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I initiated a PayPal transfer, to ACH deposit some funds into my bank account Tuesday night.
Wednesday late afternoon, PayPal initiated an ACH withdrawal FROM my bank account to cover payment for some item where I had not maintained enough funds in the PP account itself.
So...what do we have:
INCOMING deposit TO bank account, initiated Tuesday late night (around 11:30pm)
OUTGOING ACH withdrawal FROM bank account, initiated Wednesday afternoon (around 4:30pm)
Well guess what - no surprise - the outgoing TOOK the funds from my bank account Thursday, the very next day, but the incoming did not hit my bank until FRIDAY, three days later!
This sort of float is what adds up to millions for PayPal. When you want YOUR money from them, they hold it up in limbo, and no doubt collect interest for an extra day or two during a period when the funds are neither credited to your PayPal nor your bank account.
But, when they want funds FROM you, they snag them QUICKLY from your bank.
Beware: if you are ever tagged by PayPal for any sort of transaction that involves TAKING from your bank account, it will come out of your bank account QUICKLY, at the latest the very next day, even if initiated after a cut off time.
Wednesday late afternoon, PayPal initiated an ACH withdrawal FROM my bank account to cover payment for some item where I had not maintained enough funds in the PP account itself.
So...what do we have:
INCOMING deposit TO bank account, initiated Tuesday late night (around 11:30pm)
OUTGOING ACH withdrawal FROM bank account, initiated Wednesday afternoon (around 4:30pm)
Well guess what - no surprise - the outgoing TOOK the funds from my bank account Thursday, the very next day, but the incoming did not hit my bank until FRIDAY, three days later!
This sort of float is what adds up to millions for PayPal. When you want YOUR money from them, they hold it up in limbo, and no doubt collect interest for an extra day or two during a period when the funds are neither credited to your PayPal nor your bank account.
But, when they want funds FROM you, they snag them QUICKLY from your bank.
Beware: if you are ever tagged by PayPal for any sort of transaction that involves TAKING from your bank account, it will come out of your bank account QUICKLY, at the latest the very next day, even if initiated after a cut off time.