[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?