paypal questions?

Question

i just transferred my funds in paypal to my bank account and i am scared that the funds somehow wont show up in my bank account, does anyone have any good stories using paypal, i have read a bunch of horror stories. how long does it take before the funds are available to me in my bank account?

Answer 1

I've used paypal for about 6 years myself, but I try not to keep too much money there for too long and I would only recommend using it as a last resort.

Reasons:
1) They can legally freeze user's account simply because they SUSPECT the user breaks the terms & conds
2) They are very vague in describing their rules

My personal experience:
My wife opened a new Paypal account to be able to make online payments, and I transfered her some cash from my account. Her account was frozen immediately, and the reason given was: they noticed "suspicious transaction pattern" (I never knew one single transaction could even make a pattern at all).

Anyway, to reactivate the account, she was asked to send in some IDs and upgrade her account to the 'Verified' one. No dramas about sending the IDs, but to verify the account, first they said she got to enter her bank account number, to which Paypal would make 2 "very small" deposits, and she'd need to enter into Paypal's website how much exactly the deposits are. Easy enough, account number was entered, when the deposits were received, she entered the amounts to the website.

But that wasn't it!! To complete the "verification process", she now needs to give direct debit authorization to Paypal on that bank account! Nowhere in the prior process did Paypal mention that to "verify" our account we need to give them the authorization to take money out of our bank account whenever they like. I'm sure anyone with normal intelligence would think, with the information they give, that after we enter the amounts they deposited we would have finished the verification process. Of course this is not illegal, but still I think it's dirty and unethical.


Regarding withdrawing money to the bank though, I've personally done so a few times and all went well. So don't worry too much, but take extra precautions with the amount of money you keep in your Paypal account.

Answer 2

I use paypal, I have for years, and I have NEVER had any discrepancies or issues. When I transfer money from paypal to my bank, it usually takes 2 to 3 business days to show up. Keep checking your balance. also, the tech support network there at paypal is really friendly, so dont hesitate to call if you are worried, or if it has been too long.

Answer 3

Millions of people use paypal, so who is telling you bad things about paypal. I have used paypal for years without ever a problem, buying & selling on ebay.