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DTMark

PayPal Instant bank transfers

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Using PayPal at all = big mistake 

Might have made sense ten years ago but not today

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3 minutes ago, DTMark said:

Can anyone see what is wrong with this picture. Do these things happen only to me? Did I take the wrong pill?

paypal.jpg

It just means 'instantly transferred from you to Paypal'.  You're not supposed to worry about any other details, like the ultimate destination for the money.

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What I do, is that I have a little notebook in my "purse".

Every transaction with paypal or credit card I write down the date and reason for payment. And then when the time comes to clear the credit card, I check off each transaction.

I don't think many people do this at all.

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Could be either 

i) you are flagged on some system and need a human to free it

ii) the money is going to a smaller bank that needs a manual workaround (a number of smaller banks in some countries cannot accept wires directly!)

iii) paypal are bundling small payments into end of day big settlements to cut costs - you have the delay, they get the profit

iv) you are Treason May and you have to increase the amount to 59Bn or they'll have your guts...

 

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30 minutes ago, OurDayWillCome said:

PayPal have mastered the art of holding onto their customers money for as long as possible. Instant transfer: 3-4 working days!

It's called "banking"!:o

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I thought I'd finally try selling some of my old vinyl. The main channel is Discogs and most people expect PayPal and some protection.

I added the bank account so as to withdraw a few payments. I was told I was setting up a direct debit. No, I don't want you to have open authority over my account and you do not need this to pay me. I click Cancel. It then says I can still continue anyway and withdraw my own money.

I complete the process and then withdraw. It says "Instant" and then "Connecting to Bank" and then fails saying it might be up to 12 hours.

Oddly the first withdrawals took precisely 12 hours to show. So it's not "Instant".

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Every time I withdraw money I get the message that for security checks to take place it may take up to 12 hours.

Then the money arrives almost exactly 12 hours later.

It's almost as if nobody is doing any security checks and this is just an excuse to delay the withdrawal.

Were PayPal not so untrustworthy I might leave a balance on there but as it is, I'm withdrawing everything as soon as it arrives in there.

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10 hours ago, DTMark said:

I thought I'd finally try selling some of my old vinyl. The main channel is Discogs and most people expect PayPal and some protection.

I added the bank account so as to withdraw a few payments. I was told I was setting up a direct debit. No, I don't want you to have open authority over my account and you do not need this to pay me. I click Cancel. It then says I can still continue anyway and withdraw my own money.

I complete the process and then withdraw. It says "Instant" and then "Connecting to Bank" and then fails saying it might be up to 12 hours.

Oddly the first withdrawals took precisely 12 hours to show. So it's not "Instant".

Interesting. Did you get much for them? (I have a load to get shot of)

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7 minutes ago, DTMark said:

Every time I withdraw money I get the message that for security checks to take place it may take up to 12 hours.

Then the money arrives almost exactly 12 hours later.

It's almost as if nobody is doing any security checks and this is just an excuse to delay the withdrawal.

Were PayPal not so untrustworthy I might leave a balance on there but as it is, I'm withdrawing everything as soon as it arrives in there.

I think it can depend on the amount of activity you have, the patterns for money in, money out and the set up i.e. if it is a business account. 

Clearly there is no money to withdraw if it's showing a negative balance but regarding the time frame for withdrawal I have 2 accounts , 1 business, 1 private. The business one will always clear into my bank within 3-4 hours. It's such a long established account with an established pattern. If I have a lot of funds going into my private paypal account, which I have recently, they've been running more checks when I'm trying to transfer it out. First it was instant but because I was withdrawing everyday they then started to hold it for a few days before transferring to bank 'to do security checks'. Now, having withdrawn regularly for the last few weeks it's now doing immediate withdrawal on my private account.

 

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7 minutes ago, Wight Flight said:

Interesting. Did you get much for them? (I have a load to get shot of)

Most are basically worthless. If something is only going to fetch a few quid I can't be bothered cleaning it up. However some are in-demand. On the first day, Now 26, an Oasis LP, a Roxette LP and a Stephen Stills LP all sold, circa £90 total.

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PayPal are scum if you're selling, good if you're buying. I am using them with a fake/misspelled name, and use them for any business that will only accept Paypal, i.e. smaller stores or eBay. I keep money in the account at all times if possible so that they can't withdraw anything. Giving them bank account authorisation isn't required IIRC, you can just use a debit card and they can verify off that. I'd recommend looking into "paypal stealth" which is what I've described above, many people who have been burned do it.

Businesses that rely solely on Paypal are playing with fire, they can cut off your income instantly without warning and with no reason given. It happened to me.

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