Bid Deposit
 

How do I become qualified to bid on an auction?

Only users who have signed up on Bid4Assets can place bids on an auction. Click here to Sign up.



If you're already signed up and are interested in bidding on an auction with a deposit requirement, please review our How to Place a Bid Deposit Step-by-Step guide.



What deposit methods do you accept?

There are several ways to fund a deposit. The seller determines which methods they will offer for their auctions. The following deposit methods are possible:



Are there costs associated with placing a deposit?

No, Bid4assets does not charge a fee to place a deposit. Please note: Your financial institution may impose fees for a funds transfer. We recommend you check with your financial institution before initiating a transfer.



When should I send in my deposit?

The deadline to place a deposit is included in the instructions for each auction.



If a deadline is not included the following schedule applies. Please note: Your deposit must be received by Bid4Assets according to the timeline in the table below to allow sufficient time for processing:



Deposit Type

Deposit At Bid4Assets By

ACH (online check)

Immediately available

Personal or Company check

7 business days prior to the auction start date

Certified Check/Money Order

3 business days prior to the auction start date

Wire

2 business days prior to the auction start date



How do I know if Bid4Assets has received my deposit?

Log into My Account and select My Bid Deposits to view the status of your deposit. Please note: the deposit transaction history will display Checks as Received while Wire transfers and ACHs display as Deposited.



Why do you require my Social Security or Tax Identification number?

Due to federal government and banking regulations, Bid4Assets must obtain one of these identification numbers in order to conduct financial transactions over the Internet.



Who should I contact if I sent a deposit and it is not posted in my account?

Please send an email to [email protected] with the information outlined below. Please consider that Bid4Assets receives and processes thousands of deposits. To ensure we can quickly provide you with an update regarding your deposit, it is essential you include all the information listed below in your email:


If you placed your deposit by Wire Transfer you must also include the FEDWIRE tracking number.  Your bank or financial institution can provide you with that tracking number.



How do I get a refund of my deposit?

If you are not the winning bidder on the auction, your deposit refund will automatically be processed within 10 business days of the close of the auction. Please note, there are no exceptions.

It has been 10 business days and I have not received my refund?

You can check the status of your refund in the My Bid Deposits link of your My Account page section of the site.



If you placed your deposit by Online Check (ACH):

Bid4Assets will process your refund electronically back to your account within 10 business days after the auction closes and the Refund Process Date will be noted in your account. However, your financial institution may take up to 3 to 4 business days to process and post the refund to your account.


If you placed your deposit by Wire Transfer, Personal or Company Check, or Certified/Money Order:

Bid4Assets processes and mails refund checks, via first class mail, within 10 business days after the auction closes. The refund is mailed to the address listed on your Bid4Assets profile. Our experience is that it may take 5 business days or more for delivery.



If you still haven't received your refund 5 business days after the Refund Processed Date shown in your My Bid Deposits, please contact our Customer Service Department at [email protected] with the following information included in your email




If I am not the winning bidder, can I use my deposit for another auction?

No, your deposits may not be transferred from one auction to another. Once an auction ends, your deposit funds are refunded to you. If you wish to participate in another auction requiring a deposit, you must place a new deposit in the amount required for that auction.



I won an auction, but I changed my mind about buying the item. Can I get a refund?

No. Your bid is a binding contract. If you do not, for whatever reason, perform on the auction your deposit is forfeited to the seller and your Bid4Assets account is suspended.