refund query

[yesno]

 hi,i recently made a payment which i had to cancel,problem at the sellers end,i then made a payment to the seller again ,another problem at the sellers end and he refunded me the £130,i have now completed the purchase ,but looking at my bank account 2x £130 payments have been taken,i have checked my paypal account and the refund is being held,why have 2 payments been taken and why is the refund being witheld if my bank account as been debited twice?

[minty1]

Hi yesno

U made 2 payments so 2 payments have been taken, it sounds like the payment hadnt actually processed yet

Once a payment is initiated it has to complete even though they were cancelled

The payments cant be refunded until the payment process is complete thats why they are on hold

[kernowlass · Accepted solution]

this may explain it >>>>>>>>>>>>.

When you send a bank funded Instant Transfer payment, two things happen simultaneously:

- PayPal sends a request to your bank for the funds for the transaction. It takes 3-7 business days for funds to come from your bank.

- PayPal pays the seller up front for you, instantly, so that the seller will not delay in processing your order.

When refund or cancellation occurs for that payment within a few days of it being sent, the funds that PayPal paid up front for you are returned.

However, the funds from your bank account are still in transit. They haven't reached your PayPal account yet.

As soon as those funds clear, they are available for you to use or withdraw.

[mikeylightfoot]

how can anyone still believe the struture of paying money transfers takes so long with the tecnology we have had for the last 50 years to make transfer instant it is a simple normal case of money and interest and the interest of money simple but  paypal do a good insurance policy for customers and you cannot blaime paypal or other companys for being apart of the system they did not create its just the way it goes for now ..

[kernowlass]

May be because paypal use electronic and not wire transfer for transfers from your bank account to paypal, they can't earn interest on funds they have not received yet    >>>

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

PAYPAL USES THE FIRST ONE ELECTRONIC TRANSFER.

[yesno]

thanks for your reply  🙂