FINANCIAL SLOW MOTION

[tommyography]

I find it very curious, not to mention frustrating, that a supposedly hi-tech financial exchange such as PayPal cannot seem to transfer funds in a timely way between my bank and my PayPal account. Why is it taking 3 or more DAYS for an electronic transfer? Even when my bank records show the funds have been withdrawn the amount is still not posted to my PayPal account!

What? It's like the speed of light gets trapped inside some sort of PayPal black hole...Am I surfing on-line or drowning in molasses? Come on, people, we can do better than that, can't we?

[kernowlass]

@tommyography

The reason is because IT IS electronic transfer and not wire transfer >>>

http://www.ehow.com/info_8537474_difference-wire-t​ransfer-electronic-transfer.html

Because processing electronic fund transfers involves a third party in the automated clearing house -- which processes the transactions overnight -- the time it takes to complete this type of transfer is generally between one and four business days.

Since one bank completes a wire transfer by dealing with another bank directly, wire transfers occur faster than electronic fund transfers. Often, banks complete wire transfers in real time, making funds available to a receiver within minutes or hours of a person beginning the transaction. >>>

They may use it because of cost but that is one reason why when you pay using your bank account paypal CREDIT the seller for you and paypal take the wait for the funds to transfer, but with a withdrawal you have to take the wait.

[billyL]

It took 7 days from the time I got the email that my sister sent me money to the time it arrived in my account on the 15th. I then transferred it to my bank, still don't have it on the 18th. I was counting on that money for bills and groceries. Needless to say my bills are late and I'm am pretty **bleep** hungry.

[mystolenmoney]

I am having problems with paypal not depositing my money into my account as well.