They're doing it to a lot of accounts now. It will take exactly 72 hours to clear into your bank. It used to always be instant for me and now every withdrawal for the last 3 and a half weeks has taken 72 hours. PayPal aren't willing to help and just give vague answers like 'it's a security feature to protect you as a seller' which obviously isn't the case - it's to hold onto your funds to earn interest.
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After speaking to the Financial Ombudsman I can confirm that they are looking into this now as it's happening to most customers, as you can see on the PayPal Facebook page, although PayPal keep deleting these posts which immeidately puts up a red flag. The Finiancial Ombudsman has stated to me that they have been aware of this 'security' tactic/loophole that PayPal are using to hold onto the funds and are investigating now.
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A way to find out if your funds are going to be withdrawn instant or if they'll take 72 hours is to go to: More > Sitemap > Withdraw money. Attempt to withdraw some money and check the time it states before submitting your withdrawal. If it says it'll take 2 hours then it'll be done instant. If it says 72 hours it'll be held. The withdrawal feature on the main page states 2 hours no matter what so the above is the only way of knowing how long it will take before actually withdrawing.
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No, PayPal are doing this to a LOT of sellers now. They'll tell you it's a security feature which it clearly isn't. It's to keep hold of the money for interest purposes. Expect to receive your money either after EXACTLY 24 hours, EXACTLY 48 hours, or EXACTLY 72 hours.
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Siobhan, EVERY withdrawal? Over 20 withdrawals, eahc 'randomly' reviewed for exactly 48 hours? You have no problem taking your fees or any Working Capital repayments do you? How are these ok to take if it's under review? Please reply to me.
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I tried to speak to them on Facebook but when I asked them a couple of questions they blocked me. They also did the same to my wife. It's not good service at all and very alarming. I was told previously that they have a policy where you are blocked for spamming which is a ridiculous excuse. I really don't like the fact that PayPal are in control of my business' finance.
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Every single one of my withdrawals made over the last 2 days has instantly gone to pending so I can only assume they're doing what they do a couple of times a year by holding on to the funds for interest reasons whilst desguising it as a security check. My latest withdrawl has taken over 24 hours when usually it was instant.
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