Transferred money to bank account

[mws_1984]

I just transferred money off my paypal account to my checking account. Paypal says the transaction is complete, But the money is not in my bank account. Why is this and what can I do?

[skier · Accepted solution]

Very common question:

When you transfer funds from your PayPal Account to your bank account, you should receive a "completed" message in your Account Transaction History. The "completed" message means that PayPal has completed their end of the deal by transfering the funds to your bank. The next step is up to your bank as to how long it takes for it to show up in your account. Normally the time frame for US Banks is 4 "business days". Note some US Banks can take longer and "business days" do not include weekends or holidays. As for other countries, Canadian banks can take up to eight business days. UK banks can take up to nine working days and Australian banks can take seven to eight working days.

Regards,

skier

[CLC1905]

Thanks for your reply and your good info, Skier. It would have been nice if Paypal could have included  that information in their 'help' section.. I looked all over the place in 'help' and couldn't find it.

" Normally the time frame for US Banks is 4 "business days". Note some US Banks can take longer and "business days" do not include weekends or holidays. As for other countries, Canadian banks can take up to eight business days. UK banks can take up to nine working days and Australian banks can take seven to eight working days."

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@skier wrote:

Very common question:

When you transfer funds from your PayPal Account to your bank account, you should receive a "completed" message in your Account Transaction History. The "completed" message means that PayPal has completed their end of the deal by transfering the funds to your bank. The next step is up to your bank as to how long it takes for it to show up in your account. Normally the time frame for US Banks is 4 "business days". Note some US Banks can take longer and "business days" do not include weekends or holidays. As for other countries, Canadian banks can take up to eight business days. UK banks can take up to nine working days and Australian banks can take seven to eight working days.

Regards,

skier

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[ellsbury46]

Actually PayPal does not transfer the funds directly to your bank account, When you get the completed message in your transaction log that merely means PayPal has released the funds and it's no longer in their system.

The funds then go to the Federal Reserve and they are the ones who complete the transaction in to your bank account, If you call PayPal they will tell you the exact same thing because I to was confused about this and this is how they explained it to me how it works.

[GermanChikk]

Does Paypal charge a fee to transfer money from Paypal back to the bank account?

[skier]

Transfers or withdraws from your PayPal Account to your bank account are free, no charge.

As for the other comments on transfer times, who cars who's to blame.  The funds get there when they do, if someone has a wonderful bank that wants to blame someone else, that's great and if PayPal wants to blame someone else, that's great too.  Regardless of  who gets the credit or who is right, just what are you going to do about it  anyway.   One option, than find another transaction processor.   That would be swell too, then we won't have to waste any more time on this subject.

Just for anyonw who cares.  We have a separate mechant account through our local bank for processing credit card sales at markets and outdoor events.  And guess what, we actually have the funds in our bank account within 24 hours after we upload our daily transactions.   This just tells me that depending on the banking organization and the type of credit cards accepted, everyone can be different in their processing time frames. 

Regards,

skier

[edspring1]

You know this works both ways. "ADDING FUNDS"   And "WITHDRAWING FUNDS". I am really confused, and frustrated every single time I ADD funds from my U.S. bank, into my PayPal acct. My bank says the money is out of my acct., and was sent via my request no later then the very next day. PayPal NEVER shows it in my PayPal acct. in less than  5 working days. I have to ask? Where did my money go for 2-3 days?  Considering this is all done electronically I am thinking MY funds are laying in a PayPal acct somewhere so they can collect interest on it for a few days. Makes me mad, because of course I have pending deals going on at the time they are playing with MY money. I would think theat with the precentages they charge it would be enough.It just makes me mad, because I have talked with PayPal about this no less than 3 times, and thus far  NO ANSWER ?

[donnap]

Yes, it's total BS.  You can write a check at a store and it might clear in an hour.  But transferring money in to your accout - and it's all done electronically - takes a week?  Fubar.

[edspring1]

I would just like to know where my money goes. And is it legal for whoever that has it, to be collecting any sort of interest off of it while in thoer presense ?

Sounds cheap of me but when you think of the millions of dollars an intatution like PayPal has control of, if they are collecting interest ewven if it is just for 3-4............. WOW !