Where does the money go?

@Ritz100 (1119)
Spain
August 15, 2009 2:17am CST
Twice now I have requested a transfer from my bank (confirmed of course) and, as expected, it gets deducted from my bank account within about 5 days. However, it is not in my PayPal account, and doesnt appear for another 10-15 days, so who has that money during this time? I dont, my bank doesnt and Paypal doesnt show it on my account, so it not available to me for two weeks. If they do this with everyones bank transfers, someone is making a mint in interest off the back of our money! Whats your experience of transfers to Paypal?
2 people like this
14 responses
@iskayz (5422)
• Philippines
15 Aug 09
Hi ritz! My paypal transfers has always been good. Luckily there was no delay or whatsoever. It only takes me 5 days to get the money into my local bank account and I have done it several times already and paypal never fails. Maybe the problem is with your local bank. It is really accepting paypal transfers? My local bank is called a cyber account. It is meant for online transfers such as paypal accounts.
@Ritz100 (1119)
• Spain
15 Aug 09
I never have a problem with money going from paypal to my account, thats always timely. Its the other way that seems to get held up. If its gone from my bank account, how come its not in my paypal account, its driving me crazy. Anyway, I didnt know you could get account specially for internet transactions, Ill have to look into that, although, Spain being as backward as it is, I doubt they have that in existence.
@anasutio (64)
• Indonesia
15 Aug 09
So far I don't have a problem with paypal. Usually, I get help from the third party to buy some money and then, they send it to my account in paypal. This process justtake time 2 hour only :). I never experience to deduct money from my account bank to paypal. They price I got from third party not expensive and similar with the market price, so I don't want to get headache, waiting for several days .. ooh I hate that.
2 people like this
@Ritz100 (1119)
• Spain
15 Aug 09
Whats worse is when you had a specific use for the money and by the time it arrives, the offer has gone, or you completely forget what you wanted it for in the first place. LOL
1 person likes this
@mysdianait (65079)
• Italy
15 Aug 09
That does seem an excessively long time that the transaction took to go through. I have always found it much shorter and much quicker than exchanging through the bank. My sister is in U.S. and on several occasions we have exchanged using Paypal. The longest time it took was 3 days for the amount to go through from the moment I transferred into Paypal and she received notification of the amount in her account. I am also wondering where your funds went when they vanished too
2 people like this
@Ritz100 (1119)
• Spain
15 Aug 09
And its happening again, my bank told me 14 days ago that the €6 (not much I know) was withdrawn by paypal, yet to this day it has not appeared in my paypal account. Yet again I have sent a support request, but have heard nothing. Baffling to say the least.
1 person likes this
@redfang (969)
16 Aug 09
The situation where paypal takes 10-15 days longer for your transfered money to appear in your account arises because paypal make money from your money, they earn interest on it while it sits in their bank and then they give it back to you afterwards. I can't remember where i read it was quite a while ago now though, it's just one of those things with paypal. try reading paypalsucks.com see how safe you think paypal is after that.
1 person likes this
@Ritz100 (1119)
• Spain
21 Aug 09
Now thats the answer I was looking for. I had a feeling that they were making money off of it. And if they do this with every bank to paypal transfer, they are making some serious dosh. Thanks for the heads up on the site, Ill go and read that now.
@Ritz100 (1119)
• Spain
21 Aug 09
Now thats wierd, Ive just gone to that site and its giving me an AVG danger warning on the IP address! How the mighty manage to dupe us. That has got to be the big boys stopping us reading the site, what do you think?
