The Dark Ages of Electronic Bank Transfers

[magicdave]

I love the fact that using PayPal for online purchases is very secure and in fact provides reasonably good protection for the consumer but I am dismayed that it takes a ridiculously long time to complete a money transfer from my bank to PayPal.  This is ridiculous in this day and age of literally instant banking transactions.  I have made attempts to get a direct answer from PayPal but like many have found it impossible to actually ask for a reasonable explanantion from them.  Instead here I am making a post to a forum because sending an email directly to a human that might actually provide an answer to a specific question like mine seems impossible.  The few times I have used PayPal were not exactly great experiences only because of the length of time PayPal took to verify my funds that were taken from my bank account the next day after I made the purchase yet were not paid to the seller for 4 days.  That is not what I consider great service.  Too bad there isn't any real competition for this company.

[tbittin312]

Let's face it the reason they do it - is because it makes them MORE money.  They are earning interest on our money during that time.  It's not because they don't have our money yet.

[magicdave]

I have to agree with you.  I am reading about paymate.com to see if that is a viaqble option.  Perhaps if enough people start using a competitor PayPal will be forced to provide better customer service.

[UNBELEIVABLE]

E-checks should not take 3 days to get to your PayPal account.

After wining an auction (on a Sunday) , I did the PayPal thing telling them to take the money from my checking.

Monday , the money's taken. It's not put Into the sellers account until Thursday. ( ON HOLD). 3 days. Now the seller gets the ok to send my Item. That takes 3 days. I send my positive feedback. The money Is cleared In the sellers account. If the seller wants the money sent to their bank, It takes 3 to 7 days. A maximum total of 13 days

I buy gas at a local station, they scan my check and give It back to me. Now It's an E-check from my bank.

The following day, the manager (friend), Informs me that the money was transferred immediately. That's the

whole Idea behind the Electronic check. Convenient stores do It, Wall-Mart does It, that's how ATMs work. Apparently

PayPal has figured out that If they can sit on, lets say $30.00 x 1 million Ebayers, that money could be Invested.

I may not be correct on everything I've said, but PayPal Is sittin on a good chunk of my money too. They'll get away with It If we let them. No more PayPal for me.   WORD OF MOUTH IS YOUR BEST AND WORST ADVERTISING

[alainasmom]

I had to laugh when I read this because it was just what I was thinking.  Paypal was **bleep**ed up last week and wouldn't let me do an instant transfer; kept removing an account we used.  So, I transferred money into my Paypal account.  That was Thursday and here it is Wednesday morning and it's still not transferred.  This is ridiculous.  This is all done through the wires so it's complete BS that it takes this long.  And what added to the crap was the confirmation PP sent me that said the funds should be available on Monday. 

Thanks for stealing our money for a few days PP.  You **bleep**.

[speedmullet]

Why is it that every electronic banking transaction I perform online happens instantly EXCEPT transterring funds from Paypal to my checking account. 2-3 days? Whats up with that! Is the Pay pal IT dept run by an septagenerian asthmatic snail carrying a heavy grocery bag? do the employees only type with one finger? Is everyone smoking pot on their breaks? Gimme my money, give it to me now, do it, just do it.

[tsp]

It's totally ridiculous.  Putting money INTO Paypal is instant.  Taking money OUT of Paypal takes at best 3-5 days, and can take more than a week!  This is a scam.  The fact that it is perpetrated by regular brick-and-mortar banks as well doesn't make it any better.

Paypal, you'd better start listening.  You're getting a very bad rep in the online auction/commerce community.  As soon as there's a viable alternative, your customers are going to evaporate unless  you make some changes.

[tbittin312]

One of the biggest problems with any other options - they are not tied-in directly with eBay.  Since eBay and Paypal are owned by the same company - this will not change.

[alainasmom]

How do you get the money to be instant when you put it into your Paypal account?  Is there a trick or something?  I put money in there on Thursday of last week and here it is Wednesday and it's still not there.  PP **bleep**.  This is all done without banks so it should be INSTANT.  ALWAYS.

[Condo_owner]

I have a prospective tenant who started their transaction last Tuesday with PayPal to pay for their Spring Break week at our condo on the beach. It's now Wednesday of the following week and the payment still hasn't been processed. And if it is not completed today then I'll be forced to cancel the payment request and these people will have to sit out their Spring Break at home and I'll have an empty Condo during a prime week. Thank, PayPal!