Why does it take over 7 days to deposit directly into Paypal savings when it could have been fa

[Studio99]

It's unbelievable. I'm so angry I'm besides myself. My bank cleared on the 4th, after I deposited nearly 11 thousand dollars on the 2nd and STILL the damn savings says pending with none of those monies in there. I text messaged with representatives and called since Wednesday to speak with reps and managers but I've been getting the same damn run around.

I've been told it would clear that Wednesday when I called; Of course it doesn't clear that day so I called Thursday and was told it would clear Thursday, of course it doesn't clear on Thursday. Well Friday comes around I called again, they said wait until END OF THE DAY Friday, today. Well this time the supervisor was extremely rude to me, I could NOT get a word in without being interrupted ever other breath with her continuous go to response, 'We can't do anything about it shpeel'. So then she says I need to wait until END of day today or again... until Monday another 2 days later WTF?!

I'm so effin **bleep** because I only did it for that alleged 4.3% apy that was blaring on every page, and now my money has been floating God knows where in the aether for 5 days now and I'm dead broke. I never had this problem, EVER. I've been a member since 2002 and I never waited this long. I would always transfer to checking and get it by 3 days at the most. 7 days!? I read that damn Synchrony disclosure 2 or 3 times already it never mentioned that. The faster approach would have been to simply transfer to checking then instantly transfer to savings.

In other words I would've NEVER click that transfer button from inside paypal savings if I knew I had to wait this long. And listen, I know to them 11 grand means absolutely nothing to them and its chump change, but its my damn life savings alright? Give me a freakin break the pandemic has been brutal on me... I'm such an **bleep** to even consider moving all my funds like this. Sorry I gotta calm down now ugh..

P.S. Label is supposed to be Paypal Savings. Not there.

[PayPal_Meghan]

Hello @Studio99, 

Welcome to the PayPal Community! 

I'm sorry to hear about the hold that was placed on your transfer to your PayPal Savings accounts. Your frustration is completely understandable; I know I would feel the exact same way. The Customer Support you've received is not the experience we want customers to have. From what you've described of the situation, I can think of two different situations that might have happened. The first is that the eCheck hasn't cleared to PayPal yet. When money is transferred from a bank to PayPal, it has to be cleared by the Automated Clearing House (ACH) in the middle. That's why it takes so long for the money to reach PayPal from your bank. On average, it's around three to five business days, but larger payments seem to take longer in my experience. If you'd like to learn a little more about eChecks in general, we have this Help Center article available. 

The second situation that comes to mind is that the payment was placed on hold by PayPal or Synchrony's Security System. PayPal's Security System reviews all transactions and can add a payment hold to transfers if a higher risk is found. Based on the specific timeframes you were quoted and that you mentioned that it needs to clear, I'm leaning towards the first situation. Regrettably, we do not have the option to speed up the ACH process because it's not completed by PayPal. If the payment is denied and it doesn't clear through them, it will be returned to your bank. You'll also receive an email from PayPal letting you know we were notified it did not clear. 

I hope this information helps to explain better what's likely happening, and since it's been a few days, I really hope it has already cleared by now. 

- Meghan

[Jasondh101]

I couldn't possibly agree more! I've had numerous online bank accounts over the years & yes, sometimes it does take 3-5 days to deposit. I'm on my 6th business day as we speak. It's unbelievable. I almost feel as if PayPal somehow makes money off of the $$$ we are transferring. The longer the delay, the more interest $$$. Idk. Just don't understand why my $1000 deposit has taken this long. I guarantee to you that IF this is the "normal" time frame for PayPal then they are gonna struggle to maintain any business!

[Jasondh101]

I had no idea that PayPal monitors what we say on here. I definitely wouldn't have said what I said had I known that. Just frustrated the amount of time it's taking. I've been with PayPal for decades now. I have dozens of various online financial accounts & this one has taken the longest to deposit. I'm not sure it's the "normal" for most other banks & financial instruments.

[Riodjomama]

I am experiencing this same situation. My money was taken from my primary bank and is just hanging in the ether and pending status. It makes me insanely uncomfortable as I am unemployed and I just wanted to grow what little money I have. I can't get a straight answer or even reach someone directly at PayPal. I also need help!

[Jasondh101]

FYI: You can open a Capital One Savings Acct with the same interest rate & there are zero fees. I've had my Capital One Savings & Checkings for at least a decade at this point. Both are 100% free.