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05-12-2010, 12:45 PM | #11 |
Crimson Guard
Join Date: Jan 2008
Location: Manassas, Virginia
Posts: 1,008
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Quote:
Paypal will never admit it, but my banker told me....they make any excuse to "hold" money during transfers and such to build their daily bank for higher interest yields.
That's right folks, they make money off of our money every way they can. 4 days of interest to us is nothing, but 4 days of interest on the millions of dollars in their account is substantial. |
05-12-2010, 12:46 PM | #12 |
cobra lackey
Join Date: Nov 2008
Location: nyc
Posts: 3,140
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Quote:
Paypal will never admit it, but my banker told me....they make any excuse to "hold" money during transfers and such to build their daily bank for higher interest yields.
That's right folks, they make money off of our money every way they can. 4 days of interest to us is nothing, but 4 days of interest on the millions of dollars in their account is substantial. |
05-12-2010, 01:01 PM | #13 |
Nemesis Creator
Join Date: Sep 2007
Location: Dallas, TX
Posts: 2,355
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An easy solution to this problem (other than not using PP) is to get a PP debit card and withdraw the cash directly and physically deposit it in your bank.
To withdraw cash using their card (which you can shop with anywhere mind you) they charge a $1 fee, and any fees your ATM might charge, but you can sidestep those by using a CHASE ATM as they cards are issued on Chasebank. That leaves only the $1 fee, which is acceptable when keeping your PP at zero is a primary concern. |
05-12-2010, 01:28 PM | #14 |
Czech Sniper
Join Date: Nov 2007
Location: So. FL
Posts: 4,075
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Quote:
An easy solution to this problem (other than not using PP) is to get a PP debit card and withdraw the cash directly and physically deposit it in your bank.
To withdraw cash using their card (which you can shop with anywhere mind you) they charge a $1 fee, and any fees your ATM might charge, but you can sidestep those by using a CHASE ATM as they cards are issued on Chasebank. That leaves only the $1 fee, which is acceptable when keeping your PP at zero is a primary concern. I guess funding from a CC is the only easy solution here, but again, I don't understand why they can't just fund from a bank account if the $$ is there - meaning if you can use a debit card like a CC, then why can PP not fund just as quickly from a debit card? Hell, it's easier to tell if the $$ IS there or not from a bank account vs if someone is over there limit on the CC is it not? :( Again, the only use I have for PP is for E-bay. :(
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05-12-2010, 01:31 PM | #15 |
Nemesis Creator
Join Date: Sep 2007
Location: Dallas, TX
Posts: 2,355
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I see. Then funding with a CC that you keep just for PP would be the best solution. I wish there was some other bit of advice to offer, but as you and Roshan both note it's a necessary evil for the time being. Craptastical isn't it.
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05-12-2010, 04:18 PM | #16 |
Hisstank Ninja
Join Date: Sep 2007
Location: Mint on Card
Posts: 8,956
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Quote:
An easy solution to this problem (other than not using PP) is to get a PP debit card and withdraw the cash directly and physically deposit it in your bank.
To withdraw cash using their card (which you can shop with anywhere mind you) they charge a $1 fee, and any fees your ATM might charge, but you can sidestep those by using a CHASE ATM as they cards are issued on Chasebank. That leaves only the $1 fee, which is acceptable when keeping your PP at zero is a primary concern. Also, for those of you who don't know, if someone sends you money from their paypal account for any of the "personal" reasons (funds owed, gift), you won't be charged the fee. The only down side is that it also won't let you use PayPal's print and ship feature, and the sender has no recourse if they don't recieve the item. Quote:
The issue here is getting $$ INTO the PP account, not out. :(
I guess funding from a Credit Card is the only easy solution here, but again, I don't understand why they can't just fund from a bank account if the $$ is there - meaning if you can use a debit card like a CC, then why can PP not fund just as quickly from a debit card? Hell, it's easier to tell if the $$ IS there or not from a bank account vs if someone is over there limit on the CC is it not? :( Again, the only use I have for PP is for E-bay. :( To answer your question though, the reason for the delay is that it takes several days for an ACH (funds transfer) transaction to clear because the funds still have to clear through the clearing house from your bank to paypal's bank, just like a check. The request has to be sent from PayPal's bank through the clearing house to your bank, then your bank has to respond through the clearing house back to PayPal with the proper funds, and it all has to be verified. It takes time for the funds to clear through that system and be actually transfered from the originating bank to the recieving bank. With a credit card, there's no funds availability issue, and no actual money being transferred from one bank to another - it just gets applied to the outstanding balance on the credit line. The credit card company acts as the guarantor, so the merchant feels secure in moving forward with the transaction. Merchants typically don't recieve funds from the credit card companies for several days after the charge goes through because - you guessed it, it's done as an ACH deposit to their account.
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05-12-2010, 04:38 PM | #17 |
Crimson Guard
Join Date: Feb 2009
Location: quad cities
Posts: 4,918
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Quote:
Even better solution - use the PayPal debit card to buy a $.50 candy bar at your grocery store and get the rest of your balance as cash back. You can get up to $200, with no transaction charge, and you get a candy bar instead of an ATM fee!
Also, for those of you who don't know, if someone sends you money from their paypal account for any of the "personal" reasons (funds owed, gift), you won't be charged the fee. The only down side is that it also won't let you use PayPal's print and ship feature, and the sender has no recourse if they don't recieve the item. I do this all the time at Walmart or Target, get some groceries and get some cash Yeah that buyer having no recourse on a personal transaction cost me $100 off of a tanker flake last month. So when you send that personal payment, make damn sure you can trust the guy. |
05-12-2010, 05:15 PM | #18 |
Banned
Join Date: May 2010
Location: Somewhere between the gutter and the stars.
Posts: 233
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My local dealers are pretty cool. I just tell them what I want, from which website, and they order it for me. At most they just charge me a $20-50 "handling fee".
As for PayPal, just do what I do. Set it up with a debt card from a secondary account. It's just like paying instantly at the gas pump or what ever. |
05-12-2010, 05:20 PM | #19 |
Crimson Guard
Join Date: Apr 2010
Location: California
Posts: 2,460
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It's a terrible service but oh so convenient. I've had my share of difficulties w Paypal. One time I sent printer cartridges to some sleezeball in Egypt who would not pay customs so I had to refund the money. I got the cartridges back 6 months later and they looked like a camel raped the box.
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05-12-2010, 06:03 PM | #20 |
Space Marine
Join Date: Apr 2010
Location: Australia
Posts: 337
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Paypal is actually NOT a necessary evil. Go have a look at PayPal Alternative, Alternatives To PayPal, Merchant Account, Accept Credit Cards Online - Home
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