paypal rules

biggus

:mad: Hi
I'm absolutely fuming about Paypal They have recieved immediate payment from my customers and have a rule that I cannot receive this payment for five to seven days. What a joke, they can recieve payments immediately charge a fee for the pleasure, 5% i think, then hold onto my money for between 5-seven days. Can I force them to send it ? Can anyone advise?
Many thanks
Biggus

frivolous_fay

Are you a new paypal user?

charlottevwa

frivolous_fay wrote: »

Are you a new paypal user?

I think so

I think what the op is trying to explain is the fact that after withdrawing the cash from paypal, it takes 5-7 days (3 days for me) to arrive in your bank account.

Unfortunately this is the way it is for all of us biggus. I guess it has to be approved by the bank etc first... same as a bank transfer

biggus

There's nothing to approve though. Paypal have taken the funds via a customers credit card, on my behalf. They have charged me £26 quid for this service then they will not release my money for between 5&7 days. This is just not acceptable. They are just using this as a way of earning interest. I feel this is unfair. Bank Transfers take one day! Thanks for your comments though:)
cant see why being anew paypal user is of any importance though frivolous Fay!! And no I'm not, but It's the first time Iv'e actually needed the money out of the account urgently.

charlottevwa

Who do you bank with? Im with natwest and get my money in 3-4 days

charlottevwa

by the way, what did they charge you £26 for?

biggus

I'm with Abbey, The 21 quid was for handling a £530 sale.

frivolous_fay

biggus wrote: »

cant see why being anew paypal user is of any importance though frivolous Fay!! And no I'm not, but It's the first time Iv'e actually needed the money out of the account urgently.

Ok... I thought maybe there was a safeguard to stop new users withdrawing money straightaway. It would make sense tbh.

If a scammer took over a grand on fake ebay sales, it would be reassuring to think that he wouldn't be able to empty his account in a day. Wouldn't it?

As it is, it sounds like you're just suffering the standard clearing time... there's no 'rule' about it...

dollydoodah

biggus wrote: »

There's nothing to approve though. Paypal have taken the funds via a customers credit card, on my behalf. They have charged me £26 quid for this service then they will not release my money for between 5&7 days. This is just not acceptable. They are just using this as a way of earning interest. I feel this is unfair. Bank Transfers take one day! Thanks for your comments though:)
cant see why being anew paypal user is of any importance though frivolous Fay!! And no I'm not, but It's the first time Iv'e actually needed the money out of the account urgently.

Bank Transfers don't take one day. If I transfer money from a Co-Op account to a Lloyds account, it takes 4 days.

CHAPS transfers take a day, for which you have to pay a premium, and is a service that Paypal don't offer, for very good reasons.

steviebabes

I would check your paypal account as the charge for a £530 sale should be just over £17. This is about the same as any credit card company would charge. i can't explain the 5 - 7 days before you can withdraw it unless it is to do with security.

charlottevwa

I would also advise you to take great care when accepting such a large amount of money on paypal.. if you are going to sell such an expensive item... you should maybe offer bank transfer instead.. for your safety... you never know when you may get scammed