Consignor's check

[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.