Consignor's check

[philliesfan]

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

[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.

[bobbyw8469]

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?

[anchorednw]

Originally Posted by bobbyw8469

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

It's my local credit union that I have been doing business with for better part of a decade, including my business for 5. Don't worry, I am running it further up the flagpole tomorrow, instead of dealing with some shit bag kid teller.

[Fred]

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?

[Rich Klein]

Originally Posted by Fred

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?

Many Banks want to ensure your check, especially larger ones, clear. So if something does go wrong, their exposure is limited. That is not an AH fault but something you need to talk to you bank/credit union about.

[anchorednw]

Originally Posted by Rich Klein

Many Banks want to ensure your check, especially larger ones, clear. So if something does go wrong, their exposure is limited. That is not an AH fault but something you need to talk to you bank/credit union about.

Thanks! As mentioned above, I realize it has nothing to do with auction house and I will be speaking with bank tomorrow

[Eric72]

Originally Posted by anchorednw

...I realize that a lot of this has to do with my bank....

Originally Posted by anchorednw

...I realize it has nothing to do with auction house...

Is there another entity causing issues here?

[anchorednw]

Originally Posted by Eric72

Is there another entity causing issues here?

No

[Shoeless Moe]

Received my consignment check (deposit to my bank) from Goldin 4 days after the auction ended. Auction just ended Saturday night, money in my bank account this morning (weds.). Damn that was lightning fast!

THANK YOU GOLDIN!!!!!!!!

[packs]

I received my check from an AH this weekend. I sent my card in raw and it was the kind of card that didn't need a grade, but the AH had it graded anyway. I was surprised to see I was charged for the grading fee.

[jayshum]

Originally Posted by packs

I received my check from an AH this weekend. I sent my card in raw and it was the kind of card that didn't need a grade, but the AH had it graded anyway. I was surprised to see I was charged for the grading fee.

I don't have much experience with consigning to AHs. Isn't that something that would have been included in the consignment agreement?

[packs]

Possibly, but I didn't read through it to find out something like that. When I consigned, the AH asked me if I would prefer PSA or SGC for the grading. I just assumed that was their decision, especially since the TPG I suggested was not the TPG they ultimately had the card graded with.

[parkplace33]

Originally Posted by anchorednw

Thanks! As mentioned above, I realize it has nothing to do with auction house and I will be speaking with bank tomorrow

Were you able to sort this out?

[chalupacollects]

Originally Posted by anchorednw

It's my local credit union that I have been doing business with for better part of a decade, including my business for 5. Don't worry, I am running it further up the flagpole tomorrow, instead of dealing with some shit bag kid teller.

Credit unions typically have different rules than major banks this day on held deposits and clearing funds. But if they are on the fed system that check will clear by next day if not sooner. That tech stuff has come a long way with clearing checks.

[anchorednw]

Originally Posted by chalupacollects

Credit unions typically have different rules than major banks this day on held deposits and clearing funds. But if they are on the fed system that check will clear by next day if not sooner. That tech stuff has come a long way with clearing checks.

The bank was able to release a 1/3 of the amount of the check while holding the remainder for 7 business days. The auction house bank wouldn't verify funds via phone, so no way to get it sooner according to my CU.

As for the AH, my original check was a touch light as they miscalculated a pre-agreed % on a particular lot consigned, so another much smaller check had to be sent. They sent it to the wrong address, but luckily, I was able to retrieve.

My 2 cents on my first LOTG major consignment? They could do to hire another employee or two and perhaps ensure small things that happened during my consignment don't happen. I know it's a small operation according to Al, but not sure that it needs to be a 2 or 3 person operation (I think that's what Al told me) with the kind of consignments and $ they now bring. My feeling I kept getting is that they could use an extra set of hands or two. Again, just my 2 cents.

Overall, my first experience with them was sufficient. Some minor issues on their part, some misunderstanding of things on my part. Granted I was probably a bit higher maintenance with questions than many seasoned consigners, but Al made things right in the end with any issues.