Electronic money transfers to go through within one working day

[alice123]

As far as i am concerned this proves PAYPAL are liars and are using a loophole to keep our money for there interest.Also they are not replying to any of our posts to try to defend themselfs.Details are from Moneysavingexpert.com

Most money transfers will go through within one working day from 1/1/12, under a new EU directive.

Legislation which came into force on 1 January this year means UK and European internet, phone and standing order payments now need to reach the recipient's account by the next business day.

The key change is high value and many overseas electronic money transfers will happen within one working day.

Most UK electronic transfers were already ahead of the game at the turn of the year as they are processed within two hours, 24/7, under the Faster Payments system

Money can be sent by phone or internet 24/7 and will usually be received within two hours, although funds are often available instantly.

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Which accounts qualify for Faster or speedier payments?

Technically, all accounts are covered by Faster Payments and the new EU directive.

Accounts where the cash should be instantly available include:

• Current accounts
• Standard savings accounts
• Credit card accounts (where payment is made to clear or reduce a balance)
• Payments to HMRC for tax

[alice123]

Paypal should refund anyone who paid £5.00 for faster payments going back to January as it now should be in your account within 24 hours anyway and in nearly all cases it should be avalible instantly as explained in the first post

[RowBot]

Thanks for the info Alice. I would dearly like to hear from someone at paypal to explain why they are letting so many people down.

Rowbot

[jaglover]

I'm no fan of Paypal any more than you are but when quoting the legislation remember it applies to BANKS and Paypal isn't a bank.  In fact, a statement from Paypal issued in January and published on the Tamebay blog said:

..."The way we are implementing Faster Payments in Britain is significant. We are in the process of becoming the first ever “Direct Agency” member of the Faster Payment scheme. This will mean that although PayPal is not a UK Bank it will give its UK customers the same almost instant real time money transfers to bank accounts as offered by UK banks in the Faster Payments scheme. Other organisations use the Faster Payments system in a different way, delaying the transfer of funds by a number of hours. PayPal took the decision to be the first non-UK bank to provide near real-time transfers to give our customers the best possible experience. Unfortunately building and testing this has been significantly more complex and lengthy than expected, which is why we have not met the January deadline. However, we are working very closely with the Faster Payments scheme and our sponsor bank to complete the project, while ensuring the system works well given the large volume of payments handled by PayPal on behalf of its 14m UK customers. It will also mean that PayPal customers enjoy a far faster service than the new rules require...."

I think we all get it now - the system went live, the system isn't working properly, they're trying to fix it.