faster payments ???

[jelly-belly]

According to the new policy updates, as of the 10th [yesterday] you would be doing faster payments [deposited in bank account within 2 hours] for withdrawing money to bank accounts..Why then when I try to withdraw my money it still says 2 - 3 days???!!!! Before you ask, yes, my account does accept faster payments [has for a long time]

please could any one advise what is going on ??!!!!

[cee76bee]

I attempted a withdrawal yesterday and was surprised to read '2 hours' in the accompanying email confirmation from PP. My payment was immediately marked as 'pending' and it stated that clearance (or otherwise) would be agreed within 21 hours. I was sceptical, but the cash is in my account this morning. So, it worked for me.

Having done some reading here and there yesterday, there's some suggestion that they are 'rolling out' this new policy rather than applying it as a blanket policy. So, there's a chance that I am a lucky user and you may be an unlucky one in a phased implementation? 

I was certainly surprised to learn that they were beginning to use the FPS system from yesterday. I'd have thought that there would have been an enormous fanfare about this new system given the amount of complaining that people have done about it over the last year. So, maybe it is indeed a limited initial rollout of the ploicy?

I asked several questions about this yesterday but there wasn't a mod in sight ... my idea is pure speculation and I wouldn't hold your breath about getting a full and informative answer from PP themselves.

[chillimad]

It didn't happen for me or my partner when we tried to withdraw funds to Nat West & HSBC banks on the 10th - same old 2-3 days!

I wrote to Paypal and surprisingly got a fairly prompt reply, part of which was as follows :-

"Due to technical challenges within the UK we have been prevented from
implementing the new withdrawal process within our system. We do aim to
launch the process to a small percentage of users by the middle of 2012,
with all customers able to use this service by the middle of Autumn.

When the new process is fully in place, all PayPal customers will be
able to withdraw funds to a bank account almost instantly.

We genuinely regret any inconvenience this has caused you and to address
this we aim to:

    * Refund any £5 withdrawal fees which you have paid since 1 January
2012
    * Refund any future withdrawal fees which you incur on a weekly
basis
    * We appreciate your patience and understanding."

So it appears that Faster Payments for all UK users is still a way off. More unacceptable stalling from Preypal I reckon!

Only course of action from here is to COMPLAIN en mass to all and sundry - Ombudsman/Moneybox/Which/Tamebay - to name but a few who may champion this issue! DOING NOTHING is not an option - time Paypal got banged to rights, theyv'e gotten away with too much for too long!

[leejinxuk]

We genuinely regret any inconvenience this has caused you and to address this we aim to:
    * Refund any £5 withdrawal fees which you have paid since 1 January 2012     * Refund any future withdrawal fees which you incur on a weekly basis     * We appreciate your patience and understanding."

So they are agreeing to refund ALL £5 withdrawal fees from Jan 2012? If that is the case, I'm due a couple hundred quid. How/when will they start to refund funds?

Thanks

Lee

[chillimad]

I don't reckon they will do it without asking so best contact them!

[Segun]

I support the motion. COMPLAIN EN MASS.

It is not fair for Paypal to do this all this years.

My business will jump up 500 percent with instant payment.

[bakerstreet]

As to be expected, I've had a more turse response from paypal towers....

"

Thank you for contacting PayPal regarding the Payment Service Directive which came into place on the 1st of January 2012.

I appreciate the time you've taken to bring this matter to my attention. I understand that you have some concerns over PSD, please allow me to clarify where PayPal currently stand on this.

As of the 1st of January 2012, PSD came into effect meaning that payments must clear into the recipient account no later than the close of business the following working day. The only exception to this change was for the UK as the payment processor used by UK banks (BACS) was not compliant with this directive at that time, though this may change in the future.

As PayPal is not a UK bank, we were exempt from this directive but we have become the first Direct Agency member to opt into this directive and we are currently rolling out the Faster Payment Service across our UK customer base to bring UK customers into line with the types of services which are on offer within the EU.

We expect to have this rolled out completely by the end of Autumn and this has been activated for a small amount of our customer accounts whilst we make sure that this is fully functional before rolling this out across the full UK customer base.

Concerning the 5.00 GBP fees, at the moment the faster withdrawal option that we offer is still being sent by Wire Transfer which has a cost attached to it. The 2-3 working day withdrawal, which is carried out by BACS transfer, is still free of charge.

Thank you for your time.

Yours sincerely,"

So, paypal deny this applies to them and no refunds will be coming.... And infact, they are doing us a favour apparently....

[TKPeters]

Paypal is a bank; http://www.telegraph.co.uk/finance/markets/2808982/PayPal-becomes-a-bank-to-fight-off-Google.html

[bakerstreet]

When challenged about refunds of the £5 fees, this was their response...

"

Dear XX,

Thank you for contacting PayPal regarding the 5.00GBP withdrawal fees you have been charged for the faster withdrawals and the information you have seen on the community post. I can certainly understand your concern in this matter.

I have reviewed your request and I can confirm that this matter is currently being discussed and we will update you as soon as a decision is made.

I appreciate your understanding regarding this matter. Thank you for choosing PayPal.

Yours sincerely,

Joanne

PayPal"

So their response, was not to respond. Guess there is a lot of money at stake here so not surprised they are trying to duck the matter.

[ChilliP2012]

I'd love to know this too! Quite clearly states in the recent policy updates that Faster Payments will be implemented, yet when I withdraw cash from my PayPal account it's still taking 2-3 days, even though Faster Payments are available on my bank account.