Paypal Holding money for over 24 Hours.

[marktravuk]

I have had continuing issues when I withdraw funds from paypal to my bank account. I have clicked the link in the email received when I made a withdrawal showing the user agreement. It states in the UK user agreement that Paypal uses the Faster payment system and will take 0-2 hours but is not guaranteed but when the withdrawal is made the transaction is not complete a notification on the screen comes up states addition security checks need to be carried out by paypal and will take 48-72 hours before released.

So I read further into the user agreement and under the section Key Payment and service information it states under withdrawing funds (redeeming electronic money) the following "Under normal circumstances, we will complete the withdrawal from your account within 1 business day following the completion of any checks that are reasonably required by us to prevent money laundering and fraud or to confirm your identity and your access to the bank account used for withdrawal."

If your account is new, laws for prevention of money laundering require paypal to limit the amount you can withdraw.

NO WHERE does it state anywhere the hold of funds for withdrawal for more than 24 hours.

I am about to take legal action against payment for breach of terms and conditions and I suggest anyone else reading this to click on the user agreement send on the withdrawal request and download all the PDF's as they are liars and this is illegal

[marktravuk]

Following on from this I asked who reviews the transaction. I was told no one does it just holds the funds for 48hrs or 72hrs. The funds are then released to the second exactly 48 or 72 hrs later. 

If this was a proper review then the transaction would be in a queue and released after review as again I asked the manager I spoke to to review himself and he said he couldnt as noone actually reviews it its a computer that holds the funds.

I asked what is this computer doing and he couldnt answer!!

I know exactly what paypal is doing paypal is making millions of pounds of interest by holding your money for upto 72hrs and imagine how much they make doing this to most users especially larger withdrawals.

DO NOT let paypal fob you off by telling you anything other than what is stated in the own user agreement

[3rdhope]

lol @ "what is this computer doing" hahah...

I don't even know why i am laughing because they are holding my funds too for 72 hours!!

And i don't have a single dime on me... SMH

Well i guess it is comforting to hear that some people are experiencing what you are experiencing..