Consignor's check

jayshum · #1 05-01-2024, 12:33 PM

Quote:

Originally Posted by brunswickreeves

Something to keep in mind is card receipt by the buyer, which depending on coast, could be several days to work through the mail system and held up over weekends sometimes.

I wouldn't think an AH would have to wait until the buyer receives something before they pay the consigner. Once the item is paid for by the buyer, if it gets lost during shipment to the buyer, that's between the AH and the buyer not the consigner.

Yoda · #2 05-01-2024, 02:10 PM

I received my LOTG consignment check yesterday. Everything adds up.

gabrinus · #3 05-01-2024, 06:44 PM

Some auction houses issue e-checks now which means the check should get to consignors quicker...not slower...Jerry

philliesfan · #4 05-01-2024, 08:32 PM

I got an email today for REA for the March Encore auction. It was an echeck. I will look at it tomorrow to see what I need to do.
Bob

Casey2296 · #5 05-01-2024, 08:45 PM

Quote:

Originally Posted by philliesfan

I got an email today for REA for the March Encore auction. It was an echeck. I will look at it tomorrow to see what I need to do.
Bob

The only thing you need to do is print it and deposit it, its a nice technological perk.

LEHR · #6 05-02-2024, 06:16 AM

Quote:

Originally Posted by gabrinus

Some auction houses issue e-checks now which means the check should get to consignors quicker...not slower...Jerry

I love the e-checks from REA. I can print, sign, and deposit to my credit union with mobile banking right from my desk. It doesn't get any easier than that.

philliesfan · #7 05-02-2024, 03:12 PM

Casey2296 and LEHR.....thanks! I am going to print it now and deposit.
Thanks gain!
Bob

philliesfan · #8 05-02-2024, 03:54 PM

I am not a tech person but printing the check was easy. A lot easier than I expected.
Bob

anchorednw · #9 05-02-2024, 05:26 PM

*Update* I received my consignor's check from LOTG today. However, when I went to deposit it into my business account today, the bank was going to hold $37K+ for 2 weeks and give me access to $225 right now. I will go into my main branch tomorrow to see if I can sort. I even asked my bank to call the LOTG bank to verify the funds quicker and the LOTG bank said they do not do over the phone verification.

Now I realize that a lot of this has to do with my bank. Trust me, my main branch is going to hear it tomorrow as I pass more than enough money a month to offset that amount and will be dealing with them separately.

That said, I am learning my lessons here on what is my first major auction consignment, payment process and time frame to receive all funds. A wire transfer in this instance would have been much more preferred, but as I understand LOTG doesn't offer. Again, these are all lessons learned on my first major consignment.

bobbyw8469 · #10 05-02-2024, 07:31 PM

Quote:

Originally Posted by anchorednw

*Update* I received my consignor's check from LOTG today. However, when I went to deposit it into my business account today, the bank was going to hold $37K+ for 2 weeks and give me access to $225 right now. I will go into my main branch tomorrow to see if I can sort. I even asked my bank to call the LOTG bank to verify the funds quicker and the LOTG bank said they do not do over the phone verification.

Now I realize that a lot of this has to do with my bank. Trust me, my main branch is going to hear it tomorrow as I pass more than enough money a month to offset that amount and will be dealing with them separately.

That said, I am learning my lessons here on what is my first major auction consignment, payment process and time frame to receive all funds. A wire transfer in this instance would have been much more preferred, but as I understand LOTG doesn't offer. Again, these are all lessons learned on my first major consignment.

That's odd that the bank would do that, especially if you are a loyal customer with them. Care to out them?

Fred · #11 05-02-2024, 08:57 PM

Quote:

Originally Posted by anchorednw

*Update* I received my consignor's check from LOTG today. However, when I went to deposit it into my business account today, the bank was going to hold $37K+ for 2 weeks and give me access to $225 right now. I will go into my main branch tomorrow to see if I can sort. I even asked my bank to call the LOTG bank to verify the funds quicker and the LOTG bank said they do not do over the phone verification.

Now I realize that a lot of this has to do with my bank. Trust me, my main branch is going to hear it tomorrow as I pass more than enough money a month to offset that amount and will be dealing with them separately.

That said, I am learning my lessons here on what is my first major auction consignment, payment process and time frame to receive all funds. A wire transfer in this instance would have been much more preferred, but as I understand LOTG doesn't offer. Again, these are all lessons learned on my first major consignment.

This thread has got a lot of interesting points to consider when consigning to an auction house.

That's mind boggling that the financial institution would hold on to your cash for such a long time, but it's a credit union so who knows. Is it a small credit union?

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