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Paypal bank transfer, why is it so slow?

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Why does it take so long to transfer money from PayPal to your bank account?  In this day and age of electronic or online banking there's surely no reason why a bank transfer transaction should take so long?  It's something I have noticed not just with PayPal as it goes.  It happens with other lots of other companies and the delay always seems to be with money going into your bank account, never the other way round.

When you pay a bill or need to transfer money to a company, the cash leaves your account quite quickly in most cases, in fact quite often instantly (sometimes a bit slower with a debit card).  Well that's quite interesting don't you think?

They don't call it fantastic plastic for nothing because the money just shoots straight out of your bank account.  This goes for paying for goods or services with PayPal too, they seem to get the money out of your account in no time at all.

Bank ATM, Paypal to bank transfer too slow I'm fed up waiting for my cash...

When someone buys something from you though, it's a different matter and I'm fed up waiting for my cash that's stuck in the system somewhere!  Have you ever sold anything on eBay recently?  You're more or less forced to use PayPal unless it's a pick up only item and most people go for the PayPal option.  They discourage other forms of electronic payment you see, so there's not really much choice unless you can find someone who actually has a chequebook these days.  Having sold something recently, the buyer insisted on using PayPal and it took 5 days for money to reach my bank.

I'd dearly love to know where that money was in all that time.  The guy who sent the money to me no doubt lost it out of his account straight away and I certainly didn't benefit from it over the last week.  Was it sitting in some account somewhere making interest for some large faceless company perhaps?  I think so and I'm fed up being screwed over by big companies and banks.  It's us lot at the bottom of the ladder with less money to play around with that suffer every time!

By: Fed up with PayPal and banks


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Craig

Even slower now that they have split from eBay.
2nd Oct 15 05:10

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athair_siochain

Its all about profit the longer they hang on to your money the more interest they make. just think how much they make on millions of accounts by holding onto the CASH
8th Jul 13 10:07

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Jeff

I feel the same way about this.....I have an online savings account. When I need to transfer money to my savings account to my bank account, its normally there the next day, or following day. Paypal takes at least 2-4 days.....I just transfered money from paypal, and from my savings account. I got my money from my savings account the next day....going on 3 days now and nothing from paypal...I think they like to hold onto that money as long as possible to get as much interest from you as they can! Its so friggin annoying! Oh and if you buy something on Ebay and pay with your bank account, that money is out of my account the following day! They are so quick to snatch that money right out of your bank account, but as slow as possible to put it back in!!!
9th Jun 13 02:06

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-2

The Pursuit of Excellence

I am a big ebay user and so therefore a PayPal user. I've been selling on ebay for a couple of years now and over the last 6 months have realised how much seller fees can really amount to. It's almost like I'm paying rent to run a online shop it costs so much. Now I could ignore this if it were the only issue but it really angered me when ebay refused to help me with a discrepancy I had with a buyer. I will spare the details but ended up with me having false negative feedback on 2 separate and one of my items was not paid for. The item sold for £40. The buyer did not make any payment nor reply to any of my messages. Instead I was left bad feedback suggesting I harassed said buyer. Of course I wanted to leave my own feedback to warn others of this person. However I discovered I could not leave any feedback until I marked the item as paid. I didn't really understand this and so after a month of waiting for ebay to help me all they suggested was to contact the buyer. Not only that but they could not remove the false negative feedback on my profile. Now considering I have been a trusted seller for over 2 years and have given them so much money through seller fees I almost felt betrayed. It seems to me ebay has become so big they don't really have to care about the individuals that use the site.
I have done some research and come across many people with same problem as well as others, high seller fees, ebay is hand in hand with PayPal and there are very scant alternatives provided by ebay, accounts behind shut down for no good reason, these are but a few of the gripes I have found on the Internet about ebay.
I want an alternative where I don't get charged absurd seller fees, where I get rewarded for being a trusted seller. I have looked into other auction sites and while there are many good ones (Ebid.net, bonanza.com), I have decided to make my own site. I want to get a better understanding of what people don't like about ebay/PayPal, what people would change if they could even past disputes people have had with ebay. Please respond to this with any problems you've had, anything you don't like about the site big or small. My aim is to make a haven for people fed up with ebay and I thought the best place to start is with potential users.
20th Mar 13 01:03

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4

CS

I tried to withdraw money from paypal to my account but it said add bank account. Then wouldn't let me use the bank account because I already opened a paypal count with it. Does paypal automatically pay what is owed to you into your bank account after a set time? How can I withdraw money if paypal won't let me use my own bank account?
24th Feb 13 10:02

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3

a

i got a refund a while ago, the money didnt even leave my account at that point. i thought that paypal would just leave it, i continued on and found out today that my account is now in $-158 cause of paypal. that is ridiculous why is it not instantly transferred and then back after the refund?.
4th Dec 12 07:12

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-9

preypal

They hold the money to collect interest on it.. it's a scam
30th Nov 12 02:11

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4

p1553d0ff

I've got to wait 21 days for 5 friggen dollars. I know the pain. This guy received his item a week and a half ago, I should get the money the moment he received the item. That's fair. Not only that, but I'll have to wait another 21 days to transfer it. 42 days for 5 bucks that I need for gas to get to work. This is a rip off.
31st Oct 12 06:10

