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  • WebSnyper

    Maximum Effort
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    56   0   0
    Jul 3, 2010
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    It depends on which kind of bank transfer. ACH vs. Wire Transfer vs. whatever else. The GunTab transfers are free, and free is seldom fast (rule of thumb).
    As much as I hate to defend Paypal, their free transfers have always been exceptionally quick for me, and I've never done the transfer that incurs a fee to see if it is even faster.
     

    Creedmoor

    Grandmaster
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    6   0   0
    Mar 10, 2022
    6,418
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    Madison Co Indiana
    It depends on which kind of bank transfer. ACH vs. Wire Transfer vs. whatever else. The GunTab transfers are free, and free is seldom fast (rule of thumb).
    Im just stating ive never had those problems.
    I dont know all the kinds of transfers, thats not my wheelhouse.
    I know I can stop in Huntington or call Navy Fed and give them account and routeing and bam its always been done.
    Like the 20 years with PayPal, from car parts Steel orders, gun parts, ammunition, reloading components, transferables and on and on.
    Never had my account locked or any issues with them.
     

    2AOK

    Marksman
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    1   0   0
    Mar 26, 2021
    277
    43
    Northeastern Indiana
    Im just stating ive never had those problems.
    I dont know all the kinds of transfers, thats not my wheelhouse.
    I know I can stop in Huntington or call Navy Fed and give them account and routeing and bam its always been done.
    Like the 20 years with PayPal, from car parts Steel orders, gun parts, ammunition, reloading components, transferables and on and on.
    Never had my account locked or any issues with them.
    That's great. And I agree with your earlier comment re upstaffing the transfers dept. I have a good bank (if there is such an entity) but they've CRUSHED ME a couple of times by not transmitting funds in a timely manner. For instance, Bill Pay transactions should happen instantly...
     

    DolomiteDave

    Plinker
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    3   0   0
    Nov 11, 2022
    59
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    Carmel
    There are so many states go a transaction that the only way I will ever believe someones bank is fast, is if you can transfer money to another entity, and they can withdraw that as cash the minute their bank claims they have received it. Money isn't even real. Banks literally create our money supply from thin air, I don't understand why it can't be near instant to transfer.
     

    2AOK

    Marksman
    Rating - 100%
    1   0   0
    Mar 26, 2021
    277
    43
    Northeastern Indiana
    There are so many states go a transaction that the only way I will ever believe someones bank is fast, is if you can transfer money to another entity, and they can withdraw that as cash the minute their bank claims they have received it. Money isn't even real. Banks literally create our money supply from thin air, I don't understand why it can't be near instant to transfer.
    DITTO, Dave.

    I'm certainly not promoting PayPal, but when I used them in the past:
    1. They'd send me email notification of funds received
    2. I'd go to the PP website and instantly move those funds to my bank. One click and done.

    Yet my bank, and all banks I assume, says it takes 2-3 days to transmit billpay funds to my creditors. Total BS.
     
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    2AOK

    Marksman
    Rating - 100%
    1   0   0
    Mar 26, 2021
    277
    43
    Northeastern Indiana
    For the record, I set up my GunTab account last Wednesday (I think...) and accepted my Buyer's offer to purchase on Thursday morning. Today is Saturday and I'm still waiting for "the banks" to complete the transaction electronically.

    This could have, and should have happened instantly. The delay is yet another example of the corrupt nature of "banks," and is hopefully not a poor reflection on GunTab.

    I'll confirm WHEN the deal is finally struck.
    Stay tuned.
     

    DolomiteDave

    Plinker
    Rating - 100%
    3   0   0
    Nov 11, 2022
    59
    18
    Carmel
    DITTO, Dave.

    I'm certainly not promoting PayPal, but when I used them in the past:
    1. They'd send me email notification of funds received
    2. I'd go to the PP website and instantly move those funds to my bank. One click and done.

