Paypal - Bank Account Transfer - 5 + Days ?!?!

[johnnyleeds]

Hi

Hope someone can help me with this, I made a transfer from my Paypal account to my bank account last Tuesday - the 6th of July, its now the 13th of July and the money still hasnt gone into my account yet on Paypal it says the transfer is 'complete'! Now thats 7 days or 5 working days however you look at it, this is over the time Paypal suggest it can take to withdraw funds to a bank account. I chose not to pay the £5 extra for the 'faster' transfer but boy do I wish I had done so now! I paid the extra £5 for the first transfer I did last week and I had that payment in 2 working days (4 days including the weekend though). So I have already had funds transferred successfully from Paypal to my bank account so thats not the problem, the problem is that my funds transfer doesnt seem to have gone through so far this time, I have rung my bank up and they say there is nothing coming into my account from Paypal although I dont know if they would know that anyway with it been a transfer. What can I do? I am reluctant to start phoning up Paypal due to this been a 'stealth' account as it might bring the whole thing crashing down, but I really needed this money yesterday to pay postage etc and I am worried that its got to being so long now that its not going to get paid at all?! Then I am going to have people screaming for their items / leaving bad feedback etc! What a farce! Buyers think paypal is like making an 'instant' payment - how wrong they are!

many thanks for your help and advice!

Johnny

[johnnyleeds]

Also in addition to the above regarding Paypal withdrawing money to my bank account, just now I have had a £5.00 'fee reversal, which I am assuming is the £5.00 faster transfer fee, it says it is from 'cancelled fee' in the name column. What is this about? Why would they refund me the fee they charge for doing the transfer faster? I am starting to get a bit worried about all this, I already have over a hundred pounds in funds that they have on the 21 day 'hold' thing so I am having to fork out for a lot of postage fees from my own pocket, what a total farce!

regards

Johnny

[rsot]

Did you go look at your bank statement during the time period?

[oompaloompa]

they cant have charged you £5 if you didnt choose faster withdrawal option, in the past it said 3-5 days and it was always 5 days. Now it says 2-3 days, but I still find its 5 days regardless. update us, but I have a feeling it will be in the account tomorrow

[johnnyleeds]

Hi folks,

Thanks for the replies, Oompaloompa - I did choose to pay the £5 to do the 'fast' transfer and I did receive my money faster but I cant understand why I now have had this £5 fee reversed several days after the transfer happened..?! What is going on? I still havent got the money in my bank account and it is 7 days since I made the transfer. I hope it does go into my account tomorrow because I am getting very worried and paranoid!

kind regards

Johnny

[oompaloompa]

this is not your first withdrawal right? and you chose faster option? you wrote in your first post that you didnt choose that option..anyway, ok then there is a problem. Does the bank still hold a valid mandate for paypa? Youve had money go through before ok, all I can think of is that the £5 is due to a refund of faster fee, as its going in slower for some reason, maybe a paypal glitch or their system is overworked, maintenance stopped it, who knows, Id leave it a bit longer, dont blame you for panicking, you are on your 7th working day now. Update us..

[johnnyleeds]

Hello

Well on the 8th day since doing my withdrawal from Paypal to my bank account the money has finally been deposited - thank the lord! Its ridiculous that it has taken so long to get the money into my account. Not to mention that fact that its only a fraction of the total money I have earned as Paypal are 'holding' most of my money for 21 days, or until the buyers leave positive feedback or something. How they expect people to run a business like this is beyond me. Tell me does this 21 day hold thing happen indefinately? If so I am going to have to seriously revise my selling strategy. And I am none the wiser as to why they refunded the £5 faster withdrawal fee from a previous withdrawal. On that occasion I did receive the money into my bank much quicker (4 days including the weekend) yet bizarrely they have cancelled the £5 fee and credited it back to my account...? Anyway thanks for all the helpful comments and advice you folks give out, I would not be earning money again if it wasnt for all your help.

Kindest regards

Johnny

[oompaloompa]

the holds will get less as the account ages and fb rises.

the reason they refunded you the £5 was because it didnt go through in promised time limit - paypal being fair, now thats bizarre!

my last withdrawal was one was day later than the 5 days it usually takes, I think the system was backed up.

[rsot]

Good to hear for the withdrawal.