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ajto345

I recently made a deposit from my Ladbrokes.com account to my Paypal account but the money has disappeared again. I have asked PayPal about this before and they said it "takes time to go over" but they have never answered my straight forward question, if the money is not in any of my accounts where is it? this kind of thing really gets my goat !
21st Oct 12 04:10

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Ed1965

I have been waiting 7 days for $250 to go through to my prepaid Paypal Mastercard. Paypal tell me the money transfer has been completed, the prepaid card people say the transfer was rejected. Who am I supposed to believe? The money is to pay rent and now I risk getting evicted because no one at Paypal seems to know what they are doing.
6th Aug 12 07:08

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Richard

Apply for a paypal access card. You can then withdraw your cash immediately from any cashpoint at a maximum of £200 a day. This is taken directly from your paypal balance. They charge £2 per cash transaction, but if you pay for goods with the card there is no charge.
11th Jul 12 12:07

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Adem

Every bank transfer takes time....Er actually thats not correct.I sent some gold off to one of these gold buying companies and they called me when it arrived to give me a final valuation and said they would pay the money into my bank by fps that day,so few hours later i checked and it was there. In fact fps is pretty much instant,so why cant paypal use this method even if they charge a couple of quid per transaction,rather that then waiting days on end.
23rd Jun 12 06:06

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Mike

I'm still waiting for $5000 in payments that are pending transfer to my bank account from several weeks ago. No explanation from Paypal, other than it's some type of "glitch". The Paypal account is not frozen or limited, and my bank account is verified.
12th Apr 12 02:04

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-6

It's my MONEY and I NEED IT NOW!!

I've been waiting since March 18th, it is April 2 going on the 3rd now. Is there any other instant option other than this slow ass method??? 12 F&^$&# DAYS!!!
3rd Apr 12 03:04

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Matthew

Nicely put. I've been waiting 6 days now...
11th Jan 12 12:01

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haz

ive been waiting nearly 5 days now for my money to go into my bank account. Paypal sucks
14th Oct 11 03:10

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5

David

Paypal does not live up to its claims for easy money transfer. I have just opened an account for my partner to receive funds but it is now blocked because they noticed "unusual activity" on the account, ie the sending of payments. Utterly astonishing and their customer service is useless. The whole process has been fraught with difficulty with further requests for information once one thinks all has been provided. Had the process been transparent then it would have been easier. As it is I can only say that Paypal transfers are not as easy as they claim, are extremely slow and sometimes require fees to be paid to withdraw the money. Definitely not recommended!
2nd Sep 11 06:09

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-2

Every bank transfer takes time

I am not really sure how paypal works behind the scene to pay from one paypal client to another. But as it is there system the account to account transfer should be immediate or even if via a manual queue be done within a few minutes (depends on volume and flow by payments).

The point here is paypal to bank. This process should be different than the internal paypal to paypal process as paypal needs the correct banking details to make payment. there are also restrictions from a 'cash' movement point of view in different countries and currencies on when banks will receive the funds from paypal and then be able to execute the deposits on the correct account.

Even the 'bank' side may be manual and this could also take time.

There is no real instant 'online banking' with immediate transfer of funds. That is only in the movies!!
Currently online banking is a format for users to use cashflow online rather than write a check (do people really still do that- if so why??), or physically go to a cash machine or bank. The process behind the online banking can view the same way as writing a check (debit of the account) but instead of the length of time for the check clearing - when banks will send money back and forth to cover the check - the time is reduced as bank A needs to verify funds are on the sending account before they can be sent and then Bank B needs to receive the funds and verify the account to credit is correct.

Many small and local banks still handle a few steps of the process manually as people are cheaper than some of the technology out there in the banking world. Yes even in the UK and US!

Global banks also still handle portions of this manually but that would be based on exceptions - such as an IBAN or accoutn number not matching as part of an automated system. This 'queue' is then manually viewed to correct or investigate why the issue occurred.

More often than not it is an issue on the sending individual or sending bank not having sent the correct information.

This is a similar when sending money abroad in the same currency - some nuacnes are there as each local bank has their own process. If you are sending corss-currency Briths Pounds to Euros or Dollars then the processis a bit more complicated on how the currency will be exchanged on the sending side or receiving side and can also be a bit manual and then there are the fees - international transfer, exchange fees etc....

Hope this helps on why a transfer may be delayed, but a bank must receive the money, verify the money and correct credit to an account. Not all banks are created equal.....
27th Jul 11 10:07

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4

Fred E

I think it will be slow because they must wait some time to see if a fraudulent card has been used. If it has you will have lost your item and your £230. Paypal never lose a penny. It used to make me laugh that if you sent a cheque the seller would wait for days to let the cheque cash but sent items straight away with paypal. The consequences of a bounced cheque or a paypal chargeback are the same. The seller loses everything.
28th Jun 11 07:06

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13

PissedOffWithPaypal

Ahh! I am a new time buyer and didn't realise this! I don't think I would have used ebay to sell my item had I realised how crap paypal are at transferring funds! I am currently waiting on £230 stuck in the system.

