Why is my money or refund being held for 7 days?

[cheyenneimissyou]

money gets withdrawn from my bank account but the seller has to wait to receive payment or when a seller owes me money and they deposit right away-why does it take 7 days to receive my money back-not right-certatinly not impressed especially when i previously put money onto paypal account so i could purchase things,then they withdraw on top on my money which was withdrawn

[reallynicestamps]

Are you talking about two separate transactions?

There is a Hold on payments to sellers who are new, selling in  a high value/high fraud category/ have violations on record. This Hold can last up to 21 days.

The seller is still required to ship within 7 days of the payment clearing (which itself can take up to 10 days if you paid from a bank balance) even though PP is Holding the funds against his good performance.

If your seller is refusing to ship until PP releases your payment, he is in Violation of his agreement.

The refund is pretty unusual. I suspect that the seller is refunding from a bank account, which as noted above,can take up to 10 days to clear the US and Canadian banking systems. And since PP is a US institution, even if your seller is also Canadian the refund would be traversing both systems.

Please don't ask about losses or gains in foreign exchange. My psyche is too fragile tonight.

[pjcdn2005]

When money gets withdrawn from your bank account it is called an echeque and just like a regular cheque, it has to clear before the seller actually receives the money.I believe that if you have a credit card attached to your paypal account money taken from your bank account will be instantly transferred rather than have a waiting time like an echeque does.

[maggiebvintage2010]

If you want to use your PayPal balance to pay for an item, you need to indicate that during checkout - PayPal cannot use that balance unless you authorize it by making it the primary payment source.  This will make your payment instant, as long as your balance is sufficient.   You have probably set your bank account as the first place PayPal should go for payment.

Not sure what you mean by "they withdraw on top on my money which was withdrawn".  Perhaps you put the exact amount of money in Canadian funds, and it was not sufficient for a US$ purchase, then they have to draw on your next payment source.  With the Canadian dollar fluctuating, it is prudent to have extra funds available if you are using Canadian dollars from a PayPal account for a purchase that needs to be paid in US dollars.

If you register a credit card with PayPal, there will be no wait, as PayPal can charge your credit card if your bank account doesn't have sufficient funds.

[2011limey1]

In my experience, the odd time there is a balance on my Paypal account, I don't have to do anything - those funds are automatically used towards any purchase I make.