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PayPal steals your money for 5 to 7 days. Not just you, but all of the PayPal customers. How many do you think that is?
Now they hold this stolen money and during the 5 to 7 days they make money on your money... Lots of it!!!
This is the same thing your bank does with money sitting in your checking or savings. They are using your money... but you have immediate access to it. What PayPal is doing is illegal!!!! Do I smell a CLASS ACTION LAWSUIT!!!
Think about it...
I think that would be a great idea. Im suffering from 100 dollars in overdraft fees in the past 2 weeks because of the way they process things. I get notices from them saying my transaction is cleared then I get the money transferred from my checking account a week later with things I just bought 2 days ago. It makes no sense to me why they do that. The way they do it make it so unreliable as well.
HA! You are right on with this one. They are a bunch of Greedy Vipers and the amount of $ they are colleting in interest by holding transfers and with holding payments is obscene and astronomical. IF ANYONE is serious about suing their sorry rear ends COUNT ME IN 100%
evidentialy it takes them a substantial tie to process the funds, as well i noticed that they don't inform you where your money really is. They should speed up the process of their fund transfers, i agree.
Good point -
Good Grief! Why do you get the Federal Reserve who is private company, not a federal agency involved. They are the biggest crooks on the planet! That explains a lot my friends!
With all due respect Helmute. I worked on the image based check processing systems that are in use today. I am intimately familiar with ACH. Settlement occurs every weeknight. Back in the day when we were developing this application, physical checks are batched and sent several times a night. Depending on the resources of the banks processing center, high value checks might have even been picked up by helicopter and delivered to the issuing institution. It's ridiculous that Paypal finds it necessary to stoop to these tactics.
More often than not, I keep a $100-$200 balance on my paypal account. They have been using my money for years. However, I recently made a purchase I need to pay for, initiated a transfer of funds, verified that the funds cleared my bank 2 days ago, and PP still says it's processing. It really should not take more than 48 hours tops, with 24 hours being the norm.
I too will be looking for alternative payment mechanisms.
I am having a BIG PROBLEM understanding this whole bank account transfer thing. I transferred money from my bank account on Tuesday, it was taken out of my bank on Thursday, and it STILL says its processing in PayPal. This is really frustrating. I've actually since purchased the item with my credit card, so I'm just waiting to see that the transfer is complete, so that I can go ahead and put it back to my bank account. This is the 1st, and probably 1 and only time I will be using PayPal. I do not like the fact that you can't even cancel a transfer after its been made.
Obviously since this was my first experience with PayPal, I did not know what I was doing. I finally figured out that I needed to add a credit card so that I could purchase the item right away.
PayPal does not give any sort of instruction on any of this, and its very aggravating.
i agree! paypal shouldve let us know who needed to resolve our account before hand. this is very annoying. i hate how paypal is holding my money refund until my account is resolve. **bleep** with the resolve, i just want my money back and never again im dealing with paypal. this is messed up.
I realize your part in this thread is pretty old, but it still applies so here goes.... No offense to you personally, we're all just doing what we're told at work, but your response regarding the ACH transer, while maybe that's what they're telling you, is not true! I work in a billing industry, and we use ACH all the time! It takes approximately 5 minutes!!! I do payroll, and we enter in the amounts for the employees who have direct deposit, and there are some who get it instantly! The time frame it takes lies with the financial institution. For instance, Wells Fargo does all wire transfers done after a certain time of day at midnight as one batch. BofA, if you transfer after 3:00pm, will not process until the following business day. Chase, and I am not sure who else, post ACH transfers as soon as they go through - usually 3-5 minutes! NEVER longer than 1 business day!
My husband is on unemployment right now, who also uses ACH transfer, to direct deposit his claim payments to his checking acct. He can call or file the claim each week by phone or online. If he does not file, there is no payment processed. Once it is completed, if it's done in the am, he gets it by that evening - pm, the next morning. No way does it take the state unemplolyment office LESS time, really?! The time it takes to verify funds, verify acct ID, etc., is the same amount of time it takes to transfer money! Technology accomplished that long ago when POS machines and ATMs were inroduced! So it's either the bank, PayPal, or both! It's actually genius if they figured out holding it a day or two earns them a little extra!
That being said, my suggestion to you, as a PayPal employee, would be to maybe instead, respond to these inquiries with the fact that everyone is told the time frame frame no less than 3 times when they agree to do the transfer! If they don't want to wait, they shouldn't use PayPal! They too, are a business like any other, and of course, trying to make money! All these people do the same with their repective businesses! Charity/volunteer work is rare anymore! Can't really get mad at a business for trying to "make money" that's what they started this business for!
But it would get PayPal a lot more business if they could offer the instant transfer to their customers! That is the only reason I do not choose to use it! I'd even pay a monthly fee to be able to use it for my business if this was an offered benefit! Just something to consider passing on to the higher-ups! Have a nice day!