I've received several echecks throughout the years - and frankly I cannot understand how paypal decides how long the waiting period is. Today I received an echeck, was informed of the 3-5 business days to process the transaction, yet my customer called me and informed me that the funds have already been deducted from his account! Why do I have to wait for funds that paypal has already aquired? So what the end game is, Paypal charges ME a fee to hold onto my funds for upto (and almost always) a week? If paypal has already retreived the transaction funds, would it not be available to me as it is my funds and not paypals?
The 3-5 business days is how long it takes for PayPal to be notified that the eCheck has cleared. PayPal eChecks are processed through the ACH network.
unfortunately sandypurins is correct, its a way to clear the check and I've done this method before with Tigerdirect. It's a pain to wait almost a week but it's safer than using your debit and/or credit card. That's all there is to it, or you could cancel and use another method that is faster.
My transaction closed on June 6th and was paid with an eCheck. Paypal advised me that the check wouldn't clear until 6/22-24 !! The check has already cleared my buyer's account....so why the outrageous processing time ??! I still don't have clearance to ship, and it's over 2 weeks.
What kind of bank processing takes 2+ weeks??
I'd like some kind of explanation from Paypal, but they haven't replied to my email question. Anyone??
