PayPal Funds Withdrawal Process has Changed so it seems

[teaboy2]

Hi Guys

Not sure where to have put this, so thought i would put it here.

It would seem that as of late last week paypal has changed the way it transfers funds to your bank accounts. Now i bank with Natwest and before i was always asked by Paypal is i wanted to pay £5 for the money to be in my bank account within 1-3 working days or wait 3-5 working days and not pay anything. However on friday my colleague noticed that when he withdrew the days funds from paypal to the account it never asked him if he wanted to pay or wait the extra days. Instead it went straight to the bank account selection screen, so he carried on as normal and withdraw the funds. However the funds then appeared in the account within 2 hours of making the withdrawal.

So has paypal change the way it transfers funds to your accounts, or is it simply just for the bank holiday. Basically they always said that the time it takes for the funds to be in your account depends on which bank you use. That clearly now seems to not have been the case at all, and their bit where they ask if you want to pay £5 or not was clearly a profit making scheme. So will they change back to how they did it before? Well if they do then surely its another case of a Bank misleading its customers and not only that but deliberately denying them access to their funds when withdrawing.

What are your thoughts, bear in mind the time for transfer to take place may vary depending on your bank, but if you use NatWest it should be within the hour.

[Hurricane Puffrose]

Re: PayPal Funds Withdrawal Process has Changed so it seems

https://www.paypal-community.com/t5/.../480906/page/2

hope this helps

[bluebottle]

Re: PayPal Funds Withdrawal Process has Changed so it seems

I feel any businesses who use PayPal would be within their rights to bill PayPal for any bank charges they incur due to PayPal's failure to transfer funds in a timely manner.

[teaboy2]

Re: PayPal Funds Withdrawal Process has Changed so it seems

Thanks guys.

Am sure glad that it looks like it will be same day transfer to the bank now, though it only changed this last week for me so why some got the same day transfer as early as june (no doubt with issues) where myself and others only got it this week is a bit strange.

Also bluebottle, you are entirely right as paypal would be a debtor to the business and in breach of contract. The business may be able to rely on the following act: Late Payment of Commercial Debts (Interest) Act 1998. Though said act usually applies to debt between suppliers and the businesses that fail to make payment on time to keep their credit account with the supplier in good standing. Though i don't see why i should not also apply to Paypal.

[bluebottle]

Re: PayPal Funds Withdrawal Process has Changed so it seems

Thanks guys.

Am sure glad that it looks like it will be same day transfer to the bank now, though it only changed this last week for me so why some got the same day transfer as early as june (no doubt with issues) where myself and others only got it this week is a bit strange.

Also bluebottle, you are entirely right as paypal would be a debtor to the business and in breach of contract. The business may be able to rely on the following act: Late Payment of Commercial Debts (Interest) Act 1998. Though said act usually applies to debt between suppliers and the businesses that fail to make payment on time to keep their credit account with the supplier in good standing. Though i don't see why i should not also apply to Paypal.

I would say that the legislation you highlight, TB, does apply to PayPal as they are providing you with a service and part of that service requires them to transfer payments it collects on your behalf in a timely manner. I have had a quick look at the legislation and this is what it appears to say.