Question about Paypal's Instant Transfer feature

[Madcowz]

Since the source is your bank account, are the funds acquired via EFT (which requires 3-4 days) or are they actually instantly transfered from your bank account? Just a bit confused because they refer to it as 'Instant' transfer

 

[Russ]

You allow Paypal access to your bank account? Have you checked your balance recently?

Russ, NCNE

 

[RossMAN]

<< You allow Paypal access to your bank account? Have you checked your balance recently?

Russ, NCNE >>

 

[Nocturnal]

3-4 days. no "instant" transfer at all.

 

[RossMAN]

Read my post in this thread to see how I feel about giving PayPal access to your bank information.

 

[spanky]

i've used paypal instant transfer quite a bit, especially when i used to be more active in FS/FT. what happens is they send the $ pretty much instantly and draw $ from ur bank. from what i understand... it's like they spot u if u have enough balance to pay them back. whenever i used instant transfer, the other party always gets their $ right away, and i see the appropriate amount deducted from my bank within a day or two.

 

[Damon]

Hi,

Some users mistakenly assume giving PayPal your bank account information will give the company access to it whenever we want. This is wrong, as strict regulations (I believe Regulation E) govern these kinds of transactions.

I can explain instant transfer, but it may only add to the confusion-

a) instant transfer IS an ach transaction
b) ach transactions typically take 2-5 business days
c) However, if the user has a back up sourcing method (in the event the ach fails), we will allow the payment to go through right then (without the wait)
d) If the incoming transfer fails, then we would charge the source backing up the transfer

I know this seems confusing...basically, instant transfer allows for bank account payments without the wait. This will only occur if there is something backing up the transfer.

 

[Danman]

<< You allow Paypal access to your bank account? Have you checked your balance recently?

Russ, NCNE >>



God Russ you freaking hate paypal.

 

[PsychoAndy]

<<

<< You allow Paypal access to your bank account? Have you checked your balance recently?

Russ, NCNE >>



God Russ you freaking hate paypal. >>



duh

 

[Russ]

Cashman,

I don't hate Paypal, I just know they are going to fail. The company is a HUGE sucker bet - a ticking time bomb - and I'm going to warn as many people as possible.



<< Some users mistakenly assume giving PayPal your bank account information will give the company access to it whenever we want. This is wrong >>



Paypaldamon,

Really? So, if a user is paid with a fraudulent credit card, and they have no balance in their Paypal account , you will never go in to that users checking account to recoup the money? Or, a seller gets a chargeback filed through Paypal and, again, has a zero balance you would NOT recover by using their checking account?

Russ, NCNE

 

[Damon]

Hi Russ,

You can review this in our USER AGREEMENT. Recovery against a bank account applies to users that opened their account after October 11,2001. Yes, recovery against a bank account can happen for users that have their account after that date. It does not apply to users that opened their account before that date.

Receipt of Payments; Risk of Reversal of Transactions; Collection of Funds you owe PayPal. When you receive a payment through the Service, unless you follow the steps necessary to qualify for our Seller Protection Policy described in Part VII of this User Agreement, you are not protected against a subsequent reversal of the transaction. In the event that the sender's transaction is reversed for any reason and you do not qualify for the Seller Protection Policy for that transaction, you will owe PayPal for the amount of the reversed transaction plus any fees imposed on PayPal as a result of the reversal. Examples of such a reversal include, but are not limited to, a credit card reversal by the sender of the payment, and a reversal of the transaction because the sender of the payment was using a stolen credit card or unauthorized bank account. PayPal will seek to recover the funds from you by debiting your PayPal balance and, if there are not sufficient funds in your PayPal balance, PayPal reserves the right to collect your debt to PayPal by any other legal means. If you open a Premier or Business Account after October 11, 2001, you authorize PayPal to debit your bank account linked to that PayPal account for the amount that you owe PayPal on transactions which were not covered by the Seller Protection Policy and which were not recoverable from your PayPal balance.

 

[Russ]

<< Yes, recovery against a bank account can happen for users that have their account after that date. >>



Then, stop claiming otherwise.

Russ, NCNE

 

[Damon]

Hi Russ,

Read the User Agreement before you disseminate incorrect information. I advised as to what the circumstances would be when a bank account could be accessed, as well as the parameters would be.

Strict regulations are in place regarding bank account access. A user's bank account will not be accessed unless:

a) they request it off of the web site
b) they meet the criteria defined in what I posted

 

[Russ]

<< Read the User Agreement before you disseminate incorrect information. >>



First, you said this:



<< Some users mistakenly assume giving PayPal your bank account information will give the company access to it whenever we want. This is wrong >>



Then you said this:



<< Yes, recovery against a bank account can happen >>



Who is disseminating incorrect information?

Russ, NCNE

 

[XMan]

How do I remove my bank account from PayPal? - EDIT, got it, it kept asking for another bank account, I finally just hit cancel.