Funny how the money leaves my account almost instantly! Shame it doesnt work both ways!

Lesson learnt: DO NOT USE EBAY IF YOU NEED CASH QUICK!
28th Jun 11 05:06

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UK-NoPal-User

Paypal is not only slow moving money into your bank account but have been know to withdraw money from peoples bank accounts...................................................... After people have closed the paypal account.

What ebay and Paypal do is pretended they are not the same company when it suites them and the same when it does suite them.

NoPal is not regulated by the Sec or FSA and they spend a fortune lobbying/bribing politicians but you real have to look to find information because ebay is googles bigest customer and they activly supress negative views of Paypal member
4th May 11 11:05

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Ray LM

I closed my PayPal account down in support of WikiLeaks, but also because I was unhappy with the fees and how long a transfer took. Unfortunately though, it's very difficult to do business on eBay without PayPal. It is possible when sellers accept cheques or postal orders, but it's so slow and it's really annoying that you can't use other payment forms on eBay such as Google Checkout.
26th Apr 11 12:04

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Big Trev

It seems Paypal like many others in the banking world is making money out of delayed transfers. So vote with your feet. I have just closed a bank account after being told it would take 3 working days to make a transfer.
26th Apr 11 12:04

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-3

omg omg QQ

well both ways the money is delayed... even when you send money to a company they just hold the amount from your account balance (the money is still in your account and till the transaction complete you can even cancel the transaction).

Maybe they wait for a specific number of transactions in order to proceed to execute them.
21st Apr 11 08:04

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julianes

I made several transfers from my bank account to my Paypal account... the last transfer I did never arrived...but they disccounted it from my bank account. where is my Money? Paypal sucks!
5th Apr 11 07:04

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Targ

Holding a big ball of money, constantly going in and out, is a pretty nice thing. Use it as collateral. Someone is making bank, but who is it?
4th Apr 11 04:04

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Pete

I have to join all gathered here in pain and misery. PayPal is really breaking my balls here as I depend on a small business of mine. Even though I always transfer myself money in advance, the 3-4 days wait is bullshit (takes like 2 days to complete and then 4-5 still to show on my bank account). PayPal's doings are outrageous and unacceptable. I'm glad there are websites like this - maybe some day something will change for the better!
29th Mar 11 10:03

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Dussey

They hold on to the tranferred money for as long as possible so that they can enjoy the benefit of receiving the interest accrued which, I imagine, would be quite significant considering the amount of other peoples' money held in 'transfer limbo' by these financial rapists.
22nd Mar 11 02:03

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yotg

if they say 3-5 days it'll be millisecond accurate on the latter prediction..

but hey it's paypal, they have the market hold on e-commerce, they can do whatever they want and ignore complaints..it's not the banks incompetence, just watch your account on a bank>paypal transaction..
18th Mar 11 12:03

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MikeP

You are confusing different issues here. Paypal is not a bank transfer. Paypal is an intermediary and they hold your money, and charge a fee.

If you make a direct bank to bank transfer between banks within the UK clearing system it is usually immediate, or at worst, overnight, this has been the case since about 3 years ago. It is also free if done online, at least with my bank it is.
17th Mar 11 08:03

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Garrrrgh

Hi.

I'm from Poland, recently moved with my business to UK.
It's soooo frustrating...

The slowness of UK banks is legendary among the Poles, back in PL, the money is always on your account on the next day.

Usually people say, it's because Polish banking system is younger, thus, more modern.
I no longer believe that.
I think British banks hold your money for a day or two, OR LONGER on purpose - for that short period when they hold it, their, eh, I forgot how it's called, In Polish it's called "unit of allocation" - is higher.
In practice, that means they seem to have more money than they really have, and thus their stocks etc. are worth more. Banker would explain it better.

It makes no difference if they do it to one person, but if they do it to millions...

One huge multinational bank in Poland used to hold your money for extra 24 hours ages ago,
made people rage & quit it.
17th Mar 11 08:03

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-9

Phlebe

I bought a coffee machine online via PayPal but when I went to pick it up having been assured it was in stock (turns out it was a regular shop) they did not have it on the floor although it was "in stock". I asked for an immediate refund. The initial transaction was taken out of my account by Paypal immediately. However, although my Paypal act shows that the money has been refunded - this is not reflected in my bank account. I cannot contact a person at Paypal only robots. Help.
20th Feb 11 11:02

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brainhat

"You asked us to transfer $850.00 USD from PayPal to your bank account, and we're processing it now. It usually takes 3-4 business days for transfers like this to go through, so you should see the money in your bank account by Feb 4, 2011." I was wondering what "transfers like this" means in this message from paypal. Do you suppose there are other kinds of transfers...a penny at a time, counted out by an elderly lady standing over the counter at the drugstore....? Maybe we're getting the fast-track--just 5 days.
2nd Feb 11 01:02

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-2

??

