Refund Pending

[Snake_A]

Hello,

I have recently bought something from ebay and unfortunately, the seller didn't have the item and send me a refund on the 26th of October. I have received an email from : "service(at)paypal.co.uk" stating that refund has been issued and in my paypal account the refund appears in history but the status is pending until xx of November

can you please tell me whats going on?

Thank you!

[Macc55]

Seems to me, that having spoken to my seller, and theyve confirmed that my refund was processed directly to PayPal through a business account, in thier own words direct refund will be available immeadiatly the money is shown, It's paypal holding onto my funds, "Interest" and nothing to do with banks as this is cyber controlled the very same as I'm paying over the counter.

What the F is Paypal up to???

[yusuuke76]

Thats not true, i paid through paypal credit, seller didn't had an item and send me a refund. In my activites it shows as completed but it's pending in paypal credit statement.

[richyb21]

I want to know whos holding all these pending amounts? and getting interest from it?

[Captain_Noah]

I too am having similar problems.  My refund pending date is 4th December but I got an email from PayPal stating that the seller had made a refund on 28th November. 

Refunds these days will be transferred electronically between the seller's bank, PayPal, and my bank.  There is no excuse for any delay.  Or does PayPal use Wells Fargo for my hundred and twenty eight dollars?
 

Someone said if it looks like a duck and it quacks then it's a duck.  This 'Refund Pending' nonsense looks like a scam and smells like one. 

[kernowlass]

No not a scam paypal uses electronic and not wire transfers and the difference in time is below.


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

Speed

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 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.


PAYPAl USES ELECTRONIC TRANSFERS.

[Captain_Noah]

Thanks for the reply, but the difference between 'electronic' and 'wire' transfers eludes me.

in the 1880s using stagecoach, then ship, post riders, and finally, stagecoach again, you could send a letter from Edinburgh to Budapest in less time than your four day 'electronic transfer'.

Perhaps PayPal should revert to Pony Express. 

Tell me this.  Where is my 'Refund Pending' money during the four or more days it is er, 'in transit'? 

[kernowlass]

Well the link i posted for you was from the ehow money website that explains the difference between wire and electronic transfers and the reason one takes longer than the other.

If you can't understand what they have clearly stated and explained not a lot i can do about that. 

I can only give you the information not the knowledge to understand it.

[Captain_Noah]

Well there is no need to be rude.  Is PayPal only for those like yourself who understand economic and banking practice? 

BTW, in case it slipped your highly intelligent brain, you didn't answer my question.

[kernowlass]

I don't understand banking practices, i am an ebay and paypal seller and if i don't understand something...i look it up.

AND YES I did answer this question >>>>>

Tell me this.  Where is my 'Refund Pending' money during the four or more days it is er, 'in transit'? 

Read AGAIN what electronic transfer is as per my post above >>>

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 days.

So from that I deduce it is being processed through the automated clearing house.

Can't make it any clearer for you so if that is no help I am going back to my book.

A sensible question would be WHY do paypal use electronic and not wire transfer ?????? That I don't know, maybe electronic is cheaper??

[Captain_Noah]

i did not ask what you call a 'sensible' question because I already know the answer.  It is in PayPal's interests to use electronic and not wire.

Using electronic instead of wire transfer allows this 'automated clearing house'  (a subsiduary of PayPal no doubt) to have use of my money. 

Judging by the number of posts on this and other boards, PayPal's refund policy is a major source of irritation to its users.