posted on February 20, 2001 08:52:51 PM
If you pay by paypal's e-check, how fast does the balance come out of your checking acct. Is it instant? I don't mean the transfer time to the payee which takes 2 to 4 business days.
posted on February 21, 2001 05:23:08 AM
Hi...
It doesn't come out "instantly" BUT... be careful! When you send an e-check, PayPal puts a hold on your credit card for the same amount which is not released until after your check clears. I received an e-check from a customer on Feb. 14. Today is the 21st and PayPal STILL shows it as uncleared. The customer tells me that her credit card (which is a debit card on the same account) has a hold for the same amount. It's like paying twice on the same transaction. If you have a low balance, this "double" hold can prevent your check from clearing and even cause other checks to bounce. Then, of course, there are bank charges on bounced checks that eat away at your balance too!PayPal will release the hold after the check clears BUT, that additional hold can effectively prevent the check from clearing unless you deposit more money. Also, after the check DOES clear, they often take an additional 2 business days to release the hold. Mailing a check would have been a lot faster!
posted on February 21, 2001 06:37:19 AM
"Instant Check" and eCheck are two different options. With the "Instant Check" feature, there is a hold placed on a matching balance on your credit card, so the transaction shows as completed immediately (or as soon as the recipient accepts the payment). The amount is credited to the seller's account immediately, so there's no waiting. With eCheck, there is no hold placed on your credit card, so the seller is cautioned not to ship the merchandise until he receives notice from PayPal that the debit has cleared the buyer's bank account. This takes 3-4 business days. However, unlike a paper check, once PayPal has cleared the eCheck, the money is there--no danger of a bounced check. Paper checks are only faster if the seller doesn't observe a holding period on items paid for by check.
