Afternic Escrow

[capiche]

Does anyone know why it takes 7-10 days for a check to clear at Afternic?
I have sold in the past at Afternic, but the buyer had paid with wire transfer, so it went through almost immediately. But this time, the buyer (business) paid with a check, hence the wait.
This just seems a little long to me. Is this the norm?

 

[duskdawn]

I think it is quite normal for a check.

 

[capiche]

I just had this explained to me in detail.
Seems that once the check is received it takes up to a day for the company (Afternic) to process the check and then deposit it. Once deposited, the Bank of Deposit has to process it, which also can take 1-2 days, and once that is done, they mail the check back to Issuing Bank so they can confirm it has been deposited and clear the funds. ~That's how I understood it anyway~

So, I guess in all reality, it really can take up to a week. Especially if the banks are states apart.

Oh well, I've got some waiting to do.

 

[bigg]

it is the norm. but the fees are high dont you think?