Home› U.S. Coin Forum

So I refunded a coin payment on Paypal........

ManorcourtmanManorcourtman Posts: 8,087 ✭✭✭✭✭
in U.S. Coin Forum
And it cleared over 24 hours ago at my bank. Paypal still has not released the funds to the returnee/buyer. I'm not a banking expert but it sure looks like Paypal is making interest/profit on the funds in the meantime. Looks like a shady business practice to me. Any experts want to chime in?

Comments

  • UtahCoinUtahCoin Posts: 5,359 ✭✭✭✭✭
    I've thought the same thing for years. Same thing on transfers from my PP acct to my bank acct. Shouldn't take 4 days
    I used to be somebody, now I'm just a coin collector.
    Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
  • ebaytraderebaytrader Posts: 3,312 ✭✭✭


    << <i>I've thought the same thing for years. Same thing on transfers from my PP acct to my bank acct. Shouldn't take 4 days >>




    An e-check is no different than a paper check in clearing time.
  • 291fifth291fifth Posts: 24,461 ✭✭✭✭✭
    Since when have financial entities avoided the use of practices that were of advantage to themselves at the expense of their customers?
    All glory is fleeting.
  • ilikebuffaloesilikebuffaloes Posts: 711
    PayPal is in business to make money. How do you think they make money? I assume that some of it comes from the CC fees and some comes from the interest on the "float" of money.

    If their policy says it takes 3-5 business days and they deliver in that timeframe, how is this shady? You don't have to do business with them if you don't want to. You can pay for a merchant account and take CCs yourself (the fees are higher with a merchant account though) and avoid the delay if you prefer.

    Why is making a profit shady?
    I'd keep playing. I don't think the heavy stuff will be coming down for quite a while!
  • 19Lyds19Lyds Posts: 26,491 ✭✭✭✭


    << <i>An e-check is no different than a paper check in clearing time. >>



    I guess, if you want to call it an echeck.

    I never really understood why PayPal payments from my bank into PayPal were within 24 hours yet payments from my PayPal account back into my bank took 4 days.

    Could someone please explain that?
    I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.



    The name is LEE!
  • Wolf359Wolf359 Posts: 7,657 ✭✭✭
    If their policy says it takes 3-5 business days and they deliver in that timeframe, how is this shady?

    Because they wrote their own self-serving policy. PayPal, as a monopoly, will get away with it until a better system comes along - remember the outrageous commissions charged for buying and selling stock in the 1980s? That was "policy" based as well. The commissions and most of the stock brokers disappeared with the internet.
    Multi-channel listings of coins and inventory management

    Free Trial
  • gecko109gecko109 Posts: 8,231 ✭


    << <i>

    << <i>An e-check is no different than a paper check in clearing time. >>



    I guess, if you want to call it an echeck.

    I never really understood why PayPal payments from my bank into PayPal were within 24 hours yet payments from my PayPal account back into my bank took 4 days.

    Could someone please explain that? >>



    Its 3-5 business days either way, to or from.

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Format
SpoilerCodeQuote
Heading 2Heading 1
Emoji
:):D:(;):/:o:s:p:'(:|B):#:*<3o:)>:)
Url
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file
Home • U.S. Coin ForumComment As ...