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PayPal Problem - Where's My Money?

jackbarron

jackbarron

Chelsea, London
I had £203 in my PayPal account earlier and tried to tranfer £175 into my bank.

There was a question mark (I think) when I tried to do this and a message about account security. It said PayPal would try and sort this out in the next two to three days and email me.

The money definitely hasn't gone through into my bank account, but it has gone out of the PayPal one.

Has anybody else experienced this?

It's too late for me to give PayPal a ring tonight, but I'll get onto them tomorrow morning.

Jack
 
Do you have a PayPal confirmed bank account? If not, the new bank regs regarding an exact match on account name to stated account number and sort code may be in play here.
 
FWIW the only time I’ve ever had to ring them they were great. Took a bit of time to get through, but once I did they addressed the issue (a returned eBay purchase that was not as advertised and the seller hasn’t refunded) immediately. The money was back in my account by the end of the phone call.
 
I had that years ago, they put a block on about £1000 cause they said I was a business seller which I wasn't but I was buying and selling speakers and stuff at the time.

Also I've had occasion to speak with them in the past and they were very good as Tony said above however my daughter had major problems with them last year re a scam in her her account which subsequently ended up with debt collectors and harassment.
 
For clarity I do have a business account and certainly make them a fair bit of cash over the year as a fair bit of pfm’s finances are processed that way (record sales, donations etc).
 
Thanks for the replies. I've got a PayPal confirmed bank account. I rang them up and went through their recorded messages. They said in some situations customers won't get an instant transfer, but will have to wait two or three days before the money arrives in their bank account.

When I tried to speak to an agent, nobody was available due to Covid-19.

The transaction is noted on my PayPal account. I assume the money will turn up in a couple of days time, despite the fact that it says it's an instant transfer.

I think my bank makes money out of me by holding the cash in abeyance. This is bloody annoying in an instant digital world.

Jack
 
I had a refund from a retailer of £192 recently and although it showed in my account balance it was tagged as pending and it took around 4 days to clear fully. Not seen this before, maybe a new operating mode.
 
jackbarron said:
I think my bank makes money out of me by holding the cash in abeyance. This is bloody annoying in an instant digital world.
Click to expand...

It was the banks '7 working days to clear a cheque' amongst other things that led to the likes of Paypal.
More than likely your banks problem not Paypal's.

Though Paypal's foreign exchange rate/fee is a different matter, an item costing £660 according to internet average exchange rate, cost £ 690 after Paypal had transferred the funds.
The item was delivered the next day however.
 
I vaguely remember selling something years ago and the buyer paying via PayPal only for it to appear in my account as an echeque! Never heard of such a thing and certainly didn’t authorise the buyer to pay for the item in such a way as to not give me access to the funds immediately! I think it appeared on the statement as ‘pending’ from memory and cleared within a week.
When paying for stuff I’d always paid via the balance in my account or on day one using the credit card linked to the account.
 
jackbarron said:
The money went into my account today, hence three days from PayPal to my bank.

Jack
Click to expand...

Was it a EU zone payment? Basically, their balance sheet bolstered with your money 3 days for free! Whatever happened regarding SEPA for PayPal? I guess nothing - unless a transfer from Rest of world?
 
Dowser said:
Was it a EU zone payment? Basically, their balance sheet bolstered with your money 3 days for free! Whatever happened regarding SEPA for PayPal? I guess nothing - unless a transfer from Rest of world?
Click to expand...

Don't think so. It's the Metro Bank being greedy. I paid in a cheque last year and it took five days to clear.

Jack
 
Well, a Cheque is such ancient tech 5 days is probably OK - but from PayPal to your bank account? That’s all electronic - should all be covered by SEPA...but that’s an EU thing...didn’t you guys give them the middle finger recently? :)
 
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