    Yet my bank, and all banks I assume, says it takes 2-3 days to transmit billpay funds to my creditors. Total BS.
    Yeah Banks do everything in these massive batches, all done by cobalt coding which is ancient and slow, and banks don't want to change or make updates. Its really all so tiresome to be honest, but hopefully one day things will improve.
     

    ditcherman

    Grandmaster
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    22   0   0
    Dec 18, 2018
    7,606
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    In the country, hopefully.
    Yeah Banks do everything in these massive batches, all done by cobalt coding which is ancient and slow, and banks don't want to change or make updates. Its really all so tiresome to be honest, but hopefully one day things will improve.
    Ok clue me in here.
    Why do I care how long it takes to get funds from my bank to the creditor?

    Now, I think we may be going about it differently, I use the merchants site to pay a bill, and the time stamp of “on time” is based on when I do that, not how long it takes for money to actually move. The longer the better, sometimes.

    I’m not using my bank to push money towards a merchant. Don’t know what the advantage of that could possibly be?

    I also know how to move money into my accounts so they show it instantly, even though they can’t possibly have their money yet, and have a pretty good feel for how long it takes for a transaction to hit, whether an online payment or a mailed check. When things have been as tight as they have for as long as they have you get a feel for it.
     

    jy951

    Sharpshooter
    Rating - 100%
    40   0   0
    Feb 18, 2009
    611
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    Ok clue me in here.
    Why do I care how long it takes to get funds from my bank to the creditor?

    Now, I think we may be going about it differently, I use the merchants site to pay a bill, and the time stamp of “on time” is based on when I do that, not how long it takes for money to actually move. The longer the better, sometimes.

    I’m not using my bank to push money towards a merchant. Don’t know what the advantage of that could possibly be?

    I also know how to move money into my accounts so they show it instantly, even though they can’t possibly have their money yet, and have a pretty good feel for how long it takes for a transaction to hit, whether an online payment or a mailed check. When things have been as tight as they have for as long as they have you get a feel for it.
    As the payer, the only time you would care is if the seller of an item you are purchasing requires cleared funds before releasing the item you are purchasing. There may be a slight delay.
     

    2AOK

    Marksman
    Rating - 100%
    1   0   0
    Mar 26, 2021
    277
    43
    Northeastern Indiana
    AFTER-ACTION REPORT

    I entered into my first GunTab.com transaction on November 29, and did not receive payment until December 20. That's THREE FULL WEEKS.

    Too long.

    It was a simple non-firearm transaction involving a bank-to-bank funds transfer between two new GunTab customers. I sent the item via USPS Priority Mail in-state (approx 140 miles).

    The buyer was slow to respond a couple of times, which cost us a few days, and when I finally received the GT notification to ship, the email arrived on a Friday afternoon; I couldn't get to a post office until Monday mid-day, so that added a couple of days, too.

    Even if we hadn't experienced those first-time glitches, the deal would have taken longer then it should. I like the idea of GunTab, and their service seems reliable/stable...but sloooow. I spoke with them a couple of times and they seem like good people. Smart, professional and honest.

    The GT bank transfer option costs 2.9%, payable by Buyer or Seller. If the Buyer uses a credit card the fee is 3.8%. That additional .9% fee would have avoided most of the time lag.

    As a Seller, I feel like Buyers have too much control - of the time frame and the funds. If the Buyer fails to act when necessary, the deal stalls until he gets back in gear. As for control of the funds, I'm not sure what would happen if an unscrupulous Buyer were to complain falsely about an item received. I'm pretty sure it would be a headache and perhaps involve additional cost for the Seller.

    In a case of simple "buyer's remorse" the buyer might get cold feet after the purchase and bail out of the deal. If the buyer refuses delivery, the item gets returned to the sender and the shipping carrier does not refund the sender. GunTab holds funds in escrow, and both parties agree to GT's binding arbitration. In this instance I assume GT would reimburse Seller's shipping expense from escrow, and then return what's left to Buyer. If the matter goes to arbitration, you'll want to have complete records that present your position clearly.

    As a seller, I think a credit card transaction through GunTab is a good approach, if the buyer's willing to pay that 3.8% fee. Or I can cover the fee myself if I can pad the sell price to offset it.

    Other than that, I'm inclined to just accept cash, personal check or money order. Typically it takes only two days to clear a check or postal MO, and I'm always willing to earn the buyer's trust by providing additional information/photos/etc upon request.

    My 2¢
     
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