Paypal closed my account because I hadn't used it for a few years even though I had still had money on my account and they won't let me have it back so it's lost in the system somewhere.
2nd Feb 11 10:02

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brainhat

"You asked us to transfer $850.00 USD from PayPal to your bank account, and we're processing it now. It usually takes 3-4 business days for transfers like this to go through, so you should see the money in your bank account by Feb 4, 2011." I was wondering what "transfers like this" means in this message from paypal. Do you suppose there are other kinds of transfers...a penny at a time, counted out by an elderly lady standing over the counter at the drugstore....? Maybe we're getting the fast-track--just 5 days.
2nd Feb 11 04:02

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4

brainhat

"You asked us to transfer $850.00 USD from PayPal to your bank account, and we're processing it now. It usually takes 3-4 business days for transfers like this to go through, so you should see the money in your bank account by Feb 4, 2011." I was wondering what "transfers like this" means in this message from paypal. Do you suppose there are other kinds of transfers...a penny at a time, counted out by an elderly lady standing over the counter at the drugstore....? Maybe we're getting the fast-track--just 5 days.
1st Feb 11 09:02

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-5

GRRR

I am so sick of this!!! I had to wait over the weekend, then FINALLY got my tiny amount of money in the freaking evening on Monday. Now I'm waiting for another transaction, it took 24 hours just to be completed. I hope to hell that I can access that money today. This is so painful, something seriously needs to be done about it! It's as bad as waiting 2 weeks for payday!!!
25th Jan 11 01:01

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AngryMan

I heard that they are artifically holding the money in an account to accure some intrest (that is on top of the charge they take from you). This is beyond reasonable. The money is electronic already, why cant it happen insantly.

For anyone working online its beyond reasonable, it takes 5-7 business days to transfer into the bank. Which means if you are paid every 2 weeks, there is an articial 3rd week before you can get at your money. Why is there no way good way to do this online, I dont care if they want a service fee, just do it instantly please.
23rd Jan 11 01:01

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Mia

It's beyond annoying! My paycheck doesn't come till next week. I'm waiting on 100 dollars from pay pal. I'm a broke college student. I need to buy text books, groceries, and I have friends visiting tomorrow. I have .47 cents in my account. Awesome!
20th Jan 11 09:01

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Mikey

I don't think it's slow at all. I transfer my sales from Ebay to bank and it takes 2-3 working days.

Never had any problems with PayPal or my bank

Ebay seller: mikey_moonshine
10th Jan 11 09:01

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William Mulligan MBA MSc

Its getting worse. With the last transaction it took almost 2 weeks to complete a simple online payment. Im now at the point I refuse to use Paypal. Ask your supplier for a bankwired transfer, or use ideal. Paypal is just not good enough, so if we stop use it,, it will no longer bother us.
10th Jan 11 06:01

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0

Bankers are tommy tankers

I was wanting to send some money to a friend in England from where I am in Scotland, he was really short and was worried so was phoning me every 5 minutes, he needed it the same day to pay his bills as he was caught short.
I went into my bank, of which there are only 2 to chose from in my town and said I wanted to send this 350 pounds into my friends bank account, they said ok, that will be 49 pounds please and it will take 5 to eight days, oh and remember that this friday and this coming monday are bank Holidays so it will probably be about just under the 2 weeks mark, I got angry and walked out, phoned my friend and asked him what other bank accounts he had to see if there were others that I could try on the phone or internet, he had an account with the other bank that there is in my local town, I went in, gave them his account number and name, there was no fee or charge (free) and went outside, phoned him on my mobile and he went to the ATM and drew it out straight away less than 3 minutes after I paid it in..just goes to show that even with 49 pounds that they wanted to take of my own money, the other bank still wanted to put it on the money market "Float" for over a week
27th Dec 10 05:12

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Gourmet Guy

I totally agree
Sick of banks taking stupid amounts of time to transfer money
I had an instant paypal refund recently and so far its been 2 weeks that I have been waiting!
ITS ELECTRONIC AKA INSTANT! GIMME MY MONEY BACK! ITS MINE NOT YOURS!
20th Dec 10 09:12

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sil3ntnin3

same here im waiting for my bank to send it to paypal its been 3-5 days now and its not here. Im Sick and tired of waiting...
4th Dec 10 03:12

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Revolt

I completely agree, the corporations and businesses need to stay up to par with technology and evolve. How will this look a few years from now when the rest of the world is doing instant transfers? Why must we allow companies to squat on our money?
5th Nov 10 08:11

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Jesuitkiller

I'm in total agreement with you. Unless everyone stands up I see no change happening.
23rd Oct 10 08:10

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0

Guru MBA

PayPal moves money by ACH (Automated Clearing House). ACH takes 2 or 3 business days to move. PayPal moves it in 7 to 8 business days. Since ACH doesn't change for PayPal, the simple answer is that PayPal is holding it for 5 or 6 days after deducting it from your account to make interest on it. This is called "float". Even in these days of low interest rates and consumers with the ability to move relatively small amounts of money by ACH, PayPal is probably sitting on untold millions of dollars moving at any one moment. That interest becomes significant.
11th Oct 10 04:10

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Jess

actually, us ebay buyers have to wait ages also, to transfer funds into paypal takes 5 days. I bought a dress on ebay on friday and its wednesday and my funds should clear by tomorrow, its annoying waiting.
29th Sep 10 08:09

