Withdrew funds to a closed saving acccount, now what.

[jgrady]

I accidently chose a closed savings account to withdraw my balance to instead of my active checking account. Where does the money go? How do I get it back? it says the transaction was completed! What the?

[PayPal_Kevin]

Hello jgrady

If the funds were withdrawn to a physically closed bank account, then once the bank receives the notification, the funds will be rejected and returned to your PayPal account balance.  The total time it can take to receive the funds back varies but typically it can take 3-4 business days each way.

Once the funds have been returned to your account you can withdrawal them again to the bank of your choice.  Please remember to remove the outdated bank once the funds have been returned back to your account.  I am sorry to hear of this as I know it is quite frustrating but I appreciate your time and wish you a good day.

KB

[deb41]

Hello I  Was reading about your problem here and I did the same thing you did but only 1 day earlier but mine is a closed checking account that it went to  which I had closed out a few months ago and made a mistake of sending it too. I went to the bank but there saying nothing has came in which it shows transaction completed the only said call paypal back to see whats going on. I did so and there saying next week if I dont receive it that they will trace it down. I was wondering if you have received your money back or heard  anything. Its so aggravating I know.....Thanks

[PayPal_Kevin]

Hello deb41

The status of 'completed' for your withdrawal means that we have completed the request to transfer the money out of the account but does not indicate that the funds have completed to your bank.  Once the funds leave PayPal we do not have any way of knowing when or if they post to your bank, unless we receive an electronic notification back from the bank indicating a problem.

The bank will not see anything on their end but we will receive a notification that your account is closed and the funds will be sent back to PayPal.  It will take 3-4 business days each way for the funds to move so if the funds are returned to PayPal you should see this in 6-8 business days from the date it was originally withdrawn.

I hope this helps to clarify the situation and I wish you a good day.

KB