How Long for An E-cheque???

Jo_F

Ok so on the 31st May, my credit card expired, prior to this all payments on Ebay were funded instantly from my bank account (totally seperate from my CC), anyway, I refuse to activate a card that I have no intention of using, so have not updated the details (can't update if the card isn't activated).

So last Monday (2nd June), I bought something on Ebay totally forgetting about the card issue and sure enough it went through as an E-cheque, saying that it should clear on the 10th.

I was looking at my bank account on Wednesday (4th June) and the payment has come out of my bank account, I checked the status of the transaction on Tuesday this week and it still hadn't cleared, and it's still showing as uncleared today.

I have emailed the seller and apologised for the delay, but I just don't understand what the hold up is, I mean the money was taken out of my bank account 2 days after the e-cheque was issued, so where is this money and what's happeneing to it and why has the e-cheque still not cleared? And how much longer is the poor seller going to have to wait?

Any help gratefully received.

Hintza

10 days minimum. These rhings are a total pain so I would leave it at least a fortnight unfortunately. Will be interesting if the new banking rules speed it up at all.

steviebabes

I think you have to have either a balance in your paypal account or a valid debit or credit card registered with them to be able to make instant payments. Just add your debit card to paypal or transfer some money from your bank.

Jo_F

But what I don't understand is that the money left my bank account over a week ago, and still no sign of it clearing, so where is this money and what is it doing? If paypal have the money then I can't see why it should still be uncleared.

Jo_F

I don't have a debit card, and I am not going to activate a credit card that I don't want to use, I know that its instant payments with one or the other on the paypal account, I just want to know what the hold up is if paypal are sat on the money? Are they waiting for the bank to call it back or just earning interest on it?

steviebabes

I suppose its all down to security. Your bank could withdraw a payment if say you went into overdraft or whatever. If you have a credit or debit card registered it would go through instantly as if you had used it at a chip & pin machine.

frivolous_fay

Paypal say they don't earn interest on pending payments.

I wouldn't like to speculate on why the whole thing takes so long, but I'm sure our banks are at least partially responsible!

heskpesk

The seller can find out an estaimated clearing date via My Ebay

Jo_F

The estimated clearing date was given as the 10th June, I have checked my paypal this morning and it says that the payment cleared on the 11th, but it wasn't showing as cleared yesterday, I have had no email telling me that it has cleared (though I have just received one telling me my e-cheque for ebay fees has just cleared), and it is still showing as un cleared on my Ebay and the seller's Ebay.

Oh just as a quick question, can you register a pre-pay credit card with Paypal?

steviebabes

Jo_F wrote: »

Oh just as a quick question, can you register a pre-pay credit card with Paypal?

Just try adding it and see if it is accepted.