Can somebody explain electronic transfers

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lilyvonschtupp26 · #1 Post by **lilyvonschtupp26** » Fri Mar 13, 2009 11:33 am

I ordered a phone through eBay, paid for it with PayPal. I got the phone and it was purple i/o black.
I complained. The seller said they would refund my money when I sent him the phone. I mailed it.
He said PayPal debited his account on 3/5. I didn't get credited until today.

Where was the money all this time? I can pay bills electronically immediately or at least overnight.
Doesn't it seem that somebody is floating the money somewhere?

sunflower · #2 Post by **sunflower** » Fri Mar 13, 2009 11:39 am

I don't know how that all works. Pay Pal has always seemed slightly shady to me but I don't understand it.

I know my ING transfers take 2 business days to go, but I'm pretty sure they're deducted from my available balance as soon as I initiate the transfer - I'm not sure on that - but I don't know why it takes so long anyway. I transferred money yesterday and it won't get to my checking account until Monday.

lilyvonschtupp26 · #3 Post by **lilyvonschtupp26** » Fri Mar 13, 2009 12:36 pm

that's not too bad, but I still think electronically they should be able to move the money faster. That's why I hate it when they hit you up for a fee, my bank Chase, is notorious for their fees when no human is inconvenienced for low balance or whatever. I had to fight with them about my son's account which is set up for college kids and they were dinging him for low amount. I read over the literature and it was nowhere in writing.

MarleysGh0st · #4 Post by **MarleysGh0st** » Fri Mar 13, 2009 12:46 pm

lilyvonschtupp26 wrote:He said PayPal debited his account on 3/5. I didn't get credited until today.

Sounds like PayPal is entirely responsible for this unexplained float, if they were just transferring the amount from his PayPal account to yours. Or do you have yours automatically transferred to a different bank's account? (I'm not a PayPal user, so I'm unfamiliar with its fine points.)

ulysses5019 · #5 Post by **ulysses5019** » Fri Mar 13, 2009 12:58 pm

I'd blame rexer. But does he charge a fee?

lilyvonschtupp26 · #6 Post by **lilyvonschtupp26** » Fri Mar 13, 2009 1:16 pm

Paypal deposits and withdraws money into either your checking or credit card, whichever you choose. That's why
I don't get the delay.

Jeemie · #7 Post by **Jeemie** » Fri Mar 13, 2009 1:27 pm

You can be sure this money was sitting somewhere where Paypal could make a nice return on it for those 5 days.

MarleysGh0st · #8 Post by **MarleysGh0st** » Fri Mar 13, 2009 1:35 pm

ulysses5019 wrote:I'd blame rexer. But does he charge a fee?

He does, but he says he can't accept any more blame this week.

Something about his blame account being overdrawn or something.

ulysses5019 · #9 Post by **ulysses5019** » Fri Mar 13, 2009 2:02 pm

MarleysGh0st wrote:
ulysses5019 wrote:I'd blame rexer. But does he charge a fee?
He does, but he says he can't accept any more blame this week.

Something about his blame account being overdrawn or something.

Must have had his money invested with Bernie Madeoff.

themanintheseersuckersuit · #10 Post by **themanintheseersuckersuit** » Fri Mar 13, 2009 4:18 pm

MarleysGh0st wrote:
ulysses5019 wrote:I'd blame rexer. But does he charge a fee?
He does, but he says he can't accept any more blame this week.

Something about his blame account being overdrawn or something.

We need an new bailout!!!

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Can somebody explain electronic transfers

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