Paypal E-Cheques and Clearing Times

daveg72

I have recently (and accidently) paid for a few items with a Paypal ECheque where payment is taken stright from your bank account to pay for goods.

My advice is don't bother, Paypal still charges you the full fee for recieving these payments and the two from buyers that are going through my account now have taken upwards of 9 days to clear - what a waste of time. You then have to wait another 5 working days to withdraw cash to a bank account.

A note of caution for a seller - the Paypal website states for these type of payments:

The eCheque payment you have received will show an Uncleared status until the funds have cleared from the buyer's account - usually three to four working days. Please do not send any merchandise to the buyer until this payment clears.

Therefore it would be madness to send the goods before the payments are cleared (which on my last 2 occasions took 9 days and not the 3 - 4 working days as stated). This can cause buyers to get anxious, sellers to get frustrated and worst of all IF YOU DO NOT CHECK THE FUNDING SOURCE ON EVERY TRANSACTION, THE DEFAULT WILL ALWAYS BE YOUR BANK ACCOUNT.

Paypal will be making £££££'s for everyday that these funds are not showing as cleared and also not incurring any credit card company fees.

Anyway i have now removed the bank account details from my Paypal account just to make sure they can never use it again and also to ensure that i get a better quality of service and value for money.

Contains_Mild_Peril

Does anyone know what the point of e-cheques is (as opposed to instant bank transfer Paypal payments?) I have my bank a/c as my default payment method for Paypal, and usually payment goes through straight away, but for some reason recently a couple of my payments were made as e-cheques. One seller sent the goods within a couple of days but mentioned in the feedback they left that the cheque had taken 10 days to clear.

soolin

I've never found a 100% accurate explanation of why payments sometimes go as an echeque and sometimes as a direct payment.

A few months back I had several echeques on the same day, I think there were several of us on here that suddenly got lots of buyers paying that way. I emailed my buyers and with their agreement I refunded the payments and they repaid, and the second time the payment came through as a direct payment..never did undersatnd that one.

Soo

shown73

I've been buying a couple of items from Germany recently, (yes, I know there have been lots of posts about this). I decided to use moneybookers, and it all goes quite well, and quickly, EXCEPT FOR THE B----Y BANKS. Why, in heavens name, should an electronic transfer, which is taken out of my account immediately, take days and days to get where it has to go.? It's an absolute outrage, frustrating for buyer and seller alike. Of course, with millions of transfers going on every day, imagine the pool of money that the banks must have at any given moment, to play with as they wish.
This unforgiveable delay only seems to apply to banks, other forms of payment seem to work normally, as you would expect. No wonder that they have more money than they know what to do with, and amuse themselves by trying to build bigger headquarters than the others. Surely this can't go on through the 21st century.

wullieb1

Well funnily enough i had a buyer pay me the other day with an e-cheque, my first time getti on of these, and it seems to take an eternity to clear.

The buyer won the auction from me on the 6th of this month and to date it still hasn't cleared. Right royal pain in the a**e.

I'm e-mailing the buyer today to let them know whats happening.