Quick Paypal question

[BEphoto]

If i buy something using paypal linked to my confirmed bank account

1) the seller gets the funds immediately right?
and 2) how long does it take to actually pull the funds from my bank account?

There is an auction ending on ebay that i want to jump on and buy-it-now and paypal tonight so i can use the 8% cashback, but i was wondering if the funds may not clear from my bank until, i dunno, say... friday when I get paid.

Its kind of like i used to do when I'd write a check on weds night knowing that it wont clear until payday.


I've used this option in the past but its been a while and i dont really remember how long it took. Seems like it was a good couple of days.

Just figured that some of you more experienced paypallers may know the answer to this one.

Thanks in advance.

-Brad

[MicWayWal]

Brad,

PayPal doesn't pay until you have money in your account.
If you have a balance in your PayPal account the money will go through immediately.
If you don't maintain a balance in your PayPal account then PayPal will wait until you have funds in your PayPal account to pay. It usually takes between 2-4 days to get money in your account.
Using the PayPal Check or PayPal Credit Card features takes about the same amount of time as putting money in your account.

[lscottpht]

When I pay with PayPal from my checking account, even though I don't have money in my PayPal acct., it goes through immediately from my bank. When someone pays me, it shows up immediately in my PayPal acct, but if I have to transfer it to my bank acct, it takes 3-4 days. Although, with the PayPal debit card, I can access up to $400 of it immediately. Now, there are times when PayPal has to verify the person that paid me's money. If that's the case, it can take awhile for me to be able to access that money.

[kennyt]

Paypal is also now randomly holding money from the seller. They hold it for 21 days to make sure the transaction doesn't have any claims. It doesn't matter if you have a 100% or a 10% rating. After I get this last transaction taken care of I won't use paypal again till they stop this practice. IMO this has made it easier for scammers to take your stuff and run

[SCone]

If PayPal hits your bank with no funds, it's an over-draft. Same as any other automatic transaction. Unless you have over-draft protection with your bank it'll cost you. PayPal also has a secondary payment means (credit card or another bank account) so if they cannot reach the primary for the transaction, then they try from the secondary account. Don't confuse the two... if your PRIMARY payment method is your bank account and it has no funds, the bank hits you with the charge. PayPal will just try the second method for it's money.

[BEphoto]

Originally Posted by SCone

If PayPal hits your bank with no funds, it's an over-draft. Same as any other automatic transaction. Unless you have over-draft protection with your bank it'll cost you. PayPal also has a secondary payment means (credit card or another bank account) so if they cannot reach the primary for the transaction, then they try from the secondary account. Don't confuse the two... if your PRIMARY payment method is your bank account and it has no funds, the bank hits you with the charge. PayPal will just try the second method for it's money.

Actually, the funds ARE there and available in the bank, so technically I could buy the item right now with no worries but I dont want to leave that account low before friday, if that makes any sense, just in case anything else comes up between now and then (bills, gas, food... who needs that stuff when you have new photo gear to look forward to though??). I'll have plenty of money on friday but the auction im watching ends later today. As many of you know, ebay has that 8% cashback thing, but you have to pay within an hour to receive it. Otherwise I would just buy the item and let the seller know that I would pay first thing friday morning.

I was just curious about how long it actually takes to pull from the account, but as someone stated earlier it shows up deducting from the bank immediately.

I'm going to go into my paypal history today and see how long its taken in the past to come out of the bank. It seems like its always been a few days, but i could be mistaken.

[zeroendless]

Paypal is also now randomly holding money from the seller. They hold it for 21 days to make sure the transaction doesn't have any claims. It doesn't matter if you have a 100% or a 10% rating. After I get this last transaction taken care of I won't use paypal again till they stop this practice. IMO this has made it easier for scammers to take your stuff and run

Are you sure they do that randomly? or your account is new or was under investigation due to buyer complaints and such? I've been using PP for years with near hundred of transactions and never get picked for hold.

[lscottpht]

Originally Posted by zeroendless

Are you sure they do that randomly? or your account is new or was under investigation due to buyer complaints and such? I've been using PP for years with near hundred of transactions and never get picked for hold.

I've been a PayPal user for a long time, and they did that to me, too. I was kind of shocked when I saw the message. Oh, and my acct is not under investigations due to complaints.

[BEphoto]

So i just checked my bank/paypal account info and here's how it turned out, just for everyone else's reference.

Sent $100-
paypal date- 10/16
deducted from bank- 10/19

Sent $167-
paypal date- 07/14
deducted from bank- 07/16

Sent $209.88-
paypal date- 07/09
deducted from bank- 07/13

Sent $147.88-
paypal date- 07/09
deducted from bank- 07/13



So in conclusion.... It seems totally random as to when it will actually show up in your bank account. anywhere from 2-5 days (had an older one that was 5, but im guessing that was maybe over a weekend)

Maybe I WILL get my auction afterall!!!

[kennyt]

Originally Posted by zeroendless

Are you sure they do that randomly? or your account is new or was under investigation due to buyer complaints and such? I've been using PP for years with near hundred of transactions and never get picked for hold.

Been a user since 2001 and have a 100% feedback

[RKEnnis]

I've been an active member since 2000 and have 100% positive feedback. Plus, almost everything I've sold in that period of time has been in one of their so called "high risk groups" (consumer electronics, cameras, music gear).

They recently started hitting me with random seeming, 21 day holds on my funds. This, along with EBays hosed up feedback system, makes selling on Ebay VERY unattractive to me. The worst part the the deliberate vagueness of their hold policy, and the fact that you just never know when listing an item when you will get paid for it.

You list an item, and by the time you wait for the auction to end, and wait receive your funds, it's been a month! What used to be my first choice for selling stuff is now my last resort.