How can a financial institution who begged us all to use their “fast” direct deposit feature to receive our money from an economic crisis be closed and not answering any calls at all, but McDonald’s is open? How can you possibly be closed right now????
No one is legally "holding" money. It is not the end of the day yet today. They are processing the payments as fast as they can 🙂 we need to all be patient and wait until midnight, am at the latest. Trust me I'm with you, I'm going to be going to an actual bank after this but for right now I gotta calm down and know its still the 15th it hasn't turned the 16th yet. When it does then I will be on my game and start calling people...
You would be incorrect. For the purposes of the US Treasury the business day ends at 5pm ET. For financial institutions it typically follows time zones depending on the type of transaction. PayPal states 8pm ET for their batches. That's 4pm PT which is also a standard close of business time. They handled this poorly in every way possible. No communication. Shutting down avenues of contact. When agents answered messages, which was sporadic, they gave conflicting information. The money dumped into the custodial fiduciary accounts that PayPal has with Wells Fargo. That's the only part Wells Fargo plays. I realize we're in the middle of a global pandemic. I'm also a manager. They knew these were coming. They sent emails ahead of time. The CEO needs to be called on the carpet. If my employees handled things like this I would expect myself & my employees to be terminated. There is no excuse for how this has been handled period.
