The Leon Luckey Type Card Collection – Bidding Ends on Thursday - August 13, 2015

[unamuzd1]

Originally Posted by ccre

I asked when I would receive the refund. They emailed me that I'm getting a "credit" towards future auctions. That's bs!!

Wait - they made an error, so they get to earn interest on our money? Guess I need to scroll through the thread to find the right email address to indicate my thoughts on that.

[Kevin.Shenker]

Originally Posted by unamuzd1

Wait - they made an error, so they get to earn interest on our money? Guess I need to scroll through the thread to find the right email address to indicate my thoughts on that.

If you leave 100.00 in the bank at 1 percent a year. You get 1 dollar at the end of the year.

If you get enough of a percentage to make retaining a fraction of your shipping charge a seriously profitable endeavor, you either have an insane baseball card purchasing budget or you have one hell of a bank you are storing your money at.

[unamuzd1]

Originally Posted by Kevin.Shenker

If you leave 100.00 in the bank at 1 percent a year. You get 1 dollar at the end of the year.

If you get enough of a percentage to make retaining a fraction of your shipping charge a seriously profitable endeavor, you either have an insane baseball card purchasing budget or you have one hell of a bank you are storing your money at.

Not sure if this is a deliberate misinterpretation, but I'm happy to clarify my point.

Any individual's difference in shipping charges will be relatively minor. You'll notice that I did not talk about interest I would not be earning, but very specifically said "they get to earn interest on our money." This was a deliberate wording choice.

If the auction house keeps all those differentials rather than refunding as they said they would, it adds up. It's still trivial in comparison to the amount that they make off the auction as a whole, but as a business practice I would find it objectionable. In fact, the relative triviality is probably why I'd find it objectionable.

I get that it's clearly not a big deal to you. This is my first purchase from one of the "big" auction houses. How I get treated is a big deal to me. They impressed me by so quickly addressing the over-charge problem on shipping. I'm hoping what the poster up-thread was told was the result of some miscommunication within HA about how things were being handled, since "refund" was part of their email to affected bidders.

But, being that this is the internet, and being that I'm a cynical sort, that hope was not what guided my first response.

[Kevin.Shenker]

Not trying to sound like I am debating you.

I don't think it was a misinterpretation rather than an inverse of what you said.

The way you worded what you said, you sounded upset that you were the one not able to make the money in interest, because they were, as they are holding your funds in their account as a positive balance/credit.

I would say that even if they held everyone's money it probably wouldn't equate to a whole lot of cash in interest.

Even if you add them all up it is trivial. Lets go big or go home. If they held a whopping 100,000 in cash, at 1 percent in a whole year they would make 1000.00.

Without even thinking to much about it, it has got to be no where near that big of a mistake. So what are they going to actually profit? Next to nothing after they are done dealing with refunds for those who want them.

100 bucks? Probably not after the cost of providing refunds lot by lot out which would outweigh any profits they would make. In fact to you use your credit you may by more.

Not saying it is a perfect answer, but that is my take on the decision.