Transfer to bank delayed. Why?

[UkDirectHost]

Having used Paypal for approximately 20 months now, as a fully verified Business account user, I am used to the 2-3 days delay in transferring money to my linked bank account and plan appropriately when wanting to move funds. As most of our business is done through Paypal, we often have to shift funds to our bank account to then pay businesses that don't use Paypal.

With a turnover of approximately £7000 a month, Paypal enjoy a good amount of commission/fees from us.

On the 29th of November I transferred an amount to our bank account and received the usual email saying it will take 2 to 3 days to receive the funds in the bank account. I was told my funds would be available on the 2nd of December. Still showed PENDING in my account, but I was used to this. I checked our bank account on the 2nd to confirm the amount was in, which of course it was not. And it was still showing PENDING. Started getting worried, as I had two large, time sensitive orders to fullfil within 24 hours or would lose the contract. Therefore decided to withdraw an amount to our Paypal topup card, knowing I could withdraw the amount the next day and deposit it in our bank account the next day and still make the deadline.

Well, today is the 5th of December:

1. The deposit of the 29th of November is still missing.

2. The Paypal debit card topup of the 2nd of December is still missing.

3. We've lost our £2000/month contract. Thank you Paypal!

I therefore have the following two questions:

1. Why when I made the original transfer on Monday the 29th of November, was I told the funds would be available on the 2nd of December, but by the 2nd of December it was still showing as PENDING in our paypal account and today the 5th of December my funds are still not in my account.

2. What is Paypal going to do to avoid this happening again?

Thank you,

Shane

[UkDirectHost]

Well to update this thread a bit more.

We made another withdrawal through on the 1st of December, get the email through saying expect the funds on the 6th. Marked as completed on the 2nd of December. Of course, the 6th comes, still no money.

The transaction of the 29th of November arrives on the 6th.

Phoned customer service, the payment of the 1st of December was held until the 4th (Paypal account stated "Completed" on the 2nd) and I should get the money the 8th or 9th. Again, this is costing us more money. Lost another big contract.

Finally discovered where the link I can use the faster paying in service on the 6th. Send another payment off to my bank. Stays "Pending" for 23 and a half hours before being released.

Why have the last two normal transactions been reviewed for three days, average transaction time would be a week each. Why is the "faster" payment method held for 24 hours before sending to bank account?

What is different in the review system between the two payments, other than having to pay  for the one?

[GoblinMarket]

I doubt you will get an answer.

I'm so pleased that there are threads about this that are finally NOT BEING DELETED.

from my experience everything was fine until around Novemeber - since then all withdrawal methods have had a 4-5 day pending status

They can't give you answers becasue the department you are able to contact has absolutely no access to their finance departement other than standard scripted responses.

Make sure you get a refund on any fast withdrawal fees that took too long.

I'm not even sure they are making money of this - it seems like their systems have partially collapsed - maybe they are having to do a lot more manual transactions for some reason..... wikileaks hackers????

[UkDirectHost]

Well I know for a fact that CHAPS costs £3 per transaction....

[eduardolofstedt]

I used to have the same problem with Paypal. They mislead and trick people by their disclaimer and expectations that it's real time when they trasnfer money but that's a hoax. When I withdrew money from my Paypal to my bank the transaction status is pending for couple of days saying it would take 2-4 days for the money to get through your bank but they don't really transfer the money to your bank right away. I called my bank and they said they didn't receive any money remittance from Paypal. 

[Lostconfidence]

I had the experience of asking PP for an explanation of the delays and denials of transfers.  I could not believe my ears.....the lady in settings and security told me very early in the conversation that I would most likely not like her answers.  Basically they are telling their customers that we will hold your money, and the monies of countless others, at our discretion without accountability.  Proprietary information? I am embarrassed for them.  Needless to say  I am not impressed with PP or their customer service people.  I am amazed that anyone puts up with this type of treatment.  A little competition would cure their pompous, greedy ways.