paying at auction

Quote: If paying by personal check, most checks will be processed via electronic check conversion (ECC) and converted to a paper draft at the close of the auction. Your account will be debited for the amount of the transaction. In the event that your draft/ECC is returned unpaid or insufficient funds (NSF), a fee of $25.00 will be charged to your account via draft/electronic funds transfer (EFT). We highly suggest you make sure funds are available at time of writing your check to avoid any NSF fees.

So I go to auction on Saturday and surprise myself by buying a 10 or 15 Thousand dollar tractor---Do I have to go to the bank the day befor and move money out of my interest drawing account to my checking "just in case" I buy something? Normlly I would just go in the next day and cover it. Guess nothing is like it usta be.

The old days of "playing the float" are about gone. You'd better have the funds in the account before you commit them in any way because the electronic age has speeded everything up.

It costs nothing to ask if your bank has this option.

My bank has my overdraft set up to charge my Visa so I can never really bounce a check nor would I have to transfer any money "if" I didn't mind paying the service fees. Using your example those fees would be about $11 on Monday morning. Now if I call the bank to ask why the fees, "most" of the time they will remove the fee as I have a sufficient amount in there bank and that makes a difference to them.

They also 100% stand behind any type of account theft including bill pay, transfers, brokage or Visa problems.

They have all my bizz as I like the electronic banking age.

One thing that ticked me off is the auctioneer retired and his son now runs the bizz with a 3.5% buyers fee the first year and I see this year he's at 10%. He still demands the $200 cash bidders deposit.

T_Bone

Got several solutions... Take the tractor home and Don't bother to pay them until Monday...or use my credit card and let them pay a couple of percent fee on many thousand of dollars.

One chanch in a thousand that i would buy over my balance...Just don't want to be moving money around and have it not earning....My idea was to keep that account small so that if-if, internet or others hacked it, it wouldn't take my whole backup .

If this is specifically about Saturday's auction, I think if you sell your Case and buy another tractor, Linnebur's should just put the proceeds towards the purchase...I know KW does that.

I never do anything Pay-Pal as I don't like a 3rd party involved in my transactions. With any 3rd party involved "if" there is a glitch, then it takes GOD to make the transaction correct. Visa is pro-buyer where Pay-Pal is pro-seller. Even then with Visa the Bank is not pro-buyer with large corperations like, AT&T, Wal-Mart, Qwest etc; and leaves the buyer to fight with thease companys on there own for a settlement.

You need to check with your Bank but I bet they cover any type of theft 100%, including hackers. The only problem with that is Visa will flag my CC usage if I make a transaction out of the norm for me. I bought fuel in Dallas, TX, $75, and Visa locked my account as that was the only transaction out of my area so it flagged my Visa card as a theft. No problem as it only took a couple phone calls to get it back to normal.

T_Bone