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0

hater of paypal funding transf

so I tried to send money to a person for a watch through paypal so the person could avoid ebay fees but unfortunately I entered the wrong email address so I had to cancel the payment, and it says the payment has been completed but the funds are still not back in my account so I can resend the payment. Now I will have to wait 3 days for the money to be in my account and the seller will probably sell the 2000 dollar watch I was gonna get for 500 bucks to someone else. I know I made a mistake for entering the wrong email address but they should have a way you can correct the email address after you send it or at least put the money in your paypal account instantly you should not have to wait in limbo for your money
7th Sep 10 09:09

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Firebrand

The reason Paypal takes as long as it does is most likely all transfers go into an intermediary account where they can accrue interest in the conglomerate form. So, they milk the time it's in that account so they can harvest as much interest as possible from it. I understand it's their business model and caveat emptor, but it is *really* aggravating when you need the money for immediate needs such as food or bills.
2nd Sep 10 03:09

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Rich

They same reason they make you wait a week to confirm a new credit card. They do this to try and get customers to sign up for the PayPal credit card. They could care less about buyers and sellers, they want to rope people into their insane APR credit card.
18th Aug 10 04:08

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dave

The technology is there to do instant transfers but the banks drag their feet because its in their interest, the regulator as usual, is toothless and sides with the bank not the customer. I think it is due to change in a year or so but the pressure has come from the E.U. Not from our regulator or government.The banks have the best of it if they take risks and fail, we bail them out and then they get back on their feet by screwing savers and using every sneaky dodge to squeeze more money out of their customers. As regards ebay, I just dont use it because of the restrictive means of payment.
11th Aug 10 02:08

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ccalimiro

me too I am sick of paypal ! is there an alternative ?
18th Jul 10 09:07

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Dude Duderson

Here is a PRO-TIP:

I also have been frustrated with the time delay on bank transfers. However I got the pay pal debit card. This allows you to debit from your account instantly, with up to $3000 / day.

Note: if you goto an ATM you can only withdrawal $400 max, this I was told over the phone by a pay-pal representative.

But if you use the card at POS (Point Of Sale) places, such as stores, shippers, etc you can squeeze $3000 / Day out of your Pay Pal anywhere that MasterCard is accepted.

One down side to consider: If you start making lots of large purchases on your debit card, "pay pal security" will place a lock on your card, which you must call to have them remove. They say it's to prevent fraud. Or maybe it's to prevent them from loosing money to quickly. Idk.
18th Jun 10 01:06

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0

Fair Trader

It is we the people that gave E-bay and Paypal the power that they have, and only we the people can take it away.

I have a paypal account, and haven’t used it for several years. As I result, I rarely make purchases via Ebay. The transactions that I currently make via e-bay are now made with companies that have a telephone number and legitimate business address, and they also accept credit cards over the telephone. For the most part, these companies also have web presence(something all E-bay sellers should have). I have found that it is easier to search the Internet and E-bay for businesses that accept credit/debit cards.
I think we some times forget that we still have a postal system that is still reliable, and in reality much faster, and far less expensive than paypal.
As an example, I just purchased an item from a company that advertises on e-bay and takes paypal or checks. I was able to call the company because they also have a website and a phone number. Rather than using paypal, I simply sent a money order for the item. The seller will have the money in hand within 2-3 days, and I’ll have my merchandise within 5-6 days of the purchase date. That is light years faster than paypal. I saved several days or weeks of waiting to finalize the transaction for the seller and myself. In addition, the entire transaction only cost 44 cents for the postage stamp. When the seller was informed that I would have to transfer funds to my paypal account, he simply said “send me a check or we will both be in for a long wait.”
I am not saying to stop using E-bay, on the contrary, use E-bay as a finder’s tool for all it’s worth. Locate sellers that have a web presence, and then contact them directly via the internet. The great thing about E-bay is that they have a lot of sellers that sell the same things, which makes for great competition, and many of these sellers have a web presence which greatly speeds up the buying and selling process.
15th Jun 10 08:06

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0

death to paypal

same thing here, I transfered money from my bank account to my paypal accout, one week and still nothing. How the hell are we supposed to conduct business like that? Especially if it's online trade. If anyone found another solution, just say the word, and I'll pi ss and sh it on paypal.

contact: smoothilford@hotmail.com
6th May 10 02:05

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Ralph

3 weeks ago and I still don't receive my money in paypal acc from a bank transfer to. I reported them, nothing changed, i'm going to lawsuit
5th May 10 11:05

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Sparky49

I just complained about delays in getting funds into my current account from Paypal. This is what they answered.

"Thank your contacting PayPal.

In regard to your query normally here in PayPal the normal timeframe for
withdrawal is 2-3 working days.

In the event that the funds were not posted in your bank account in 3 days
we do not have a control over the funds because it depends on your bank on
how long they can credit the funds to your bank account.

In this case if you want to know why it takes 5 working days for them to
credit the funds to your bank I suggest that you may contact your bank.

Should you need other information regarding this query or any other query,
please do not hesitate to contact us back.

Thank you for choosing PayPal.

