Obtaining an Approval on Alternative Payment
Schur Success Auction & Appraisal usually accepts only CASH. However, we will accept other forms of payment at certain sales. Please note: if you do not give us time to verify, as outlined below, your payment will be denied.
- Traveler's Checks: We will NOT accept travelers checks under any circumstances.
- Cashier's checks or certified funds. We will only accept Cashier's or Certified checks from local institutions, and that are dated within 4 days of the sale. We will need to contact the issuing bank to verify authenticity PRIOR to allowing you to bid. Checks must be made payable to yourself, or Schur Success Auction & Appraisal (we don't recommend making them payable to cash).
- We also recommend that you issue several smaller checks rather than one large check. We will NOT make change for your cashier's check, but will issue a company check for the difference (if any) once your checks clear.
- We MUST have copies of these checks faxed to our office no less than 24 hours prior to the sale, so we may contact the issuer and verify the checks.
- Personal or Business Checks: We will accept a pre-printed check, on an established account, provided that we receive an Irrevocable Letter of Guarantee from your bank that guarantees payment. The information on these letters is below. The letter MUST use this wording or we will be unable to accept your check.
- In order for Schur Success Auction & Appraisal to accept a check at auction, your bank must issue us an Irrevocable Letter of Guarantee. The letter must be on bank letterhead and contain the language in the following example.
- The letter must be faxed to Schur Success Auction & Appraisal at (866) 290-2243 by 2:00 PM, the business day preceding the sale date.
- Your check will ONLY be accepted if we are able to verify the Guarantee with the issuing bank, and if you present valid identification on the day of sale. You will still be responsible for any CASH deposits that may be required for bidding.
Language needed on a Guarantee Letter
Irrevocable Letter of Guarantee
(name of bank: __________________________) Has an established relationship with (bank customer name: ____________________________, (customer address, city, state, zip:_______________), (customer phone:__________) and irrevocably guarantees payment of check # _______, drawn on account # __________________________, made payable to Schur Success Auction Services, for purchases made at auction on (auction date: _________________).
We will guaranty funds up to (maximum amount) : $____________, if the check is presented within 7 business days of issuance.
(signature of authorizing official)
Irrevocable Letter of Guarantee
January 21, 2015
ABC Bank has an established relationship with SALLY AUCTION BUYER, 1234 East North Street, Denver, Colorado 80111, 303-555-1111, and irrevocably guarantees payment of check # 1234 drawn on account # 123-345-567 made payable to Schur Success Auction & Appraisal, for purchases made at auction on January 23, 2015.
We will guaranty funds up to $12,000.00, if presented within 7 business days of issuance.
AVP of Banking
Please call us if you have any questions. We are often extremely busy the day of a sale and require that you have us approve your alternative payment form at least the day before.
Letters or checks submitted the day of the sale will not be approved.