PayPal Question

BAJJERFAN

Are PayPal payments from checking accounts now almost instant? Normally in the past it took 3 days to clear and would show as pending. I made one last night that already shows as completed. Part of the payment was from existing funds; the rest from checking.

tlhoy

Yes
New banking rules went into effect last Thursday.
ALL checks are now done electronically, even those you write to the supermarket.
The money will transfer from your account within 24 hours now.
So no more floating checks!

Glenn

Sphinx357

I'm fairly certain that they are instant. I haven't paid with my checking account very often, but the couple of times I did, I recieved a receipt right away.

BAJJERFAN

Must be very recent then; just a few days ago it took the usual 3 days to transfer from checking to PayPal account.

Sphinx357

I'm not sure what the difference is between this and an 'e-check', but I used to recieve a few e-checks that took a while to clear.

Barry

The law paved the way for rapid clearing of checks between banks. It did not make any provisions for banks to release the funds to consumers any quicker. What that means is you will no longer have the luxury of several days of float after you write a check. The money better be there when you write it. OTOH, the banks are under no obligation to release incoming funds any sooner. Not that Paypal is considered a bank, anyway.

Murphy

PayPal now has a Bank Card (Mastercharge). They are looking like a bank more and more every day. One thing of note is, I can use the bank card to get around the $20 wire transfer fees that my bank charges me to get funds from PayPal.

K6AZ

If your bank is charging you $20 for ACH payments, I would find another bank.

I really like the debit card. Instead of withdrawing funds into my bank account, I get US postal money orders.

Murphy

K6AZ, I have two bank accounts here and they both charge the same fee for elec fund transfers. I wouldn't bank anywhere else though, so I have to live with their stupid fees. I think it's a darn shame that banks charge for every little thing now. My 3rd wife was a banking officer and once got a $10K bonus for suggesting they charge for something. She got like 10% of how much the projected earnings for a year was estimated to be. The suggestion box at banks can be a seriously aggrivating place for the customer. They have changed from suggesting ways to help the customer, to suggesting ways to raise their quarterly profits / stock prices.

flaminio

<< <i>I can use the bank card to get around the $20 wire transfer fees that my bank charges me to get funds from PayPal. >>

Wow, and people complain that PayPal's fees are excessive. I withdraw all my PayPal money to my brokerage account, and they've never charged me a penny for the privilege.

Find a new bank. Yours sucks.

K6AZ

Murphy, I would inquire further at your bank. Withdrawing money from PayPal is not a wire, it is an e-check. That is why you enter your account routing numbers. If your bank tries to tell you it is a wire transfer and they are going to charge you $20, they are not being honest. Most checks you write now are never presented to your bank, they are done through the same process PayPal uses to deposit funds into your account. Does your bank charge you $20 for every paper check you deposit? Same thing.

tlhoy

Let me see if I got this right. Your bank charges you $20 to basically deposit money into your account from PayPal.

I agree with flaminio, your bank sucks!

Glenn

And what's with the altered 44-D coin in your sig line?

easttexascardsandgames

Yeah your bank sucks, they are basically charging you for making a deposit or writing a check. It is different than a wire transfer and if you bank is telling you otherwise then there may be something illegal going on with that fee. My bank does not charge a service fee if you recieve more than 100.00 every month through Direct deposit. Paypal is considered a direct deposit so I avoid the fee.

GAT

I made a Paypal payment yesterday and it still hasn't been charged against my account.

Murphy

Both banks I deal with charge me $20 for wire transfers coming into my account - nothing for transfers going out of my account, which seems weird to me. You'd think they'd want to make it easier to accept money in and more difficult for it to leave your account. If PayPal uses E-Checks to transfer cash to my bank then I am mistaken. I had to give them a routing number once and that may be where I came up with wire transfer. In looking over my bank statements, I haven't really seen a $20 fee deducted from my account. I always thought it was taken from the amount being transfered and never really checked to make sure.

K6AZ

You wouldn't be the first to confuse a true wire transfer with ACH processing. When you entered your bank account info at PayPal, you gave them the information they need to initiate ACH payments into your account, and I am not aware of any bank that charges for incoming ACH payments. As a matter of fact, ACH payments are cheaper for the bank to
process as compared to paper check deposits.

Murphy

Glenn, the altered 1944-D to 1914-D is one of many that my Uncle Marvin made back in the 1950's and 1960's. He was a jeweler and coin collector of dubious reputation around these parts and I just happen to have his 3 remaining pieces that I am keeping as family treasures. One of them is a 1909-S VDB cent that he added an S to a 1909 VDB. The surface texture of the S is a little different from the rest of the cent, which is how you can tell it from a real one. Also, my dad told me it was a fake that Marvin had given to him. Marvin met a very violent end back in the 1970's during a home invasion/robbery. The coins were given to me when Dad passed away last year.