Yours sincerely,
Ronald
PayPal

Copyright © 1999-2010 PayPal. All rights reserved."
29th Apr 10 08:04

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0

jackbiwa

Slow both ways - they are living on float.
I transferred funds to my Paypal account from a Validated primary linked account, with adequate funds

I unt: $600.00 USD
From: Validated primary linked account, with adequate funds
(a Verity Credit Union checking/debit account)

I initiated the transfer in Paypay Mar 30, 2010 19:37:44 PDT .
Funds removed from source account 4/1/2010 in the AM.
At that point the transaction status was: Processing (Expected Clearing Date: Apr 5, 2010)

Funds still not available in Paypal 4/5/2010 14:45 pdt

I called and eventually got through the voicemail hell and spoke to a real person who said there was no delay, just bank policy and procedures. Said should check after mindnight.
5th Apr 10 10:04

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master

Paypal is holding my money, too! I need to pay bills with my money. Paypal is using our money to make money on interest. They have a monopoly on paying over the web. We need to change that.

Like that commercial says, "It is my money, and I need it NOW!"

someone needs to compete against Paypal. That way they can not hold our money.
22nd Mar 10 09:03

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Paypal

Hey everyone, paypal isn't that bad, it does however take the piss on transferring money to account, but dumb Ferz stop crying because you will get your money. Let me remind your dumb ass that you are not getting robbed sooo chill the F out. :D
20th Mar 10 11:03

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TheRustyScrew

AGREED! It's immoral and out of line!
PayPal is the most useless company I've ever had the 'pleasure' of dealing with.
5 days!?!? Like f*** it is! More like 5 minutes... Then it sits in some interest-ridden hole waiting to be collected while we squirm at the bottom of the pile, grabbing and swiping at false ideas of where our money is...
For 'security reasons'...

Why is it that the most powerful people in the World are the least deserving of the rights they've been given?
It's a joke. It really is.
18th Mar 10 02:03

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jgfvtvtdytf

government panders to the banks, they give pocket money, found in favour of anks re charges and will only ever be really really nice to them as they can turn off the taps as well as making money dissapear into thin air with no paper trail or records, if anybody can smuggle and dissaperar money its the banks
17th Mar 10 11:03

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StevieP

I totally agree with all these comments. Paypal is a monopoly. You HAVE to open a Paypal account now if you trade on Ebay which means that Ebay have a double helping of seller fees. I even complained to the OFT but they didn't want to know. Perhaps Which can do something. It is wrong and immoral what Paypal are doing.
11th Mar 10 11:03

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Atlantis

I AGREE!!! I HATE PAYPAL!!!! They are shoved down your throat whether you like it or not!!! Plus their fees AND E-Bay's are OUTRAGEOUS!!!
4th Mar 10 06:03

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Foocarm

Yeah, Paypal are annoying me now. I have sold a few items with Ebay in the last couple of weeks, so I've racked up a bit of money. I need that money asap (for tomorrow), but it still hasn't reached my bank account! Bearing in mind I set the transfer on the 18th 5 days ago! It says 2-3 days on the website! They can sure whip the money out of my account when they need to!!! argh
23rd Feb 10 06:02

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cez

it takes it off us quick enough and I havent had any problems when I sell on ebay. the money comes throught the same day but when trying to get the money out of the pay pal and into my bank account, well its day 6 already and on pay pal it says completed but no money is in my bank. annoying! too slow!
23rd Feb 10 02:02

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bertino

Paypal is indeed too slow, I paied an item via paypal using my bank account and the money where taken the same day but the payment after 5days is still not arrived to seller. Is not use to use paypal under this conditions, IMO better using directly the credid card or a bank transfer.
11th Feb 10 09:02

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suzandgoats

they are doing 24 hour transfers now, however they expect you to pay a £5 for the privalege, another example of rip off Britain
24th Jan 10 12:01

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nob

paypal is a fiddle put in advert cash on collection no paypal fees are a rip off
23rd Jan 10 11:01

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Beanie

I totally agree. WTF are they doing with our money for all of those days?? I am waiting for them to deposit funds into my account right now, hopefully it will be there in the morning but who knows?
13th Jan 10 07:01

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Hyraelle

I have asked an transfer of 116$ from my bank account to paypal on 24th december 09. We are actually 4 janurary 10 and I didn't receive the money into my paypal account, but that money leaved my bank account on 29 DÉC 2009. I wonder why it's so slow to process ?
4th Jan 10 11:01

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Sarah

Money transfers between UK banks - usually instant these days, or within hours, but now some's disappeared. Wasn't there some talk about a rule which obliges banks to do inter-UK bank transfers within a day?
16th Dec 09 06:12

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amac

I completely agree, I live on a tight budget and cant understand why it should take so long to pay money into my account when it can be taken out so quickly. The reason for this has to be to paypals benefit, regardless of the effect this has on me or other families who struggle to get by. Why is there no competition to paypal? Surely if there was, these delays would be none existent. As for ebay I have already boycotted them for taking money out of my bank account without my knowledge for charges I did not owe, and how did they do this? You got it through paypal
8th Dec 09 10:12

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Smee

F-ing pathetically slow, retarded losers they are at Paypal.
21st Nov 09 01:11

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Fran

I suspect it's due to the fact that not being a bank, Paypal isn't regulated in the same way as high-street banks, and so are able to sit on the money for a while longer to accrue interest. When there's so much money going through them, I'm sure it soon adds up and nets them a fortune. Anyways, UK based here and Paypal account to bank account transfers have just dropped to a couple of days, which is a relief.
18th Nov 09 12:11