@redfang (969)
21 Aug 09
Just gone onto paypalsucks.com and i don't get any alerts, avg can be a tad sensitive though, there's nothing wrong with the site though as far as i can tell and it's still there. i've had plenty of run ins with paypal in my time, i used to run a business on ebay and was selling in excess of 200 items a week over 3 accounts, over the time i was doing it i lost around £500 due to paypal and their wacky policies that can be manupulated by buyers who know the tricks and it wasn't until i got stung by the tricks that i learnt from them i was like everyone else who thinks nahhh i've never had a problem and then out of no where BAM CHARGEBACK, FRAUDULENT CREDIT CARD TRANSACTION etc etc etc even had one buyer who clearly was pulling a fast one and wanted their money and the item who put in a chargeback saying not as described ( all new items by the way ) and of course paypal tell the buyer to send the item back so what did they do they sent a padded empty envelope by registered post, not knowing what it was i signed for it and they submitted the tracking number so paypal gave them their money back as it seemed they had returned the item but they hadn't. now i only use paypal as a buyer and with all the problems and changes on ebay now i only sell personal things that i want rid of and thats maybe 3 items a year if that, at least my bank balance isn't getting screwed by paypal any more lol.
@bjcyrix (6910)
• Philippines
21 Aug 09
Im still apprehensive in linking a bank account to my paypal. I also need to create a bank account in one of the local banks to get that debit card to confirm my paypal. But Im very cautious, not only of the paypal transactions but the bank transactions well. I just dont have that much trust in the bank that I need to create an account in. So I use other ways to encash my online funds.^_^ Well, if the transactions are like the ones that you describe, it would make me wonder as well. It cant just disappear like that right?
@Ritz100 (1119)
• Spain
21 Aug 09
Hiya byky (LOL), Ive never had a credit card, so Ive never been in a position to link one. Hence having to use a bank account. I cant think of any other way to get money I "make" out (should that miracle ever happen!) But hey, read the answer above this one, yes it does disappear, and yes they do make money out of it. Nice seeing you again.
1 person likes this
@bjcyrix (6910)
• Philippines
21 Aug 09
hiya Ritzy^_^ I also dont plan on linking credit card to my paypal. That's why I plan on getting a Debit Card so the funds are only incoming and not outgoing. Well, reading the response before me, that kinda makes sense. I mean, its one of the ways that Paypal can earn and sustain their online banking business without having to get outrageous fees from all the clients. I also have read that site the responder mentioned about. That site actually made me very apprehensive and cautious in creating my own Paypal account. That's why I created my MB account first. But with most online transactions, Paypal is the most widely used so it was inevitable that I create one. I find it to be okay so far. Still have to be cautious though, right?^_^
@Downwindz (2229)
• Netherlands
15 Aug 09
I never had any issues when i needed to transfer money from my bank to paypal, to pay for an item online, possible because ive been using the credit card solution, even though my bank account had money on it (combined debit/credit card)
1 person likes this
@Ritz100 (1119)
• Spain
21 Aug 09
I dont have a credit/debit card attached to my Paypal account, so Im sure that has something to do with it. But my bank account sends the money almost straight away, it just dissappears for such a long time. Its very curious indeed.
@Downwindz (2229)
• Netherlands
21 Aug 09
On the other hand i guess paypal needs to earn for their services somehow, like bad currency exchange rates and so forth. But i agree it seems weird that it is gone for a certain time period.
@mequan (141)
• United States
15 Aug 09
Well im somewhat to new to mylot.But you really need to jump on paypals back.They need to pay you that money that you have earned and if not there should be legal trouble.
1 person likes this
@Ritz100 (1119)
• Spain
21 Aug 09
I actually asked them the question in an email, but it never got a response. Im sure they just put it somewhere and earn interest on it. I always get it, it just takes way too long.
@tundeemma (896)
• South Africa
15 Aug 09
he must of disobey some of the rules laid down here , i am really afraid myself because i just discovered that my paypal will not be allowed for payment especially as i have around 6$ and some cents, i just hope mylot can change some of its policies and accomodate all paypals
@Ritz100 (1119)
• Spain
21 Aug 09
If you have paypal, then mylot will pay you into that account, i dont think they have specific ones that they choose over others.
@snam23 (3158)
• United States
15 Aug 09
Hmmm, that is very odd. I do not have a bank account that I can link and confirm, but I never knew it could take that long. All I can say is that Paypal support is not the greatest in the world. However, I might suggest linking your account with a different bank account if possible and see if it is the bank, your Paypal account, or Paypal who is behind this. Are you a verified user? (I'm thinking you are) It might make a difference, I don't know. Is it a local or national bank? It might be there are many transactions taking place but I doubt that. Well, I hope this gets taken care of and you can get your money faster! I'm sorry that I couldn't provide any experience with this as I only do Paypal to Paypal transactions that are almost instant. Good luck fixing this!
