Howdy folks, Been rather quiet here of late, but thought I would raise an interesting question for regular traders here. I have a preference for cash deposits when paying or receiving payment for metals. For those of you who are unfamiliar with the process, it simply means calling into the Bank branch of the account holder, and paying the amount in cash. This seems a bit odd you may think, but for me I find it much more convenient. Put simply, it bypasses annoying 2 or 3 day clearance used by most banks for internet transfers. A quick comparison of the two methods is below: Scenario 1: RD is selling $400 of metals, and gets a buzz from [Buyer]. Details are exchanged via PM, and postal address is received from [Buyer] Buyer then pays via an online banking transfer. As its his first trade with RD, this will take 3 working days for clearing. This means that the trade, when commenced on a Friday, will only clear on Tuesday or Wednesday, which is nearly 5 days later. Once payment clears, RD posts package immediately (registered post taking 3 days) and happy warm feelings all round upon confirmation of delivery. Total time to complete from initial buzz to receipt of package: 6 working days Scenario 2: RD is selling $400 of metals and gets a buzz from [Buyer]. Details are exchanged via PM, and postal address is received from [Buyer] Buyer then calls into a local branch of Uncommon Wealth Bank and pays a cash deposit of $400, using the account details provided as per an online transfer. [Buyer] leaves a numeric reference of '1234567' and sends a PM to RD advising of this. RD checks his account and sees the cash deposit has gone in, and instantly cleared. No waiting for clearance for several days, and RD sends the package immediately (registered post taking 3 days). The trade goes through on a Friday, and the package arrives on Tuesday Morning, with happy warm feelings all round upon confirmation of delivery. Total time to complete from initial buzz to receipt of package: 2 working days Bypassing the clearing period by usual online transfers is usually something I do as a courtesy to people I am buying from, however I understand its not always convenient for folk to get to a bank. I'm CBD based and have the big 4 banks close to my home so its easily done. I'm intrigued to see if anyone else pays or prefers to pay in this manner, Any thoughts? RD
I like SII unless the seller is with the same bank ,I'll walk into a branch Unless its building society & I can't find a branch, I have 2 regulars from WA as soon as we confirm on a price ,I have $ in my account within minutes It helps when they are with the same bank . That's what gives me the shits with selling ,having to wait for $ turn up in my acc
I have not come across an actual 3 day delay when paying online. They always warn me that it could happen but most people seem to have the money within a day. Of course they have to check their bank balance before they accept it is there. I don't have time to get down to a bank during the day and they aren't open at the weekend so online or paypal, both are fine but Paypal sends an email to the recipient of funds to let them know. I get a quicker response but it usually costs me a bit extra for the service.
I've made in-branch deposits in the past and I don't remember having the ability to put a reference number down for the deposit. I haven't done this for a while, but has anyone had any problems with this?
You can always leave some kind of reference ,depending on what bank ,some banks can only put numbers in for a reference
If you do online trasnfer prior to 4pm, the fund should arrive the next day. Me personally i use online transfer all the time. Don't have time (actually just being lazy) to walk to the branch
I am with luna on that one, I do a DD from my desk at work, costs me nothing, if i go down the street to get lunch that is time I cannot bill for, and that is lost money, meaning that the price is higher per oz/gram/whatever than otherwise if it takes me half an hour to get to the bank, do the transfer and get back, on a transaction less than a couple of hundred oz, I would loose more money that I would save (from the buying in bulk)
Or if, like me, you usually work nights it's often difficult to get to a bank (or most places for that matter) during the day unless you alter your sleep pattern to get to a bank or post office before it closes. So for me, internet banking is perfect. Maybe there's a day's delay, but I always tell people when the payment has been made and ask them to notify me of any undue delay/issue.
I had problem twice on this forum as people sent me incorrect account number to transfer money. Walking into one of the branch of the bank to transfer money has advantages. You can ask the teller to check the names against the account number to avoid sending your money to complete strangers and risk to loose it if taken out, or wait for months to reverse the transaction if they let you. You do not make digital record on your cash transactions. I bought an item offered here around 1 pm. I told the seller check his account because the money will be there within an hour and he can sent it with platinum same day before 5pm. I got the parcel 8.30 am next day.
I try to deposit at branch for the seller where possible and that amount is smallish. It would be good if the seller reciprocated and send item on the same day as their cash balance is increased instantaneously. Agreed with projack. I always asks if the account name and no# matches. And as spanner said, you can always put a ref# for the deposit, but have never been allowed to put in anything other than numbers.
online transfer easy and fast...branch deposit is great as the money instant but carrying so much cash in yr pocket makes me think twice
I'm with a Building Society. Only branches are in QLD. Kind of makes scenario 2 a bit hard in most cases. Hear what you are saying though. But IMHO a few clicks of a mouse is a lot easier than: * visit ATM * walk/drive to a branch and make deposit
Once I needed money to buy a second hand car from a private seller. The bank said they would rather give me a bank cheque and that will cost me a few dollars. I said if cost me money give me cash. They said ok they will give me a bank cheque free.
assuring customers their money is "in the system"<<<< that scares the shit out of me more than any other statement!
Ladybird, Check this link. Smart fellow. http://www.marketoracle.co.uk/Article35281.html and http://www.marketoracle.co.uk/Article31904.html
I'll second that as wise too. You only have to look at how many UK banks have become after the GFC (Halifax in particular). While back home recently, I needed to get a good chunk of cash (over 10k GBP) out. The teller point blank refused, and told me they needed a weeks notice. Long story short and after a very angry conversation with the manager explaining I wasn't going to be in the country in 2 days time they agreed to give me my own money on the day, however needed several hours to clear it. This was damn annoying, and has put me off having significant sums of my capital in bank accounts for 'safekeeping'. It's so safe you can't even access it! I understand how people don't feel like they have any alternative mind... RD
I had that same problem with 3k. Although next day I managed to get 800 from the ATM and 1000 over the counter. Got more than a looking over though.
Yeah, I recall putting in some cash from a house sale a few years ago... here was the exchange: "So you'd like to put X Amount into the account." "Yep" "Can I ask where you got the money from?" "No" "Why" "I'm not at liberty to say" "Where did you get it from?" "I'm not at liberty to say" "So you can't give me an answer right now?" "Not at a public teller stand, no. I'd be happy to speak to your manager for a confidential discussion to give reasons why I would like to deposit my own capital into my own account" "I'll just enter it as undisclosed" "Thank you"
Can't say I've ever seen transactions not clear overnight (except one five figure transaction that was treated like a bank cheque for some reason and part of it was held for five days, but that's one out of literally thousands of business transactions in the past 12 months). Something to consider - some banks slug the account holder for "in person" transactions - for work purposes I *far* prefer direct deposit rather than a cash over-the-counter deposit, as they are free, clear that evening, and don't result in counting towards the usual ~$40 a month accrued "teller assisted transaction fees" we get charged. Have to sell another 20oz a month just to cover the bank fees from people depositing cash :/
