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 Replies: 35 / Views: 4,810 |
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Pillar of the Community
United States
509 Posts |
I wonder if check deposits via online bank (snap picture of front and back) with mobile app solve some of hesitancy to accept checks.
I've only been to one show (Bay State). I brought cash and paid with cash, but id be surprised if a good amount of the dealers didn't accept credit cards. I wish I could check for you, but next show isn't until April
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Moderator
 United States
189340 Posts |
Quote:
I wonder if check deposits via online bank (snap picture of front and back) with mobile app solve some of hesitancy to accept checks. That is how I deposit checks. |
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Pillar of the Community
 United States
4085 Posts |
A mobile deposit only captures the check image and numbers but it still has to go through the overnight ACH system for the money to transfer. If the money is not available, the ACH will bounce just like a check. I don't think the banks check fund availability real time but I might be wrong about that.
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Pillar of the Community
United States
757 Posts |
I have had in my pocket at a couple of shows over $25K. If you don't walk around always grabbing at your pocket no one is going to know if you have $10 or $10,000. If you are nervous and acting strange people notice things like that. Typically all shows have an armed guard or two, so once you get there you shouldn't have anything to worry about. I also have a concealed carry permit and always have a pistol on me. It does take a little while to get over carrying thousands of dollars of cash, but after a while it becomes normal.
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Moderator
United States
189340 Posts |
Quote:
A mobile deposit only captures the check image and numbers but it still has to go through the overnight ACH system for the money to transfer. If the money is not available, the ACH will bounce just like a check. I don't think the banks check fund availability real time but I might be wrong about that. I did have one that I "deposited" in the morning get rejected before lunch. Turned out there was wrinkle alerting one of the routing number digits and I was able to get a better photo that went through. That may have just been a QC check though. I do not know the exact process on the back end, but I would expect them to get batched with all the other overnight ACH transactions. |
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Bedrock of the Community
United States
11951 Posts |
Interesting discussion...
I am with the cash group ... ..
But I have only bought a few coins over $1000 ... $2000 would be
an amount that would be very hard for me to spend on a coin.
Taking $1000 to $1500 cash to a coin show would not bother me ..
When buying ... cash is king
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Pillar of the Community
United States
4085 Posts |
Quote:
But I have only bought a few coins over $1000 ... $2000 would be
an amount that would be very hard for me to spend on a coin.
Me too. But, as Tony Montana says, "ifa you wanna finisha da Lincoln seta ina redabrowna uncirculata, you a gonna haffa spend da money". Yes, I have been cooking turkeys all day so my mind is a little shot. |
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Pillar of the Community
United States
4085 Posts |
Quote:
I have had in my pocket at a couple of shows over $25K. Boom! That was my head exploding at this idea. That's some serious cash to haul around. That's got to be a stack of hundreds several inches think. |
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Pillar of the Community
United States
757 Posts |
Quote:
Boom! That was my head exploding at this idea. That's some serious cash to haul around. That's got to be a stack of hundreds several inches think. You would be surprised at how compact a fresh stack of banded hundreds actually are. A banded stack of 25K is only about an inch thick. |
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Pillar of the Community
United States
509 Posts |
I know this isn't the direction the thread is aiming for, but what would be easier to be stolen/misplaced at a coin show:
a stack of 25 x 100 dollar bills or a small envelope with an expensive coin? I've been in a LCS before and seen older gentlemen buying the same coin they bought the week before bc they misplaced it. Also, witnessed another guy let his friend hold his purchase bc the time he couldn't find the envelope and ripped apart the house looking for it to later find it sitting in his glove box. Ok, enough drifting off topic.
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Pillar of the Community
United States
1119 Posts |
Heck, I've been in one LCS where I agreed to buy a coin, dealer set it a side and we couldn't find it fifteen minutes later when I was finished browsing and went to pay. had to buy it the next week after it was located again.
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Bedrock of the Community
United States
20753 Posts |
At all the shows I go to I've only found one dealer that would take check. So far I've never found a dealer that would take a credit or debit card. It is a bit frightening when I see people with large bundles of cash at a show. If I see them, so do a lot of others. Although all the shows I go to have one of more security people around, I still wonder about on the way home.
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Pillar of the Community
United States
4211 Posts |
@ jbuck. Yes you are right about the debit card. I should have mentioned I know this dealer and have bought several coins from him over the last 5 years. No... I would not use my debit card with a dealer I did not have an established relationship with. Thanks for looking out for us!  |
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Pillar of the Community
United States
6394 Posts |
Last month a dealer at our local show quoted me an attractive price for a 1-ounce platinum eagle. I continued to shop and spent my cash elsewhere. I went back and told the first guy I still was interested and he readily accepted my Discover card for payment. Charged me the same cash price, too!  |
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Pillar of the Community
Canada
5247 Posts |
Further to @ace_ftw, in Canada, cheques are not used so readily, as I believe the rules for dealing with bad cheques are quite different.
So far, if I do not have enough cash on me I go to one of the local cash machines, and so far I have never had to do anything else. I have even got substantial US cash during my travels, although there is always a premium you have to pay.
Obviously this would not work for amounts exceeding the withdrawal limit for cash machines.
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Replies: 35 / Views: 4,810 |
First Page
Posted 11/23/2016 2:20 pm
