit cards, paypal, and such. I know...I know...I live in the dark ages and should have known not to send a personal check! Last note, by paying with a personal check I put all the risk on the seller if the check comes unpaid to the bank, even after a month or two, and the seller would be screwed out of the funds. Nice shift of risk from Bank to customer.

[ohsixx]

I have used a wire transfer two times.

It gives me an uncomfortable feeling when the seller has the watch and my money at the same time, but it has worked out so far.

[EvEr34]

Originally Posted by redshirt1957

Made the mistake and paid for a Rolex from an individual with a personal check. The seller's bank put an 11 day hold on the check, which I understand, then stated that they could not guarantee even then that the check is good. I should have known better and paid via a wire transfer like I did the first time. I was trying to buy without the wife knowing about the purchase until she got the bank statement!!!!!!! Note to buyers and sellers.....with all the scams with personal checks and bank certified checks.....pay via a wire transfer. This assumes the seller does not take credit cards, paypal, and such. I know...I know...I live in the dark ages and should have known not to send a personal check! Last note, by paying with a personal check I put all the risk on the seller if the check comes unpaid to the bank, even after a month or two, and the seller would be screwed out of the funds. Nice shift of risk from Bank to customer.

Sharing a bank account with your wife is a baaddd idea.

[redshirt1957]

Originally Posted by ohsixx

I have used a wire transfer two times.

It gives me an uncomfortable feeling when the seller has the watch and my money at the same time, but it has worked out so far.

I trust the seller 100% in this case. What is unfair is IF the banks screws up their records and charges against his account, then the seller would be screwed until he contacts me. I feel bad that I put the seller in that position. He stated that after the funds clear in 11 days he will send the watch. I don't like the seller living with thought of the possibility of the check coming back after he sends the watch. The seller is a good man!! I just wanted to complain a little about banks!!

[redshirt1957]

Originally Posted by EvEr34

Sharing a bank account with your wife is a baaddd idea.

Where were you four wives ago!

[EvEr34]

Have you dealt with this dealer before?

[watchloverdave]

Originally Posted by EvEr34

Sharing a bank account with your wife is a baaddd idea.

I agree with that. My wife and I have had separate accounts for years, and it has worked out wonderfully. She doesn't complain when I buy expensive items, and I don't question her sanity when she buys $500 worth of Italian yarn for a baby sweater she's knitting.

[EvEr34]

Originally Posted by watchloverdave

I agree with that. My wife and I have had separate accounts for years, and it has worked out wonderfully. She doesn't complain when I buy expensive items, and I don't question her sanity when she buys $500 worth of Italian yarn for a baby sweater she's knitting.

Exactly. I have never shared a bank account. Wife has no idea on what i have and vice versa. My $$ is my money. Of course kids and familly come first but when that is taken care of we don't question each other's purchases ever!.

[redshirt1957]

Originally Posted by EvEr34

Have you dealt with this dealer before?

Yes. I bought my YM from him and he is a respected member of this forum. What I did not realize was that the risk would transfer to him even if my bank says the funds are good and the check clears. Nor fair to him because this (selling watches) is not his business and he has no reason to assume this risk. He is an individual. A good one at that.

[EvEr34]

Originally Posted by redshirt1957

Yes. I bought my YM from him and he is a respected member of this forum. What I did not realize was that the risk would transfer to him even if my bank says the funds are good and the check clears. Nor fair to him because he is a business and has no reason to assume this risk. He is an individual.

Got ya!

[walds11]

I prefer to pay via instant transfer, ie, paypal and bank wire transfer. And I prefer to be paid that way as well. No need to wait for a check to clear.