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