Hello all,
I saw this thread and thought I would offer a few thoughts. I have used
paypal for years and no problems. Now some have had accounts "frozen" I
have heard of this. As I understand it they have a automated system that
flags accounts when you do something very odd. Like start moving a LOT of
of money out of the country or into the country. They wonder if it is
fraud. So they freeze the account (automatically). The only problem is
that somtimes it is hard to get them to open it back up (so I have heard).
But not always as I know of people that had it frozen and dealth with in a
few hours. So if I would suggest giving a phone call rather than email for
such a situation. They have exteneded customer service hours in the past
few months, much better than before. And if you have a bunch of transfers
in process check them daily to make sure everything is working well. Some
people don't log in for days or weeks and the quicker you respond to a
problem the better it is (this applies to anything financial).
As to regarding to the delay for fund transfers. If you transfer money
either from your bank account to paypal or from paypal to your bankaccount
it takes 3-4 business days. The reason for this is all the checking the
systems do, and bascially paypal and the bank check each other out every
time and clear each other. Credit cards are instant or appear so becuase it
is on your credit. Not money in your account at the time. And unless the
credit card company flags your card as stolen, overlimit, expired etc then
any place will pass it. With banks they are more secure and make sure
everything is stauts quoe before authorzing the transfer. The credit card
also has insurance so you won't have to pay, where as banks don't (at least
most of the time) so another reason they check more.
BTW-you can do a immediate transfer to pay someone with paypal from your
bank account and even if you don't have the money in your paypal account
first. But it requires you to have a credit card entered as well as the
bank account. Bascially what they do is pay the person immeditely and start
a transfer from your bank account which takes 3-4 days. IF anything goes
wrong they pull it from your credit card. I have done this several times
and it has been very handy when I forget to transfer to paypal and I don't
want to have the merchant wait that long.
-Dan
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