PayPal withdrawals

[mje]

Used to take a couple of days to get your money transferred for free to bank account. Then they started free instant transfers, well done PP, but I understand you were pushed.....

But we now find our transfers sitting in a "awaiting security checks" file........is this so they can hang onto my money for longer? Our accounts are all approved etc, why do PayPal do this?

It is our money, not theirs, they have already taken their chunk.

Looking forward to the Sellerdeck conference at PP HQ, maybe then somebody from PP will oblige and explain exactly what security threat I suddenly pose!

Just looked on the PP forum and the practise is rife.

[Golf Tee Warehouse]

Our first Paypal 'Faster Payments' withdrawal was requested on 1st Sept and got the email saying "For security reasons, we are reviewing your withdrawal request", the money was eventually released 24 hours later, but the next withdrawal on 18th Sept was not held and was received immediately.

[mje]

Darren for a while now withdrawals have been "instant" - but twice in last week the delay.

Having spent a while browsing PayPal forum it seems allot of people being hit by this for no justifiable reason. (PayPal not having a system in place is not a valid reason)

I did another 30 minutes ago and was paid instantly whilst the transfer I did this morning remains "under review" so it appears random selection rather than a "security review"

It appears PP were forced to comply with fast free payments to customers bank accounts earlier this year (rather than taking two days ) and clearly they don't like the loss of interest revenue!

It simply is not right.

http://tamebay.com/2012/01/paypal-no...ew-eu-law.html

http://www.europeanpaymentscouncil.e...A9F38D90F33F87

[feemish]

To be fair, even with the delay the funds are getting into my account quicker than before.
I used to take 3 days.
Now there is a 'under review' notice when I make a withdrawl, but after that the funds are received withing a couple of hours. So its actually working out quicker for me.

[plantsforshade]

Hi

I think one in 5 or so are being held by PayPal for us, but they were for larger amounts so it may be that. Still quicker than Actinic Payments or Sage pay via streamline which are still 3 days !

Nigel

[mje]

I called them this morning and to be fair to the young fellow at the other end he knew exactly what the problem was and said that they hope to have it sorted at some point in the first week of October. I did have to put him right on one thing though! He "sold" it to me as if this was a PayPal initiative and I really should be grateful that they are changing the system - I said "nothing to do with European law then?" and he laughed!....and of course referred me to their "terms and conditions"

Still quicker than Actinic Payments or Sage pay via streamline which are still 3 days !

That's not so good...we have Actinic Payments with Streamline through our trade association and get credited on the 2nd working day after the transaction.... it really should be instant, after all if you use your debit card the amount you spend is instantly accounted for in your bank account.

There is no excuse for delay in this day and age, after all the money is ours, not Pay Pals or Streamlines, at no point does it belong to them .....