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  #1  
Old 11-21-2014
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Default Same Day Paypal Withdrawals Question

One of my accounts just got the same day withdrawals with paypal.

Just wondering if I were to withdraw later tonight (after 5 p.m) would I get it tomorrow still? We all know it usually takes 24 hours to clear paypal then usually one more day for the bank..but with this being sped up already I wonder if it will still hit my account?
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Old 11-22-2014
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Default Re: Same Day Paypal Withdrawals Question

Well all who are curious it didn't hit my bank. Kinda figured that because its the weekend. I find it amazing how fast they complete the withdrawal on their end, usually within 15 minutes...

In all reality this is what it SHOULD be for every account but...its sadly not.
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Old 11-22-2014
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Default Re: Same Day Paypal Withdrawals Question

Thanks for the info.
Havnt had the pleasure of experiencing these speedy times myself. Hope its implemented across the board eventually.
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Old 11-22-2014
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Default Re: Same Day Paypal Withdrawals Question

Quote:
Originally Posted by solefoodbk View Post
One of my accounts just got the same day withdrawals with paypal.

Just wondering if I were to withdraw later tonight (after 5 p.m) would I get it tomorrow still? We all know it usually takes 24 hours to clear paypal then usually one more day for the bank..but with this being sped up already I wonder if it will still hit my account?
All banks have a cut off time to get funds into accounts. US banks use the ACH system.

WARNING PAYPAL LINK

https://www.paypalobjects.com/en_US/...h_payments.htm

Read the sub-paragraph with the heading
Schedule of Submission for Settlement


Banking is all timing.

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Old 11-22-2014
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Default Re: Same Day Paypal Withdrawals Question

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Originally Posted by slokor View Post
Thanks for the info.
Havnt had the pleasure of experiencing these speedy times myself. Hope its implemented across the board eventually.
I only got it because I had a older account with 1 bad feedback but with 95%, so I figured what do I have to lose if I try to call (ebay/paypal)? ...Funny thing to is this is the FIRST time ever calling Paypal for me. I have no problem calling eBay but void at all costs calling Paypal.

I didn't ask for it, but they gave it to me! I mean I ended up calling around 10 times in total to fix a seperate issue with Paypal. Still amazing how fast it is.

@GreenBean, yep I figured I wouldn't get it because of the weekend. I know it follows the ACH system but I just was HOPING I would get it before Saturday like Friday night...

(They never mentioned the upgrade with withdrawls, no email either)

Last edited by solefoodbk; 11-22-2014 at 09:14 PM.
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Old 11-22-2014
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Default Re: Same Day Paypal Withdrawals Question

What bank are you using if you don't mind me asking? That's a very speedy withdraw
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Old 11-22-2014
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Default Re: Same Day Paypal Withdrawals Question

Us Bank. It has nothing to do with the bank, its Paypal completing the transcition on their end faster. Usually its 24 hours, right? Well...they almost made it instant on my account.
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Old 11-23-2014
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Default Re: Same Day Paypal Withdrawals Question

Interesting.. Thanks for the wisdom
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Old 11-23-2014
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Default Re: Same Day Paypal Withdrawals Question

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Originally Posted by elmono View Post
Interesting.. Thanks for the wisdom
No worries I'm here to help.
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Old 11-23-2014
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Default Re: Same Day Paypal Withdrawals Question

I have never withdrew from a stealth account to date but will this week. The quicker the better. Running out if things to buy and vendors to pay.

Edit to clarify: I don't consider EIN accounts stealth. Just the accounts collect below 1099K and moving on accounts. Those I pay my vendors or buy out of the accounts for reinvestment.

Last edited by yankee; 11-23-2014 at 06:29 PM.
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Old 11-23-2014
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Default Re: Same Day Paypal Withdrawals Question

Really?? Whoa thats kinda impressive. I withdraw from stealths all the time! I guess thats good in the eyes of the goverment. I'm kinda dreading this up coming tax season but thats a whole different topic. Haha...

I will be investing in LLC's next month too, start of the new year!
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Old 11-23-2014
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Default Re: Same Day Paypal Withdrawals Question

Taxes can be a killer or your friend sometimes(deferred liabilities(sometimes forever), credits, depreciation, phantom income, etc..). I HAD a company last year somehow do everything wrong(I was the only owner and it was setup poorly and made tons of money and had no standard employees(all remote and hired companies) that got taxed at 63% That was a MISTAKE because I was too busy.

When you open your LLC, look into another member(Even if they dont get payed, or very little) because it can reduce or in my case(I dont work in my businesses) eliminate 15% self employment taxes.
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Old 11-23-2014
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Default Re: Same Day Paypal Withdrawals Question

I plan on doing plenty research before I jump into anything. Thank you for that wisdom. I am new to all this tax stuff. I know I need to talk to a tax profressional, that will be a very interesting day!

I wonder what he/she says when I describe my business methods (stealth) pff.. I know as long as the goverment get our money they don't care if we do stealth. Its just a matter of avoiding that 63%, kinda scary to hear.

I just moved to New York City...I don't know anybody I can do this with, I've been doing this solo. I honestly would perfer to keep it this way as I don't want to mix business with friends anyways..

I will look into what your saying though. I already took notes and will be taking more soon so I'm fully perpared the day I speak with a tax profressional. I know I'm going to make mistakes, but some can be avoided..

Any other helpful insight like what you just said is HIGHLY appreciated
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Old 11-23-2014
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Default Re: Same Day Paypal Withdrawals Question

Dont file in NY is my biggest suggestion lol
Well, I live in MA(Primary residence) and I have exactly one LLC home based business to REDUCE my tax liabilities and cover all living expenses the IRS/STATE allow. We live in unfriendly places. Move your entity to a friendly business place. Quite easy to do.
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