Paypal question

Jamie_Carter

simonp96 wrote: »

This is a paypal issue and is all over their forums.

They are claiming that it is your bank but it is not. Its them.

There is no need for them to do further 'security reviews'. Some of mine have been for 72 hours, Then they claim my bank rejected the withdrawal so ive requested the money again and it will take 72 hours again - so 6 days now to get my money.

Paypal i understand were bollocked by the FSA for not transferring money under the faster payments scheme but it seems they are now getting round this by doing 'security reviews' and also blaming our banks.

They are keeping hold of our money to gain interest. Also they should be automatically refunding the 50p charges they've made for each withdrawal decline.

Not happy with them at all at the moment

I have spoken to the FSA, and there is no ruling against them regarding real time banking.

What I did learn though is that Paypal are now a bank. And that they are based in Luxembourg, but passported to the UK. What this means is that they are governed by Luxembourg laws, but still have to follow FSA rules to the extent that they don't significantly disadvantage UK customers.

I complained that out of my last five transfers to my bank account, three have been held up for a so called security review. Now I can understand the odd random security review, but not 60% of them. Especially as I have a long established business account with them. This isn't what I would call 'real time banking'.

What I was also told by the FSA was that they can't investigate individual cases. So what I told them was that I was making them aware of the situation, ready for a flood of complaints. So I would urge everyone who has had the same thing happen, to contact the FSA to complain. Then they will have to act.

RFW

I believe Paypal have announced today that a lot of the holds are actually due to a fault in their system.
http://tamebay.com/2012/09/paypal-21-hour-holds-are-just-a-technical-glitch.html

Jamie_Carter

RFW wrote: »

I believe Paypal have announced today that a lot of the holds are actually due to a fault in their system.
http://tamebay.com/2012/09/paypal-21-hour-holds-are-just-a-technical-glitch.html

It would be very nieve to believe that. If it was a fault, then it wouldn't tell you immediately that your transfer is held up due to a security review for 24 hours.

theonlywayisup

Jamie_Carter wrote: »

It would be very nieve to believe that. If it was a fault, then it wouldn't tell you immediately that your transfer is held up due to a security review for 24 hours.

Yes, always better to believe it's a conspiracy

http://www.bbc.co.uk/news/business-19756523

Jamie_Carter

theonlywayisup wrote: »

Yes, always better to believe it's a conspiracy

http://www.bbc.co.uk/news/business-19756523

No I'm not one of those conspiracy theorists. But I do know how big companies work, and they they will often try every dirty trick in the book.

At no point have I been told, when on the phone to Paypal "sorry, but we have a technical issue that is causing your transfers to be sent for review". All they have don't is made up loads of excuses, and come up with the "it was in the terms and conditions that you agreed to". If you read my earlier post, you will seel that Paypal try to avoid complying with UK law as much as possible.

RFW

Jamie_Carter wrote: »

It would be very naive to believe that. If it was a fault, then it wouldn't tell you immediately that your transfer is held up due to a security review for 24 hours.

It looks as though Paypal are saying that more accounts are being picked up by their system than they would like and that that is a fault in their system. I'm not sure what other conspiracy issues could come out of this. If I was Paypal I would incorporate waiting 24 hours to everyone as a security measure, instant transfer could be a scammers' paradise.

Not that I really care about it, it doesn't affect me and I hardly think that 24 hours delay in the greater banking picture is any big deal. I can recall faults in Paypal that left me waiting over two weeks for cash, you guys don't know you're born;)

RFW

Jamie_Carter wrote: »

No I'm not one of those conspiracy theorists. But I do know how big companies work, and they they will often try every dirty trick in the book.

At no point have I been told, when on the phone to Paypal "sorry, but we have a technical issue that is causing your transfers to be sent for review". All they have don't is made up loads of excuses, and come up with the "it was in the terms and conditions that you agreed to". If you read my earlier post, you will seel that Paypal try to avoid complying with UK law as much as possible.

Can I just ask if you have had delays for more than 24 hours?
Given the time it takes to get any sens of anyone in a big company via their telephone customer services it would be quicker to just wait.

Jamie_Carter

RFW wrote: »

It looks as though Paypal are saying that more accounts are being picked up by their system than they would like and that that is a fault in their system. I'm not sure what other conspiracy issues could come out of this. If I was Paypal I would incorporate waiting 24 hours to everyone as a security measure, instant transfer could be a scammers' paradise.

Not that I really care about it, it doesn't affect me and I hardly think that 24 hours delay in the greater banking picture is any big deal. I can recall faults in Paypal that left me waiting over two weeks for cash, you guys don't know you're born;)

If it was a fault in their system, then they would have known about it by the first time that I called to complain about the delay. But to delay 3 out of five transfers, and still say that it was normal security procedures, is quite frankly taking the pi##.

Paypal are now a bank, and they need to operate like a bank. In the UK that means using real time banking. And not use a made up security review as an excuse to float your money for an extra 24 hours.

Jamie_Carter

RFW wrote: »

Can I just ask if you have had delays for more than 24 hours?
Given the time it takes to get any sens of anyone in a big company via their telephone customer services it would be quicker to just wait.

Yes.

It's not a point of having to call about individual cases. I am a long time business customer of theirs, and nothing has changed as far as my bank details go, or as far as patterns go. So apart from a possible, very rare review, there would be no need at all to do so. The security that does need reviewing is Paypal's own, as it is the worst out of all the merchant banks.

Jamie_Carter

Now 4 transfers held up for review out of 6. Although this time they have reduced the time to 4 hours.

For security reasons, we've had to delay your withdrawal request while we review it.
Your withdrawal request will be under review for up to 4 hours. After our review is complete, PayPal will release your funds. It can take an additional 2 hours for those funds to be deposited into your bank account.