PayPal

FAOL Community Sound Off
1

I’ve sold a few items in the last week or so to folks that paid me using PayPal. I immediately got an email saying PayPal had received the payment and it was confirmed. A day later PayPal says transfer to my bank account is “pending”. The next day PayPal says “transfer complete”. Three days later its not in my bank account.

Now I know there is such a thing as “overnight” interest but it makes me mad they make interest on MY money after charging me 4% for the “convenience” of using PayPal.

2

Jerry I won’t use Pay Pal. I feel safer using a Postal Money order. The person buying the item only has to tell Pay Pal that you misrepresented the item and you don’t get your money. Then the burden of proof is upon you.

          Rusty <><
3

I love PayPal and have never had any problems with them at all. I keep a large sum of cash in my account (they pay over 5% interest), transfers between PayPal and my checking account usually are done within 3 business days without a problem. Local banks(my wife is a branch manager) are not taking money orders anymore due to the large amount of counterfeits floating around. Also if you have a dispute they always take your side.

4

I am with Ray on this. How many banks do you know that pays higher than 5% on their savings accounts. Unless I need the $ I leave my PP account stand and collect the interest.

5

My bank would take a check/MO from me written on toilet paper…they would just bounce it if it were no good.
My gripe is not what interest PayPal pays or wheather I should let them keep it or not.
I have chosen to have my balance “auto swept” to my bank account.
Electronic fund transfers are instant, I should have had the money in my bank account within minutes. They draw interest on MY money while they set on it… I suppose to earn interest to pay you folks who let them keep your money.

Where I keep my money earns more than 5%

6

I thought the float had disappeared with electronic transfers…seems they are taking advantage…

7

If PP transferred the funds then the issue is with the settlement service clearing account. It is not uncommon for a settlement to take 3-5 days. ACH typically takes 3 days to settle.