Paypal holding onto my money that I didn't even authorize.

[Kyleee_k]

So of course I woke up today and saw an email in Spanish...had to translate it to find out that someone had hacked my account and transferred money from my bank account TO my PayPal balance. At this point I am told by PayPal that they can not stop the transaction as it is already pending through and I will just have to wait for it to hit my PayPal balance so that I can transfer it BACK to my bank account, which I will have to wait ANOTHER 3-5 business days. Absolutely insane! The money was taken within a day out of my bank account, but for some odd reason..PayPal holds onto my money for 3-5 days..to make money! While I sit here empty handed waiting on my own money that I didn't even authorize a transfer for. Who else has this happened to?? Had to change all my information to insure that this will hopefully not happen again. I'm pretty much being punished from PayPal and my own bank with overdraft fees now for this money being taken out of my bank account. I am at a loss!

[kernowlass]

@Kyleee_k

They don't hold on to it, they haven't got it yet.

Normally when you pay someone from your bank account its never instant > paypal credit the seller and then paypal wait for the funds to transfer, this is so there is no delay with your item.

Paypal use the slowest and cheapest bank transfer method that takes several business days and that is why they credit the seller for you.

But if its a transfer to your paypal account then you have to wait for it to hit paypal then its credited to your balance.

[Kyleee_k]

It wasn’t money I paid to someone, Someone hacked into my own account and transferred from my bank to my PayPal balance. I just find it weird that PayPal instantly takes the money out of my bank account but doesn’t credit my PayPal balance until five days after. And when I told them it wasn’t a charge I authorized..they aren’t able to do anything about it. Just seems fishy.

[kernowlass]

@Kyleee_k

You didn't actually read what i wrote. I know it was not money you paid someone. I was explaining how bank transfers work.

They are NEVER instant, that is why i gave you the explanation for when you pay a seller and why paypal credit them in advance.

Thats because transfers from bank accounts to sellers OR bank accounts to paypal accounts IS NOT INSTANT, paypal use the slowest transfer method for cost and THAT is why you have to wait for it to transfer through to paypal who will then credit your account.

[Kyleee_k]

I don’t think you’re understanding my concern then..my bank transfer went through instantly out of my bank account. So why shouldn’t it be available within a day in my PayPal balance. Considering it’s my own money someone took from my account. But you do you 🙄

[kernowlass]

@Kyleee_k

Nothing is instant, i keep saying that. Paypal use the SLOWEST transfer method.

It may have left your bank account but that does not mean paypal have received it as it has to go via 'automated clearing' and takes several business days before it gets to paypal.

[PayPal_AshleyM]

Hey everyone,

I'm very sorry to hear about the unauthorized access to your account, as well as the wait for the funds to be returned - I understand this situation is frustrating, and I'll assist in any way I can. Thanks for providing those details, kernowlass! I just wanted to follow up with additional information to hopefully resolve any confusion regarding the situation.

When it comes to transfers requested from bank accounts, PayPal initiates the request to the bank and waits for the financial institution to either complete the request or reject it. Regrettably, there's no way for PayPal to touch these funds or stop the request once it's sent. Although the funds may have come out of your bank within a day, the transfer can still take a few days to complete as it has to leave your bank, pass through the system, and deposit into PayPal. If the bank were to refuse or cancel this request at any time, PayPal would not receive the funds.

At this point, the best option may be to speak with your bank to see what options they may have regarding the transfer. Hopefully you've seen the funds come through and were able to withdraw them back out by this time. If not, please don't hesitate to contact us so that we can look into this and ensure everything is resolved. I hope this issue is resolved for you soon.

- Ashley M