How long did it take you to get Verified by Paypal?

[Yzzim]

So I sold an item on Ebay last night and the guy went to pay me and realized he could only send me $300 (of $575) because he was Unverified with Paypal. I told him that was OK and would wait for him to get Verified by Paypal. Paypal needs to deposit 2 small amounts into his checking account, and then he needs to let Paypal know what those amounts are. Once that is done he is Verified.

Anyone remember that process? How long did it take before Paypal made those deposits? Paypal says 2-3 business days, but I'm wondering what the real world time is.

 

[konichiwa]

Like 5 business days

 

[Thegonagle]

They make 2 small ACH deposits.

It's going to be 2-3 business days before he sees the deposits. (1 day out from Paypal, and 1-2 days for him to see the deposits at his bank.)

Remember, these are banker's business days, which are M-F, excluding national holidays, from approximately 7-9 AM to 3:00 PM. (So a transaction requested at 3:05 PM on Thursday means nothing happens until Friday morning, and 3:05 PM Friday means waiting 'til Monday.)

Assuming he's trying to get verified tonight (Thursday after 3:00 PM), he'll be able to pay you Monday or Tuesday, unless he's got one of the super-slow-to-update mega-banks like Wells Fargo or US Bank. Count on an extra day if it's a bank like that, because customer records are only updated once per day instead of throughout the day.

EDIT: Just remembered that it's president's day on Monday, so dude won't be paying you on Monday, that's for sure. Hope for Tuesday or Wednesday, count on Thursday, and start asking questions Friday.

 

[Yzzim]

Originally posted by: Thegonagle
They make 2 small ACH deposits.

It's going to be 2-3 business days before he sees the deposits. (1 day out from Paypal, and 1-2 days for him to see the deposits at his bank.)

Remember, these are banker's business days, which are M-F, excluding national holidays, from approximately 7-9 AM to 3:00 PM. (So a transaction requested at 3:05 PM on Thursday means nothing happens until Friday morning, and 3:05 PM Friday means waiting 'til Monday.)

Assuming he's trying to get verified tonight (Thursday after 3:00 PM), he'll be able to pay you Monday or Tuesday, unless he's got one of the super-slow-to-update mega-banks like Wells Fargo or US Bank. Count on an extra day if it's a bank like that, because customer records are only updated once per day instead of throughout the day.

EDIT: Just remembered that it's president's day on Monday, so dude won't be paying you on Monday, that's for sure. Hope for Tuesday or Wednesday, count on Thursday, and start asking questions Friday.

darnit!

 

[PoPPeR]

yeah it takes awhile heh

 

[Spoooon]

Hm, it didn't take long when I did. I think the deposits showed up the next day. But that was 5 years ago or so.

 

[Thegonagle]

ACH itself is pretty quick, as in next business day.

--So--

If the dude's bank is one of the fast updaters (like my credit union), as opposed to the once-a-day updaters (like Wells Fargo and US Bank), AND dude made the verification request earlier this morning, AND Paypal is on the ball about getting deposits out the same day, there's a chance he'll see the deposits tomorrow morning. That would be considered one business day.

--But--

Otherwise, if he made the verification request later in the afternoon, the ACH deposits would probably go out Friday, and he won't see them until Tuesday at the earliest. That's still one business day IF his bank updates throughout the day. (Remember, banks don't operate on weekends or national holidays, and Monday is President's day.)

If it's a one-update-a-day kind of bank, he'll be waiting an additional business day to see the deposits, because those banks don't generally don't update until very early the next morning. That would be two business days.

Then, since I don't know how fast Paypal actually runs their ACH stuff, I'm throwing in an extra business day to the estimate to be safe, and saying he'll be able to verified by Thursday for sure (three business days).