A gripe about transferring money to my Paypal Account

This is a gripe. Pure gripe. 

 

Last week, On December 5, I transferred money from my bank account to my paypal account. Like a withdrawal to paypal instead of the other way around. Within a matter of a few hours, the sum of money had been withdrawn from my bank account. That's December 5. Meanwhile, in paypal, the transaction is marked Pending until December 13. 

 

Allow me to repeat the important part of that paragraph. The funds were taken from my bank account on Dec. 5 but are pending for Paypal until Dec. 13. The funds are not in my bank account and the funds are not in my paypal account. Several hundred dollars are nowhere to be seen. Who has my money? My bank no longer holds it and paypal doesn't have it yet.

 

There are eight calendars days missing here where someone, not me, is holding a substantial sum of my money and doing what with it exactly? Drawing interest in some slush fund with another 876,402 bank transfers? Some fat cat is vacationing with his trophy wife in the Caribbean with it?

 

If I spend 82 cents on gum at the gas station and use a debit card to purchase it, that money is withdrawn from my bank account in an instant. If I deposit $45 into my checking account at an ATM, that money is reflected in the balance within seconds. If I withdraw funds from paypal to my bank, it's about 18 hours now before I see it reflected in my bank account balance.

 

But it takes 192 hours to transfer funds form a bank account to a paypal account? I'm not buying it. Something stinks there. 

 

 

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A gripe about transferring money to my Paypal Account

That is ridiculous to have to wait 8 days for the funds to be transferred into your PayPal account. Shouldn't take more than a couple of days. When you withdraw money from PayPal to your bank account it is done in a couple of days. Checks & eChecks don't even take that long to clear. I don't know if it would help to phone PayPal CS & ask about it. Too many in CS are clueless about things.

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A gripe about transferring money to my Paypal Account

Your gripe is not new.  I had the same problem 2.5 years ago.

Transfered from my bank on a Tuesday and PayPal was not willing to take it out of pending until Thursday of the next week.  When I needed funds with a Wednesday payment deadline. Was not happy with PayPal. (was happy with a friend with a paypal balance they were willing to lend.)

 

 

Where is the money: with Paypal, waiting there, just in case there are bank clawbacks. When it goes to your bank account, most banks are willing to take the risk of a bad transfer and let you use the money (up to a certain transfer limit).

 

 

-..-

 

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A gripe about transferring money to my Paypal Account

It might have something to do with Paypal being a bank customer and not a bank.

And that the PP bank (which I think is Western Union??) is in the USA and subject to the US Treasury's money-laundering restrictions.

 

But that's an awful long time even if we don't count the weekend as business days (because everyone knows computers go to the chalet for the weekend).

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A gripe about transferring money to my Paypal Account

The email from paypal clearly lays the blame squarely at the door of the other financial transaction as opposed to themselves.

 

'We are processing your request to transfer funds to your PayPal account from your bank account ending in **##. Processing usually takes 6-8 business days but may vary by bank.'

 

I'd call Paypal to inquire but lately they've seem to have taken a page from the ebay Customer Service book and have handed me to CSRs who know as little as do I but with twice as much arrogance. At least I can still get clear answers form my bank when I call with questions.

Message 5 of 7
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A gripe about transferring money to my Paypal Account

Dec. 12. Still waiting for my money to materialize from the clutches of whatever dark wizard is holding it hostage.

Message 6 of 7
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A gripe about transferring money to my Paypal Account

Still waiting. It's been eight business days now. 

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