PayPal payments and the associated BS

[Tattersall2002]

Made a payment for a small ebay purchase. 35$ OK Money was instantly transfered from my checking account. PayPal rep stated on the phone that yes it was not accessable to me any longer and that they did know the funds were released from my checking account. 

PayPal claims that they need a cc to have back up source of funds even though they can confirm that the funds have def left my checking account for them. Somehow I should now maintain a CC so they can have the funds guaranteed? 

What once they leave my checking account for the PayPal account they can be lost and I should have to have a cc to pay once again?? PayPal actually expects me to believe this BS?? 

PayPal them proceeds to tell me that it is somehow my fault that they do not have access to those funds and that my order cannot be processed until they receive them AND they then send the seller an eCheck!! Which of course the seller will take some additional time to cash. All the while PayPal collects interest and other bennies from having my money in their account. Think this is not much?? Ok then I would like to have the money just on loan from all of the PayPal transactions for one day not to keep just to hold for three to four days. The money to be made on that is staggering. Forget what they make in payments for actually processing the funds! 

So PayPal would like me to believe that these funds are in limbo somewhere and no one has control over them! They stated that the Federal Banking Reserve has them.  

PayPal is supposed to be paid for making financial transactions in a fast and equitable manner. Reality is they are stealing money from both sides of the transaction by holding funds in limbo for 3 to how ever long it takes them to clear the check. 

Federal Banking Commission tomorrow just as a start. Plus does anyone know how to close a PayPal account?? I will not be doing business with these deadbeats any longer. 

[surplusdealdude]

Click on the "Paypal Help" link in the upper right corner and search for "closing your account".

[Amanda411]

Hi Tattersall2002,

I sorry for the confusion but it sounds like the agent may not have been clear in explaining the process.

There are two ways  to fund a payment using your bank account.

Instant transfer is when the payment is funded with your bank account and the seller is credited instantly

eCheck is when the payment is funded by your bank account but the seller is not credited until the funds transfer process is complete.

In order to send an instant transfer you must have a credit card back up funding source. Essentially, PayPal is crediting the seller on the belief that the transfer from your bank account will be successful but using the credit card as a back up.

In both cases, it take 3-4 business days for the transaction process. An ACH (Automated Clearing House) transfer is not a wire transfer; it is a group of payments electronically transferred to participating depository financial institutions. At the automated clearing house, all of the transactions in the batch will be segregated according to the destination bank to which they were sent.

To learn more about this process check this third party website:

http://www.nacha.org/c/Intro2ACH.cfm

NACHA is the the provider of the ACH network used by most banks and financial institutions.

Amanda