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>>> 3-4 business days? Are you kidding me? <<<

 
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Mabes is offline Old Post 06-27-2004 06:00 AM
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Mabes
Midnight Man

Registered: Jan 2001
Location: New York
Posts: 870

3-4 business days? Are you kidding me?

So I want to purchase the service menu data for my new TV and they only accept Paypal. I have an account and I go to transfer $10 from my bank account, and it takes 3-4 business days.

WTF? They've got my account number and routing number, and in these days of electronic transfer of funds....WTF?

PS. How bout them Mets? We've finally got our whole team together.

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Turtleboy is offline Old Post 06-27-2004 06:03 AM
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Turtleboy
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Registered: Mar 2001
Location: Washington, DC
Posts: 7659

Linking your bank account to paypal is a bad idea no matter how many times they tell you to do it.

A credit card is always better, b/c you have protection when someone steals your money.

See here: http://www.tivocommunity.com/tivo-v...ighlight=paypal

And Here:

http://www.tivocommunity.com/tivo-v...ighlight=paypal

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Mabes is offline Old Post 06-27-2004 07:57 AM
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Mabes
Midnight Man

Registered: Jan 2001
Location: New York
Posts: 870

Oh...my...God!

But I don't have a credit card. And I'm a gambling man and the odds of this sort of thing happening are probably small. I've had a Paypal account for a couple of years, I've only used it a couple of times, but it's been sitting there with the same account info. No problems and so....

I'll cancel it anyway. Thanks for the warning.

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landrumdh is offline Old Post 06-27-2004 08:07 AM
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landrumdh
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After seeing those posts I went and removed my bank acct from paypal and now only have it linked to CC accounts.

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djheini is offline Old Post 06-27-2004 09:07 AM
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djheini
Driven away by TiVo

Registered: Jul 2002
Location: Bahston, MA
Posts: 418

I removed my main checking account from PayPal, and only have the one that I'll be closing in a few months anyways, and only has a maximum of about $20 in it ever.

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YamahaRick is offline Old Post 06-27-2004 09:14 AM
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YamahaRick
TiVo Forum Special Member

Registered: Oct 2002
Location: Ocee, Georgia USA
Posts: 1346

The reason for the delay is so that PayPal can sit on your funds for a few days, and make $$$ off of it. How do you think they pay for the services they provide ... they are entitled to make a profit.

It's not PayPal's fault that the service provider you are trying to pay only accepts PayPal.

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Tpfer is offline Old Post 06-27-2004 10:00 AM
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Tpfer
Member

Registered: Mar 2001
Location: Trophy Club, TX
Posts: 88

quote:
Originally posted by YamahaRick
The reason for the delay is so that PayPal can sit on your funds for a few days, and make $$$ off of it. How do you think they pay for the services they provide ... they are entitled to make a profit.




I use paypal all the time and I dont have a problem with it. But they already charge me for all the money that goes into the account, so holding on to the money for 3-4 days should not be the way they make money. Most of the time it takes them 2 days to process a withdrawl.

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smak is offline Old Post 06-27-2004 10:14 AM
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smak
new glossy edition

Registered: Feb 2000
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If you don't have a checking account linked, how do you get money out of your paypal account?

-smak-

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bentleyml is offline Old Post 06-27-2004 10:16 AM
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bentleyml
iPod! iPod! iPod!

Registered: May 2003
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I beleive you can get a PayPal debit card to take the money out from an ATM, but I could be mistaken.

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MikeekiM is offline Old Post 06-27-2004 10:37 AM
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MikeekiM
TiVo Forum Special Member

Registered: Jun 2002
Location: SF Bay Area
Posts: 1968

If you don't have it linked to your checking account, how do you transfer the balance from the PayPal account to a personal account outside of Paypal?

I use my PayPal account mostly to sell... Once my balance reaches a reasonably high amount, I dump it into my checking...

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gtrogue is offline Old Post 06-27-2004 11:07 AM
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gtrogue
Enormous Member

Registered: Jun 2001
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Why don't you do an instant payment? If your Paypal balance is zero and you make a payment it will immediately pull the money from your bank account and send it. I never keep money in my Paypal account and it's never stopped me from making payments.

