"3-4 days to transfer (receive) my funds"?!?

[JustJoe]

What... is Paypal shipping coins to my bank by mule train???

If Paypal can instantly withdraw money from my paypal-registered business checking account, then Paypal could instantly transfer my funds from Paypal into that same account. 

Happens every day.  For Paypal to take "3-4 days" to do so in this era of instant electronic banking is patently absurd.

Am I the only one to think so, or is the rest of the Paypal community busy watching re-runs of 'Happy Days'?

joe

[billnme70]

I don't know what Pay Pal has done either, used to in the past. When I sold an item, and it was paid by pay pal, the funds were swept into my bank account sometimes that evening, after payment was made?  It seems that is no longer the way this works?

[JustJoe]

It's called 'foot dragging, with interest'.  The several largest NY camera equipment retailers used to pull this in the 70s & 80s when paid by check for mail orders, where there would be a week or two of 'check clearing' delay before merchandise was shipped.  These companies were actually owned by the gold and diamond importers/retailers (family syndicates), and the profits they earned from interest made by investing their customers' 'held' funds were enormous because of the ordering volume they dealt with.

Paypal must think this is still the 'Disco Era' when it comes to giving us our own money in a timely manner.  I am very surprised (as a new seller here) that there doesn't seem to be an uproar ifrom this 'community'.

[flotoror]

they make tons of interest really...they dont care about us.

[PayPal_Olivia]

Hi everyone,

Any time money is transferred between your bank account and PayPal, in either direction, it is sent via the Automated Clearing House (ACH) process. This is a batch processing method used by many financial services, governed by NACHA - The Electronics Payments Association. This process helps keep the cost of transferring money lower, which enables us to keep our fees lower for our customers and even offer many of our features for free.

When you send an Instant Transfer, PayPal actually pays your seller up front for you, immediately. That's why paying through PayPal is such a fast way to pay!  We then wait the 3-4 business days for your funds to clear in the background. This typically goes so smoothly that most people don't even realize that there's more to it than just clicking and sending their payment. When it's usually noticed is in the case of a refund being given within a few days of the original payment.

If the seller refunds the payment before the funds have fully cleared from your bank, PayPal notes that in both accounts. PayPal hasn't actually yet received the money from your bank at that point, but the funds are already en route. That's why when a payment is refunded before the funds have finished making their way to PayPal from your bank, the refund is "held". As soon as the money comes from the bank, it's released for you to spend or withdraw, as you see fit.

Please let me know if you have more questions.

Olivia

[embassylimosine]

paypal refund my money my bank accounth  4 days ago and no money !!!!  478 US no small money  Wher is my money_!!!

[PayPal_Olivia]

Hi embassylimosine, and welcome to the forums!

What was the date of your withdrawal to your bank? Today is March 3rd, so 4 business days ago would have been February 25th. If your withdrawal was after that date, give it some more time and you will see it in your bank account. Thanks!

Olivia

[flotoror]

paypal does whatever the **bleep** it wants just like ebay. they make any rules they want..of course they are making crazy interest from our money everyday..im still waiting on 200 from feb21...wth...how they are allowed to do what they do is unreal to me...i completed 4 sales with pos fb but they still got my money...friggin nuts..oh and the pp flunkees spew tons of bs here.

[nightingale]

Is their an email or a confirmation after you put in a request to have paypal transfer your money to your checking acct? I thought i did it last night and it said "3-4 business days." While that's kind of annoying, it's whatever, but when I log in there's no indication that the transaction is pending or processing. How do I know?

[PayPal_Olivia]

Hi nightingale,

Welcome to the community!

The withdrawal will be marked as completed in your account as soon as we send the funds out (which is pretty quickly after you click the button). We don't receive notification from your bank when they have received them, so we're not able to provide that notification to you :(. 

You could check your online statement with your bank if you have one, or contact your bank to check on the status of the funds.

I hope this helps!

Olivia