paypal clearing?

[Ugzz]

so does anyone know wtf paypal does when they are "clearing" a transaction for like 4 days?

on day 1 paypal withdrew from my account, so they have the money. My address is confirmed, the recipient has a confirmed paypal also.

back in the day paypal would just withdraw and send. Now it seems like they withdraw and keep your money and "clear" it for days on end.. then send it.

i want to know wtf they are doing? i win item on ebay in the am, send payment by mid-day. item should ship that night, even seller told me as soon as paypal send the money hell ship.. but noooo, its been 3 days and paypal is "pending clearance" expected to clear on 8-14-07.

that is so weak. i could have had my item in my hands by tomorrow if they didnt hold my payment for so long!

so does anyonw know wtf they have to "clear" or what they do?
the old way was so much better.. -but im guessing it has Something to do with security? dunno...

[hyunelan2]

I think the clearing is when you pay out of a bank account (like a checking account) it takes a few days for the bank to actually acknowledge paypal's withdrawal of the funds. This makes a delay.

[Ugzz]

thats what i thoguht too.. until i actually called the bank and checked my online status and its verified that my account had the funds pulled successfully by paypal immediatly after i hit submit. so they got the money right away.. bank said it was all good right away..

eh whatever it should "clear" tomorrow and all should be well, i just wanted my damn video card for my computer like today or tomorrow.. not just getting the payment started on that day!!

[kylemorg]

It might also refer to waiting until the payee logs into PayPal and accepts the payment. They have up to a month or so do do that.

[Ugzz]

thoguht of that too. have been in contact wit hteh guy since day one. he said he cannot accept it until it "clears" so he has been waiting for it to "clear" so that he can accept it.

on the site it gives me the estimated clear date, which is tomorrow..

[SuperGLS]

It took a while for your money to clear to me to. I think that's because you send e-checks and the money doesn't come right from your account or CC.

[Ugzz]

on the money super.

turn out if you have a bank account transfer the average clear time is 4 days.
its similar with a credit card.. but if you have BOTH a credit and bank account, you can send an instant transfer. This is becasue you have a backup source of funding, so paypal will send a bank account transfer and if it fails then they just front you the money and charge your card the balance.

they sent me a long response with details and i suppose that makes sense.. guess you have to add multiple forms of payment to do "instant" transfers. weak

[punkrocker3_00]

When you say it has cleared your bank, are you sure it is not setting as a pending transaction? I know when I use my bank card, the transaction sometimes sits in the pending area for a few days till it actually comes out of my bank account. When it sets pending, the funds are deducted from my account, but they are waiting for the vendor to actually accept the funds. In your case you are more than likely waiting for PayPal to actually accept the funds. They do have your money, but they haven't posted the transaction yet.

[PSUsouthpaw]

Isn't it possible that paypal pulls the money from your account, holds it for a day or two in their master account to earn interest, and than sends it on to the recipient? They have to make money somehow, after all.

[Ugzz]

When you say it has cleared your bank, are you sure it is not setting as a pending transaction?

yes i am sure, national city tells you exactly when something is pending and when it is fully cleared. the transaction was only pending for hours then was fully cleared and the transfer complete


Isn't it possible that paypal pulls the money from your account, holds it for a day or two in their master account to earn interest, and than sends it on to the recipient? They have to make money somehow, after all.

this is a good theory, i wonder if this is why.. cant prove it either way.. but damn good theory though