1 person likes this
@Ritz100 (1119)
• Spain
21 Aug 09
Yes I'm a verified user, have been for over a year, and you are right in thinking that there are not lots of transactions going through, its more like a PENNY account LOL! BTW the money did turn up, 18 days after it left my bank account, I just so wish I knew where it has been hanging out, probably a "cash party" no doubt, it would be lovely if it brought some friends back with it!
@robert19ph (4584)
• Philippines
15 Aug 09
hello Ritz100, As for my experience, paypal is charging too if your money is less than 7000 pesos. they will charge you 50 pesos. But if it's more than that there is no charge anymore. So with the bank, they are charging 350 pesos regardless of the amount transffered. So what I do is to earn more than 7000 pesos before transferring it to my bank account so paypal will not charge me anymore.
@Ritz100 (1119)
• Spain
15 Aug 09
Yes, I get confused with their charges, sometimes they charge me sometimes they dont. I will have to look into the amount of Euros where the charge no longer is applied. I didnt know they did that. Thanks for the tip.
1 person likes this
• China
15 Aug 09
oh,i am very don't want to listen this information.i think do you to be ripped off?and are you forgetting spend this money?
1 person likes this
@Ritz100 (1119)
• Spain
15 Aug 09
No I did not spend the money and forget. I transfered it from my bank to paypal, but it took 21 days in total to get there. It DID get there, I was not ripped off, I am just questioning the amount of time that it was unavailable to me and who is using it for that period of time.
• India
15 Aug 09
Hi Ritz, Well.. after reading your discussion, I think the prob comes from bank side. I had twice withdraw money from Paypal and i had no problems with them. When i withdraw money from paypal, immediately money reduces and it shows "pending" status. after 2 or 3 days, it will show "Completed" status. but if i check my bak account. money will not be there. i will get again after 1 or 2 days. However, My money is safe in reaching my account at the end. I had not transfered my money from Bank to Paypal. If you are sure that you entered correct paypal email address, then contact your Bank Immediately. more than 2 weeks is really long. Have a nice time!
1 person likes this
@Ritz100 (1119)
• Spain
15 Aug 09
Ye, I never had a problem sending money FROM paypal TO my bank, only the other way around. And it seems to happen every time. I mean, I get the money in paypal eventually, but it just goes missing for 2 weeks!
@kmaram (2534)
• Philippines
15 Aug 09
Hi there, well i am not familiar with your problem. I am happy with paypal eversince i joined them. I do withdraw my money from my paypal account to my local bank here and I'm glad that it was transferred safely for twice already. So better contact them but based on what i read on your comments in other member you said that its not really happened once i mean it happened already to you then it was fixed also (right?) anyway, goodluck and keep on mylotting
1 person likes this
@Ritz100 (1119)
• Spain
15 Aug 09
Well it wasnt fixed, I mean the money eventually got through to my paypal account, but it was missing for 16 days, I just want to know who has that money during that time, I dont, my bank doesnt and paypal doesnt, I just think its misappropriation of funds! Thanks for your response though, Im glad you happy with paypal, I am too, except for this one "ethical" problem.
@dianmelydia (2271)
• Indonesia
15 Aug 09
So far i'm satisfy with paypal. I always keep concern to read every details about their rules so i can minimizing such error. I think there's must be something wrong with your transaction. You can contact their help center to solve your problem by providing as much as useful and related information with your problem. Have a nice day and happy mylotting.
1 person likes this
@Ritz100 (1119)
• Spain
15 Aug 09
Thanks for your suggestion. I have contacted them and I get no response. But this has happened each time I have requested money from my account. Its not like its unusual,it seems to be the standard. I dont have any problem with money going TO my bank, this happens in a couple of day, but the other way seems to take 21 days or more. Other than that, I am very happy with paypal.