withdrawal held for 72hours!!!!

[bjc19]

I am so angry. I have heard various opinions of Paypal but, decided to judge them for myself... wrong decision... my withdrawals to my bank have always taken 2 hours , all good so far, until 2 days ago, when i transferred money and was given the 72 hours notification. but left with no other option i had to go ahead with the withdrawals... I have emailed Paypal 4 times now, recieving automated replies back, I have had to go borrow and beg from friends to manage until my money arrives, I had my budget organised or so i thought... its not like i am asking them for a loan , its MY money they are illegally holding..... do these companies even realise that while they are profittig people are suffering.

I will do everything in my power never to use paypal again.

There is something very wrong if companies are allowed to randomly hold someones money while they are raking in a fat profit from it, there is no reason they should be allowed to do this, thanks Paypal for messing up christmas for my family!!!

[kernowlass]

As per the user agreement withdrawals take UP TO 72 hours, although if its going to be longer than 24 hours you normally get an email to notify you.

Its a random security check that we ALL get from time to time.

[sarahp1611]

I dont believe this is a random security check as PayPal has done this to every withdrawal I have made for a month! I have verified my bank and they have taken funds but still holding every withdrawal. My account is overdrawn today due to this for which I will be charged as you are holding my money. Also UPTO 72 hrs, they always hold it for exactly 72 hours never less. But 3 days interest on thousands of transactions is a lot of money PayPal make while honest sellers trying to make a living incur fees and inconvenience. Strange they dont hold payments due to them for 3 days!

[kernowlass]

@sarahp1611

Firstly ''we'' are not holding your money as ''we'' have nothing to do with paypal.

The clue is in the button you push when you post a thread ''ask the community''.

And actually your rationale re holding payments is completely incorrect.

When a buyer PAYS it is never instantly transfered from their bank account, paypal CREDIT you the funds and then paypal take the wait for the funds to transfer from the buyers bank account.

That is why we get buyers on here confused that their item is on the way but the money has not left their bank account yet.

So when you ''withdraw'' those funds its actually paypals money you are withdrawing and so if you do it immediately after a buyer has paid then sometimes paypal put a delay on it (called a security hold) until the buyers funds play catch up.

Thats why I never withdraw funds immediately but wait a couple of weeks then I never get the hold.

So in fact paypal don't get interest at all, as they have CREDITED you the money that you are withdrawing but don't worry they don't charge you interest.

[sarahp1611]

What utter rubbish. So one of my buyers had already added funds to her PayPal account from her bank so if the funds are already there in a PayPal account how do u explain that?? Also no UK banks process payments to your bank on a Sunday and yet PayPal have released funds on a Sunday so clearly nothing to do with them waiting to receive the funds. If this was the case no online shops would send goods until funds had cleared!

[kernowlass]

@sarahp1611

Nope fact.

If your buyer is funding it from his paypal balance then yes it should be instant.

If they are funding it from there credit card then it normally clears in about 48 hours.

BUT if they are funding it via their bank account via instant bank transfer which is how the majority pay then it take 5-7 WORKING DAYS. But paypal does not expect you to wait for that so they CREDIT you the funds.

As for online shops you pay most of them via a debit or credit card and those card companies more or less guarantee the payments.

BUT if a buyer used a cheque then a lot of them may decline UNLESS you have a back up card to write the card number on the back of the cheque.

BUT paypal allows buyers to use instant bank transfer ie ECHEQUES and pays in advance for you as long as you have a back up card linked to your paypal account as well............just like those shops and paper cheques.

Whatever you say the fact remains, if your buyer used instant bank transfer you are CREDITED in advance and its paypal funds you are withdrawing until those funds play catch up.

Paypal uses ELECTRONIC and not WIRE transfer for those transaction (to save dosh) and so that is why it is NOT instant and they CREDIT you in advance.

This has even been confirmed by paypal and banks when users have asked.

[PayPal_Intars]

Hi sarahp1611,

Withdrawals normally takes anything from 2 to 72 hours to be completed. This is a standard process that applies to all PayPal accounts. You can read more here https://www.paypal.com/uk/selfhelp/article/FAQ2990 .

Intars