Bank transfer/Add funds, Expected Clearing Date

[ElisabethBaker]

Greetings!

I've been reading the boards but didn't find a clear answer...  I made deposits from my credit union account to PayPal on March 22.  They read "Processing  (Expected Clearing Date: Mar 28, 2011)"  Now I just checked, and I see that the funds officially came out of the credit union account on March 24. 

I always remember being able to see the balance go up in my PayPal account (I've done this many times) on the Expected Clearing Date, at least after 9am.  This is the first time I've reached a later time (now it's 6:30pm) without seeing the results.

* If it says "Expected Clearing Date such and so," then when can I really expect the inbound transaction to be cleared?  BTW, the account, my address, everything is verified already.

* Is it possible that this is somehow the fault of my credit union, even though it has never taken so long before, even over weekends and holidays?

* If the "Expected Clearing Date" changes, is it really impossible for PayPal to have it updated, or at least a note appended saying now it's probably extended?

Hoping for the welcome clarity that usually marks all my PayPal transactions,
EB

p.s. When I first used PayPal, I kept a very small balance.  Eventually I decided I could keep $300 in here, then eventually I was really bold and raised that up to $1000.  I raised it further even than that, but when I don't feel like I understand what's going on, or when I'm afraid something unpredictable will happen, I'm tempted to go back to my $100 limit.

By the way, I've had only positive experiences with PayPal and eBay.  I believe I'd recommend that kind of shopping -- even internationally.

[roboscorcher]

Similar experience here. I had funds withdrawn from my bank on Mar 21, yet they're still not in my PayPal account. Today is the expected clearing date, yet still nothing. I may have a foreign bank (Canada), but I see no reason why it's taken a week to process a bank-to-paypal transfer when the withdrawal was completed on the same day as the order.

[Candew]

I too cannot make any sense of the time it takes to transfer money.

My wife (who moved to Canada from the US) and I use it to transfer money from our Canadian joint checking account to her US based bank account for bill payments she still has to make in the US.

While much cheaper than a bank wire transfer, it takes forever and a day for it to complete: the transfer was entered on April 9, it was withdrawn from our CDN checking account on April 11 and we only received notification today (April 19) that the money has 'cleared' into her own paypal account.  Now she has to transfer it over to her US account, which will take another 3 to 5 days.

Quite frankly, this is insane.  The only explanation I can fathom is that paypal, along with the transaction fee,  holds onto the money in their system in order to make a few pennies of interest off of each transaction, prior to transferring the money.

[eagle_awd]

I've been asking this question there support for the longest time and never got an answer. My self included, I think the reason it takes that long, is for them to make a few bucks on each transfer. Which is understandable from business point of view.

I would be OK with them charging me a buck or something for transfer but make my money available when it leaves my bank.

There is just no justified reason why funds should not be in your paypal account within couple hours it clears your bank account.

More and more online merchants are introducing Interac on-line and PayPal is loosing my business in those cases.

[Fharoc]

I've been having some similar issues and I was curious as to how long paypal will hold onto a bank transfer when a transaction has already occured.

I made a paypal account  on wednesday the 13th and connected it to my bank account. It then took until friday for the minor deposits to be added to my bank account to verify my paypal account.

I then made my purchase (on friday) and paypal acknowledged this and requested the funds from my bank. After monday night my bank records show that the money requested from paypal has successfully been transferred.

So the money has been removed from my bank account, paypal has yet to acknowledge its existence, and the receiver has not aquired my capital.

The 'pending until' date is noted as April 26th. Will I have to wait a week as paypal holds onto my money?

[Candew]

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@Fharoc wrote:

The 'pending until' date is noted as April 26th. Will I have to wait a week as paypal holds onto my money?

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This has been my experience, you milage may vary.  In Canada, bill payments can take 24 to 48 hours when using internet banking and/or transfering funds between financial institutions. I fail to see why it should take any longer in the PayPal 'world'

[coppergeva]

Hi All

I could not agree more, I do not usually keep a large balance in my PayPal account as I am not a frequent ebay user, however, when I see something I would like to bid on and the closing date is a few days I am obviously out of luck if it takes 9 days appear in my account even though it was deducted from my bank account the following day. I know if you have a credit card registered the transaction on the card is immediate. Maybe PayPal and the credit card companies have an understanding. The whole process is very annoying. Even though there are comments on this site relating to this subject is PayPal listening?

[Candew]

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@coppergeva wrote:

Hi All

I could not agree more, I do not usually keep a large balance in my PayPal account as I am not a frequent ebay user, however, when I see something I would like to bid on and the closing date is a few days I am obviously out of luck if it takes 9 days appear in my account even though it was deducted from my bank account the following day. I know if you have a credit card registered the transaction on the card is immediate. Maybe PayPal and the credit card companies have an understanding. The whole process is very annoying. Even though there are comments on this site relating to this subject is PayPal listening?

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I don't think they really care, to be honest.  They have these safeguards in place, they claim, to prevent fraud and would simply use the argument that, not only are they protecting themselves, but you and I as well.

I wish we had debit/credit cards like they do in the US (CIBC has one, BTW, but it has it's share of problems with Paypal).  Until we do, we just have to grin and bear it.