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I bought and paid for an item from a company seller. I realised the same day I had ordered the wrong part. The seller was great and cancelled the transaction same day. Refund came in to paypal from seller . Paypal then held on to my money for 5 days. Paypal then show transaction as complete and money returned to my original method of payment which was debit card. Tha was on the 4th May today is the 06th May and when I check my 24 online banking no refuned has arrived. This **bleep** as Paypal have held on to my money for a whole week.
Now I see why Paypal moved offshore from the UK to Europe to avoid the Financial Services act and our banking laws here.
Question : If they take my money and have it instantly why do they hold on to my money for a week.
The transaction was completed /refunded by the seller and transaction mutally agreed through ebay/Paypal system same day. So why oh why do I not have my refund yet?
I copy this here to stop a repeat stock answer being given.
Sorry John but in Reality I know that nowadays money is transferred almost simultaneously from one account to another. And it most certainly does NOT take 5 to 7 days to transfer!! Well unless you input the incorrect references and then the money is going across several continents and several accounts it does not. The money WILL be in ANY account in around 99% of cases within 1 working day! And certainly in ANY account within 3 working days. So please could you help me and all the rest of people who use your services by explaining how you arrived at 5-7 days?? If my bank took 5-7 days to transfer funds to allow me to operate my business I would have NO business after a very short space of time. Seems to me Pay Pal is doing PRETTY well on some rather STRANGE circumstances?
Firstly what you have to realise is that when you pay a seller it is never instant.
As long as you have a back up card logged with paypal then paypal pay the seller for you and then commence the process to upload funds from your bank account.
So when you are refunded that payment can't do a U turn. Paypal have to wait for it to clear through to them and then they mark it as refund completed when they have received it and then sent it on its way back to your bank account where again you have to wait for it to clear just like a normal cheque.
Thank you for the answer Kernolass
Just one problem as I see it, last Sunday in the late afternoon/evening I paid using paypal. on the next day the money was gone from my account. If I transfer money to my sons or wife or friends they get an instant payment such is the fast world of banking these days.
You are mentioning cheques which do not apply. This was a debit card transaction from both parties.
Paypal clearly hold on to the money far too long and blame slow payments how absurd.
Please see the second message on this post which I fully agree with.
Paypal is not a bank as such so of course it will take longer.
They get the money in but someone in customer services has to get around to processing it and crediting your account.
Would you prefer to go back to the days pre-paypal when you could wait up to 10 days for a buyer to send a cheque and then another 3 days for it to clear? Thats if it doesn't get lost in the post.
Even with the delays paypal is way more convenient and I find waiting a few days for payments to clear not a problem.
Before ebay and paypal there was no way i could have sold the stuff i have managed to sell or find the items I have bought.
If waiting a few days for a refund to credit etc etc is my price for that so be it.
But guess we will have to agree to disagree on this.
Pay is a bank this information is widely available on the internet;
In 2007, PayPal Europe was granted a European Union banking license, and is regulated as a bank by the Commission de Surveillance du Secteur Financier (CSSF).
That is why they moved their base from London in order not to be regulated by the FSA (Financial Services Authority UK) If they were regulated many of the Paypal bad practices would not be allowed here.
You appear to give the view that this slick banking organisation is waiting for someone in customers services to check what's come in and then process it, nice thought bit like the Miss Daisy of the banking world! Reality is this is one of Europe's larger financial banks and is a slick and fast as they get with all the technology that goes with it. Not some small ledger file company with a little old lady checking payment in and out.
I have been using paypal for years and ebay they are safe but slow and very slick to keep your cash.
Hey but of course we can disagree that's why its a forum!: By the way how long have you been working for paypal.
I asked same question the other day when i said do u work for ebay or paypal or are you getting commission for posting lol and guess what no answer.
Do you know how long after the money leaves your account that paypal then release it to be refunded. I noticed that it has cleared my bank today and the seller refund part is complete so will it take 5-7 days from today when paypal pay it back?