Have you ever been sent a "PayPal eCheque", what ever that might be?
Well, it’s just another excuse for them to hold on to your money for far longer than they are entitled to. If this was the way our high street banks operated there would be a huge uproar and shake up of the whole banking system. Probably massive fines for gross misconduct.! This is absolutely a disgusting way for a financial organization to operate, yet they get away with it time and time again. It is well about time the E.U bureaucrats at Brussels who dictate to us pretty well everything that we “English people” (sorry, I’m not really allowed to say that) have to do, stepped in and brought PayPal to rights because no way do I think this can be legal. Ebay / PayPal are now so big they just stick two fingers in the air and do what ever they want to.
Copy of PayPal payment notification. (senders name and sum paid removed by me.)
Date: 3 Aug 2012
Time: 21:35:45 BST
Subject: Someone Has just sent you £ ex amount of GBP with PayPal
Payment Type: eCheque
Note from PayPal.
This eCheque payment will be credited to your PayPal balance once the funds have cleared from the sender's account. This usually takes 3-5 working days so please do not send any items until the funds have cleared. (Estimated completion date: 14 Aug 2012)This eCheque payment will be credited to your PayPal balance once the funds have cleared from the sender's account. This usually takes 5 working days so please do not send any items until the funds have cleared. (Estimated clearing date: 14 Aug 2012)
(back to my text)
Paid on the 3rd August , 3-5 days to clear, in my book that's the 8th August at the latest. Is that correct ?
Then how the hell do they come up with an “estimated” clearing date of the 14th August ? On top of all that, at 10.50 am on the 14th August, the funds were still not in my account! PayPal have now been sitting on over a thousand pounds of my money for almost 2 weeks. When the money does eventually arrive in my PayPal account it will then take yet another (if I am lucky) 3 – 5 days for PayPal to transfer it to my regular high street bank, before I can actually get my grubby little hands on it!
A so-called eCheque is a “virtual cheque” an electronic transaction that should be paid at the hit of a virtual button. If you were to send an old style paper cheque by pigeon post and I took it to the bank on a bicycle the funds would have been in the bank way before this.
The person who paid his money in to PayPal, quite rightly, is wondering where his goods are after a few days, unaware that I have still yet to be paid.
Seventeen days to receive an “instant payment” that a dodgy sender could reclaim by raising a dispute with PayPal for (I believe) up to six months later. If he does, Paypal will withdraw that money from your / my bank account until an agreement has been reached. If no agreement is reached PayPal will pay your / my money back to the sender, leaving you / me the seller, high and dry, the looser of both the money and the goods. Can this possibly be right?
What happened to the eBay / Paypal “sellers protection scheme”? They support the buyer
every time, leaving the seller the victim.
If there was a better way of making international transactions I would be the
first to tell you, but sadly I don't think there is. I can't understand
why the banks can't do it without the payer having to actually go to his bank to
do so.
Update to the above:
At 14:56 on the 14th August 12 I was notified that at last the eCheque had cleared. Great news thinks I. I'll transfer it straightaway to my bank because that will be a further 5 days probably more with the weekend looming up. I hit all the right buttons to Transfer £1,000 GB to may bank account and what do I get?
"Your withdrawal request status"
For security reasons, we've had to delay your withdrawal request while we review it.
Your withdrawal request will be under review for up to 21 hours. After our review is complete, PayPal will release your funds. It can take an additional 2 hours for those funds to be deposited into your bank account."
So that's another two days these bastards are going to retain MY MONEY. I now don't have the money showing on my PayPal account or my bank account. Had I left it in PayPal I could have used it for purchases etc ! Is it right that they can hold us to ransom in this way? I think not.
HERE IS WHAT I HAVE WRITTEN VIA EMAIL TO THEM TODAY
PayPal
I am disgusted at the time it has taken to clear an eCheque for £1### GBP Eleven days !
It would take another 3 – 5 days under normal circumstances and your terms to transfer it to my
bank account.
You have now told me that for security reasons you will be keeping MY MONEY for
a further 2 days for review.
I want to know why it has taken so long and why you are delaying things further?
John Beer
I will post the reply, if I get one, here later.
Update 15th August 2012.
I have as yet had no reply from PayPal, but
amazingly the money has suddenly appeared in my bank account with no notification
today!
Must be something I sad :D
Should I hear any more on the subject, I will post it here for all to see.
In future I will not be accepting any more PayPal eCheques. Apparently they only issue these if a buyer in unverified and has no credit or debit card registered with PayPal.