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robomonkey666

I agree, 20 days and still waiting currently, bloody pay-pal.
21st Oct 09 10:10

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Kats

It never took this long for bank transfers before.Since ebay dictated the PAYPAL ONLY RULE the volume of transfers must be huge.I am on day 5 and no money yet! Even though it states completed, it dosn't mean s**t I was told the Wife owner of Ebay is running for Gov.of California and is using transfer funds for 24 hours for stock investments to fund her campaign!! Would love to know if that's true.
19th Oct 09 11:10

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Mark

22 Days is my record for waiting for a bank transfer. Pathetic..
12th Oct 09 02:10

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jkl

its been about 7 days and my money isnt here either im sick of waiting
28th Sep 09 04:09

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wmario19

Omg I totally agree with this. You are right. Where is that money sitting for so long. It comes out quick but doesnt get where it needs to go very fast. I am sick of it too. I wish there were something we could do about it. We are in a country where we have a voice so there has to be something we can do. I had this lady that paid with an E-check and it took it a week to process. Then I had to wait for paypal to release my funds, and I had to actually call them to tell them to do so. Now I am having to wait 4 days for the money to go into my account. I have been waiting for my money for over 2 weeks now. This is freaking rediculous.
21st Aug 09 11:08

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Cerisa

does anyone know an account where the transfer only takes 3 days? Mine takes 5, But im willing to open another account just for paypal transactions, so the money is available within 3 days than 5
17th Aug 09 04:08

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anonymous

Amen! I will agree to that. Why does it take 5 days to confirm a bank transfer. We have already gone through the process of linking the account and doing a transfer.
8th Aug 09 03:08

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Neil

We all know where the money is for these mysterious "3-5 days" - it's in some sort of high-interest account earning PayPal even *more* money in interest. I wouldn't be surprised if they started charging a fee for logging in....
21st Jul 09 11:07

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Joleveir

It's faster to get a PayPal debit card and take the money out of a free atm, then go to your bank and deposit the money. It's a pain in the a** but you get the money quicker. I just got hired to do work for an online company and they pay with PayPal. I'm already getting a headache thinking about the things that will go wrong.
18th Jul 09 07:07

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Edward wagg

I agree I have no end of problems with paypal and ebay people have payed for an item it has not been payed into my account (where it goes who knows ) I have to wait for 21 days after the item has been paid for, the money to be returned to the buyers account then I have to arrange payment with the buyer so whats the point of paypal, all paypal does is suck, what we need is competition so they can give the service that they charge for, which is well over the top
28th Jun 09 08:06

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Borasic-lint

Serious. long-term bone of contention. Paypal will always claim that, delays are down to bank policies & they have nowhere to store funds anyway (I could help them out there). The banks however, will claim that it's down to paypal? So, who's bulls***ting & how can paypal be so certain of the transfer time period? This '3-5 days depending on your bank's policies' psychologically diverts suspicion towards the banks. These funds transfers are electronic & as instantaneous as canceling a direct debit online, all it takes is the push of a button. If the appropriate funds are in place, there is no excuse for more than a brief delay & I defy anyone to present a "valid" reason for it! You don't boast to owning a Ferrari then claim it's limited to 30mph.
14th Jun 09 07:06

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0

Paypal sucks

I agree, paypal has my money making interest for some rich asshole, so he can buy a ferrari, while I'm stuck with no gas or cigarette money. F*** paypal.
14th Jun 09 06:06

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Fed up with Rip Off Britain

The Monster Raving Loony Party (MRLP)advertised its membership on its website and I paid via PayPal.

I have received nothing from the MRLP and been in touch with PayPal who claim they cannot do anything.

MRLP wont even acknowledge the proof I have so I am going to do a publicity stunt to get both PayPal and MRLP exposed to fraud - MRLP for getting my money and not providing me with what I paid for and PayPal for aiding and abetting them.

The trading standards are also no use in this either as they don't want to know so what are these thickos in authority, banking and politics up to?

I hope they all die a premature death and in pain for their part in making the UK a rip-off nation.
20th May 09 05:05

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Stop the fraudsters

Paypal lets any fraudster use their service and when someone is ripped off Paypal don't want to know.

I get many false alerts from Paypal and ebay and I used to forward them on to help make them aware of the scams but due to the way I have been treated I don't want to associate with them anymore nor will I report any phishing emails to them again.

