Paypal Clearing Time from Bank Transfer

[DAVELun]

It is so ridiculous that it takes several days to move money to post in Paypal from a bank transfer. Give me a break. It is quite obvious that Paypal is all about the benefit of the float time. I am surprised in this day and age that we'd consider this acceptable, given the fact that funding can take place practically in real time between entities. Very bad policy and poor customer service. I've been a supporter of Paypal for years but I've just about had it with this process of funding.

[NarrowMargin]

Current acceptable transfers are T+1 as mandated by the FTC back in 2001. File a complaint with the FTC for each transaction that is late. And remember, Wells Fargo is the banking engine behind Paypal.

[surplusdealdude]

Paypal is not a bank, so they're not subject to FTC rules.

And they spelled the transfer time out in the agreement you signed to open up your account - a bit late for you to complain about it now.

[NarrowMargin]

Doesn't matter what I agree to, they're breaking the law. It applies to all financial institutions and financial clearing houses.

[surplusdealdude]

They're not a financial clearing house and they're not a financial institution, no matter how you try to rewrite the law.

[Kahuna]

Where is this in the user agreement?

[surplusdealdude]

Read the agreement - it'll be under the "Withdrawals" section.

[Kahuna]

The User Agreement under number 6, "Withdrawing Money" (or any other section) states nothing about any "waiting period" or delay in withdrawing money to your bank account other than "large sums for risk", whatever that means;

"...we may delay withdrawals of large sums of money while we screen for risk."

Please provide document, chapter and verse for your claim.

[surplusdealdude]

Well, I can't find it now, of course.

But the notice appears when you withdraw money.

[Kahuna]

You can't find it because it doesn't exist as part of any agreement. In fact PayPal over the last few years has gotten foggy on the issue and now are almost silent in regards to it.

I think we all know PayPal tells you there a "wait" when you withdraw money to your bank account BUT they imply that it's the bank's causing it - that is an outright lie - and all that crap is NOT part of any agreement - as if it really matters .

PayPal has become a dangerously unregulated and un-governed finacial intitution (and using the ACH). If you're gonna dance with the devil, better know your moves - that's all I'm saying  .