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I recently sent money to someone, but got the e-mail (PayPal) address wrong, so I had to re-do the payment. The original payment sent to the wrong address was never claimed - indeed, very likely no one actually has the account I mis-spelled - so I expected a virtually instant refund when I canceled the payment. However, almost 2 weeks later, it still says "pending" for my refund.
Part of the payment came from my PayPal account (~$300, which drained it entirely), and part came from my bank account (~$140); the part that came fromy my PayPal account seems to have been refunded instantly, as the second (i.e. correct) payment I made only dinged another $140 from my bank account.
I realize that the $140 I am owed in refund will go to my PayPal balance, rather than my bank account, but I still do not know why it is taking so long for this to happen. This isn't a case of a recipient having to refund money; it's simply a cancellation of a payment that was never claimed.
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Hi @Turbo301,
I'm sorry to hear about the payment sent to an incorrect address. I'm very glad to hear that you were able to cancel the payment!
Transactions that take money from your bank account are sent immediately to the recipient when they are backed by a credit card for backup funding and are listed as Instant Transfers. However, the actual transit time of the funds from your bank to PayPal is more like 3-5 business days (for US accounts, potentially longer in some other countries). When a bank-funded transaction is refunded, the funds from that payment are not available until they have fully cleared from the bank. To learn more about bank timeframes, please take a look at this post.
I hope this helps!
Olivia
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Hi @Turbo301,
I'm sorry to hear about the payment sent to an incorrect address. I'm very glad to hear that you were able to cancel the payment!
Transactions that take money from your bank account are sent immediately to the recipient when they are backed by a credit card for backup funding and are listed as Instant Transfers. However, the actual transit time of the funds from your bank to PayPal is more like 3-5 business days (for US accounts, potentially longer in some other countries). When a bank-funded transaction is refunded, the funds from that payment are not available until they have fully cleared from the bank. To learn more about bank timeframes, please take a look at this post.
I hope this helps!
Olivia
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- cancelling my account in Access and security
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- Send Paypal payments and still shows pending for about 2 weeks with No REPLY from Paypal in About Payments
- Pending payment in Sending and receiving money