I don't trust these unscrupulous penny pinching fraudsters.
15th May 09 10:05

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annoyed at bank

I got his account number and went into the other Bank, paid money into the account and got a receipt, phoned him and he went to the cash machine and got the money all of 3 minutes later, without any outlandish fees or having to wait up to 8 (working, not weekends, public,national holidays or Bank Holidays) days for the money...
Money out = 3 seconds, any time day or night......1AM, 4AM...money paid in = 5 to 8 days and there is a fee
4th May 09 04:05

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annoyed at bank

Hi, the banks get paid interest on your money, they play it around on the quick pay quick return international money market, they gather a pot of a couple of hundred million together and trade it around short term bridging loans worldwide, while you are in bed sleeping, even on saturdays in the middle east and sundays in the far east where the markets and busineses are open due to cultural and legal differences, harging 2-3% plus facility fees and transfer fees.
I wanted to send £300 to a friend who was stuck for money, I went into the Bank and asked how long and how much to pop money over to his account, thinking maybe £5-£10 and half a day, I was told that it would be £39.00 and would take 5 to 8 days, I was not paying that to send him money electronically and in a way that would take so long and he was really stuck, I went outside and phoned him and he mentioned that he had just been out of a different bank where he stays in England, there are only 2 banks in my town and one of them is UK wide and this was the one he had visited(continued)
4th May 09 04:05

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Nick

No, Bank to Bank, not paypal, still wait too long for Paypal to HSBC, and it's still as random as ever.
3rd May 09 12:05

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H

So an HSBC business account will get payments from PayPal at nearly the speed of light? Interesting. It does strike me that banks and large companies have little regard for the man in the street or those with less money though.
3rd May 09 11:05

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Nick

ps.. had to do two post's so read the second one first. long but interesting I think.
Nick
3rd May 09 04:05

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Nick

When logging on to the new HSBC account and setting up some online payments a notice came up telling me (as usual) that it could take up to 3 working days for the payment to reach the payees account. But to my surprise underneath in brackets it said "if the bank accepts faster payments it could be the same day"... So I proceeded with logging onto the Natwest (closing) account and transferred a large proportion of the balance to the new HSBC account. Well I was quite surprised to see when logging back onto the HSBC account only minutes later the money had already arrived, yes minutes!!. Clearly major banks have adopted faster payments for business as a need and PayPal needs to follow suit and stop playing with people’s money, unless there really is just one man and a laptop controlling the PayPal transfers, either way, it needs to change.
Nick
Glastonbudget
3rd May 09 04:05

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Nick

Something is amiss with PayPal somewhere, I just moved my business account from Natwest to HSBC. With signing up with HSBC the account was active within a week, but the transfer date was a month later.

However in this month period I can use both business accounts with no restriction on online banking for the same business. So to get to grips with HSBC online banking system I fully utilised the fact that I could transfer funds from one to the other and started using the new account straight away. So I added my new account to PayPal and went through the process of verifying (when PayPal sends pennies to your account) and this only seems to take TWO days??? Rather than 4 days (the quickest I have ever received a PayPal bank transfer) and up to 8 days (the longest I have waited for it to hit the account????). Sometimes I get it in 6 days, or 5 days?? There is no logical explanation for this apart from the fact someone is 'playing' with your money in this period, they decide when you get it after they have finished with it. The other explanation could be that the whole of PayPal banking system is stored on a laptop and the bloke in charge of it that week forgot to take his power supply to the pub so we have to wait 8 days for my money. I back this up with the fact I transfer quite allot, nearly every day in April and May, some large amounts, some smaller amounts, so have tried to come up with a pattern when monitoring the transfers so I can keep a forecast of cash flow. It's just impossible.

It goes on..... see next post
3rd May 09 03:05

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H

So you wont mind lending me the contents of your bank account for 5 days then whilst I make a few bob on the interest? Patience has nothing to do with it.

Payments Guru: So if PayPal aren't getting the interest. Where the hell is the money?
3rd May 09 12:05

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me of course

It's only 5 days. That's pretty much the same as a normal bank transfer. So what? If you can't live for 5 whole days without it then you should take classes in patience. Phnar.
2nd May 09 09:05

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H

Exactly my point. Whether it's PayPal or the bank though... one of the two is earning interest on my money. It's insulting actually, because PayPal of course took their cut for the transaction.. We're paying how much to get the money nearly a week later. Could have bleedin well cycled half way up the country and collected the cash in a carrier bag. Maybe I should have
1st May 09 10:05

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DeeDee

When you buy or sell on ebay using PayPal the transaction is instant, and the buyer's and seller's accounts will show as much. Yes, it's true that bank transfers take days and I agree it should be faster. I guess it depends how many cogs are in the machine. Meanwhile someone earns interest on your dough!
1st May 09 08:05

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Payments Guru

Actually, it's the banks that make it slow. Bank payments take several days to clear. Although it sometimes shows up in your bank account, what the banks don't tell you is that is hasn't actually cleared, and banks can take it back without warning.
When PayPal sends the money to your bank account, it is when it has fully cleared. If you have a business bank account, you'll know that this is how long the rubbish banking system takes.
There is a system called Faster Payments which some banks have adopted, but it's only for personal accounts, it's not available to corporate accounts. So PayPal can't use Faster Payments to send us our money more quickly.
PayPal doesn't earn any interest on the money.
As you can tell - I'm an insider!! ;-)
1st May 09 06:05

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15%VAT=CRAP

In this day an age you cant live without a bank account....cash in hand is illegal.....having large amounts of cash in your house illegal.....when will this nannying state stop....ive earnt my money give it to me now!

Totally agree with this grip the whole world has slowed because of this faceless bankers who do nothing for their salary and take take take....its got to stop!
1st May 09 03:05

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