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smak is offline Old Post 06-27-2004 11:57 AM
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smak
new glossy edition

Registered: Feb 2000
Location: Studio City, CA USA
Posts: 4610

But how about the opposite. Somebody pays me through paypal for an auction, and I want that money...

-smak-

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MikeekiM is offline Old Post 06-27-2004 12:25 PM
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MikeekiM
TiVo Forum Special Member

Registered: Jun 2002
Location: SF Bay Area
Posts: 1968

quote:
Originally posted by smak
But how about the opposite. Somebody pays me through paypal for an auction, and I want that money...

-smak-



That's exactly what my point is... But I guess I didn't say it as clearly as you

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gtrogue is offline Old Post 06-27-2004 12:26 PM
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gtrogue
Enormous Member

Registered: Jun 2001
Location: ATL
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quote:
Originally posted by smak
But how about the opposite. Somebody pays me through paypal for an auction, and I want that money...

-smak-



Yeah, that kinda sucks. It usually takes about two days to get the money to my bank account.

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themango is offline Old Post 06-27-2004 06:25 PM
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themango
Senior Member

Registered: Jan 2002
Location: Weston, Florida
Posts: 405

quote:
Originally posted by gtrogue
Why don't you do an instant payment? If your Paypal balance is zero and you make a payment it will immediately pull the money from your bank account and send it. I never keep money in my Paypal account and it's never stopped me from making payments.


For an instant payment I think you must have a CC on the account. I think the OP said he doesn't have one.

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gtrogue is offline Old Post 06-27-2004 11:00 PM
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gtrogue
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Registered: Jun 2001
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You may be right about that. They use the CC as a backup funding source in case your bank account doesn't have the funds in it.

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smak is offline Old Post 06-28-2004 03:08 AM
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smak
new glossy edition

Registered: Feb 2000
Location: Studio City, CA USA
Posts: 4610

I'm still not understanding.

If I get rid of my checking account for security reasons, how do i get my money out of paypal? Would I need a paypal card? If my checking account isn't linked, i can't transfer money to it right?

-smak-

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gtrogue is offline Old Post 06-28-2004 03:14 AM
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gtrogue
Enormous Member

Registered: Jun 2001
Location: ATL
Posts: 1366

quote:
Originally posted by smak
I'm still not understanding.

If I get rid of my checking account for security reasons, how do i get my money out of paypal? Would I need a paypal card? If my checking account isn't linked, i can't transfer money to it right?

-smak-



Correct, you would have to have them send you a check, which costs money, or use a Paypal debit card to withdraw money at an ATM, which costs money (ATM fees). The best bet is to open a free checking account somewhere, link it to your Paypal account, and use it as a go between account that you never keep money in.

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zaknafein is offline Old Post 06-28-2004 03:23 AM
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zaknafein
iddqd

Registered: Jul 2001
Location: Kansas City, MO
Posts: 7870

quote:
Originally posted by gtrogue
Why don't you do an instant payment? If your Paypal balance is zero and you make a payment it will immediately pull the money from your bank account and send it. I never keep money in my Paypal account and it's never stopped me from making payments.


Actually, it isn't instant. ACH debits and credits are remarkably low-tech. At the bank I used to work for, there was a machine that dialed into the fed twice a day to download the latest ACH batch. That was transferred over to our system, which processed them. The problem is NSF ACH debits. The system might not kick out the NSF until the nightly update, when transactions were hard posted, so it could take a few days for it to trickle back through the system.

When you do an instant transfer on Paypal, it uses your credit card as the backup funds source. It runs a preauth on the card to make sure there is enough funds on the card to cover the transaction. If there is, it starts the ACH debit process and clears the transaction. Should the debit come back NSF, Paypal would charge the credit card instead.

The reason transferring funds takes 3-4 business days is because Paypal can't use a credit card as an alternate funds source, since that would be considered a cash advance.

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gtrogue is offline Old Post 06-28-2004 12:03 PM
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gtrogue
Enormous Member

Registered: Jun 2001
Location: ATL
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I worded my post wrong. I should have said it immediately puts the money into your Paypal account and sends it. The transaction still takes several days to clear your bank.

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