Got to love electronic banking…I checked my bank account online and paypal had already claimed the money. Go to paypal and it doesn’t expect it to clear for 3 days…seems fishy. That is a long time for the money to be in limbo. If you multiple that by the number of people making transfers it could add up to a lot of money. However my bank charges $10 if I want to just transfer funds between banks and paypal does it for free.
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"Does Paypal Use The 3-4 Day Bank Deposit For To Make Money?" was posted on Thursday, February 18th, 2010 at 7:33 pm.
it just takes a couple days for the transaction to clear, how would they be making money?
paypal makes their money from the recipient
Yes they all do. Think of the interest they earn on millions. Example did you notice whenever you send for your rebates? They know half the people will not even bother, plus they take months to send your rebates it is ridiculous, unfortunately with overpopulation they’ve been getting away with it.
I have one too, first you have to open an bank
account,
yeah sound weird though all my transacions through pay pal have been cleared by the nest day. if not the same day.
Banks & Paypal take 3-5 days to clear funds because that way they get to keep the interest which they would otherwise have to pay to you during those 3-5 days if the money went into your account straight away. It is standard banking practice and very unfair!!!! Banks screw you every way!
WHAT YOU DID IS CALLED AN E-CHECK.
IT TAKES 3-4 BUS. DAYS FOR THE $ TO CLEAR.
vERY UP AND UP. NORMAL BUSINESS PRACTICES.
Depends on your bank. If you got Wachovia your F***** but Bank of America might et you slide by
i think it’s the banks that keep hold of it. we pay my husband’s credit card every month, cash, in the card’s own bank, and it still takes 4 days to show!
No — the delay is to protect them from paying out money that you don’t actually have (bounced checks).
Paypal immediately requests the money from your bank. Your bank transfers the money to them. Between major US banks this can happen within minutes, but for argument’s sake lets say it takes 24 hours on average for US banks of all sizes. Then the banks give each other a grace period of another 24hours just to make sure all the i’s are dotted and the t’s are crossed…viola 3 days processing time for you and me.
Look at it another way — what if you aren’t really you but some identity thief trying to raid your bank account. How fast do you want that payment to process????
(Note that things tend to work differently for folks who have lots of money and/or long established relationships with a particular bank)