PayPal and "Playing the Float"

[Grrilla]

On Mar 24th, a buyer used an eCheck as payment to Paypal for a domain name sale. Although, the funds are supposed to clear within 3-4 das, they haven't and now the transaction info is showing that the funds are expected to clear on Apr 11.

I have received two different versions of what is going on.
1) There were insufficient funds in the buyers checking account.
2) It is a common practice of Paypal to "play the float". ie They withdraw pmt the day it was made, hold the money interest free and stall the payment recipient by extending the payment due date.

I have received smaller eCheck pmts before, and come to think of it, they did take longer than 3-4 das to clear- maybe a week -10 das but not 2 weeks. However, I've always made my Paypal deposits w/ credit cards and don't know how eChecks work. Could someone who has had some experience in this area shed some light on this as well as, offer an opinion on the two potential scenarios from above.

Tx. I'm starting to get *that* feeling.

 

[Malaysia]

2 weeks..wow that is long..i only got one payment via excheck before in 4 days was wat i went tru though.. never know it could take as long as 10 days n 2 weeks o..oh dear.maybe u can call up paypal n ask whats happening

 

[Anthony]

My experience has been about 4-5 days for an eCheck to clear. It's possible that a hold up at one of the banks could have been a problem, but it seems like it would only add a day or two at most.

 

[Mark]

I haven't accepted an E-check in a few years probably now - But it seems to me they never lasted more than 3 days (Give or Take the weekend). I don't think PP is just "Holding the money" as was suggested by your buyer though , It's more than likely a bank/balance issue IMO.

 

[Grrilla]

I've just gotten off the Paypal discussion board at eBay and there are some strong, mixed opinions about whether or not Paypal is intentionally sitting on funds and "playing the float". The buyer answered my email w/ a phonecall and swears that the money has been debited from his account and he is going to send me proof. We shall see. Stay tuned.

 

[Grrilla]

My motto: You can screw me. You can take my money. Just don't screw me *and* take my money.

 

[mcaricofe]

Early in March, I had two eChacks (from the same buyer) that didn't make it to my PayPal account for 10 and 12 days. I'm in California, and my buyer is in England, if that matters.

It was frustrating for us both, and I don't know how a buyer initiates an eCheck, but this same buyer (later in March) bought another domain from me and used Instant Transfer.

I know that I've paid for many things through PayPal, and it's rare that it will go through as an eCheck. I've not noticed any pattern which might determine that, either. I also doubt PayPal would be helpful.

I think they are playing the float, and that's just not good business on their part.

 

[RYANNNNN]

Paypal suspended my account with £300 which translates too $500, they have no reason and say it's just a procedure.