posted on August 6, 2001 05:23:44 PM new
That's when the payor had the money transferred directly from his/her checking account to your paypal account. It is my understanding that it could NOT be charged back but I may be wrong...
It's not exactly like an electronic check and that's why it clears instantaneously as opposed to an e-check which takes a few days to clear. I'm not really clear on the difference but I have had transfers taken from my ck acct with paypal and that seems to be how they work anyway.
posted on August 6, 2001 09:55:51 PM new
The only difference between e-checks and instant transfers is that when you make an instant transfer they put a hold for the same amount on your cc listed with them, so that if the transaction were to be denied with you bank, they still have the funds from your CC.
posted on August 6, 2001 11:30:07 PM new
My understanding is that you can't rescind an instant transfer once it is "completed" (which is instantly unless your address is unconfirmed and the seller has chosen to accept or deny those type payments on a case by case basis), nor can you to back to your bank and say "take it back" (at least not my bank). I've never had the need to, so I don't know how the Pay Pal Buyers Protection Policy works with instant transfers.
[Edited to add: There is at least a 1 business day delay between the making the instant transfer and Pay Pal getting to your bank for the money. Theoretically, you could empty your bank accouont so your bank would reject the transfer to Pay Pal. The charge would then go on your credit card which you could then initiate a charge back at a later date. But going through those hoops sure wouldn't look good in any dispute resolution process.]
Gerald
"Oh but it's so hard to live by the rules/I never could and still never do."
[ edited by NothingYouNeed on Aug 6, 2001 11:34 PM ]
on the difference but I have had transfers taken from my ck acct with paypal and that seems to be how they work anyway.