PayPal may delay bank account withdrawals

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PayPal appear to be hotting up on their security measures, a number of people’s PayPal accounts have been “been randomly selected for this maintenance” and when they log into PayPal “”ill now be taken through a series of identity verification pages”. The security measures appear to be confirming your bank account number and sort code.

What’s possibly worse is that there’s a new message on the PayPal screen to withdraw money to your bank account which reads “Withdrawals may be subject to review to help maintain your safe use of the PayPal service. As a result, it may take longer for your withdrawal to reach your bank.“. This appears both on the standard withdraw page and the faster withdraw page for which you’ll pay £5.00 to have the funds in your bank account within 1-2 days.

It’s not known how long the reveiws might take when withdrawing funds, so make sure you allow a little longer than normal just in case your account is one held for review.

8 Responses

  1. Just another excuse why it sometimes takes 5 working days for Paypal transfers to arrive in the bank acc, yet most of the banking system has FPS set-up

  2. I Commented in the last paypal forum, about how long it was taking for paypal transfers.

    I took the trouble to ring my Bank manager & asked him about length of time for BAC credits.
    He checked our business account & said that the credits were credited within 1 day of receipt by them.

    So Paypal, seem to have been holding back payments for sometime. When you click to withdraw (says; standard 2-3 days) it appaers the time stated is that of paypals release of the funds, then the 3-4 days for transit to Uk banks.

    I remember a few years ago, banks were activily telling us, credits should/could be within 24 hours.

    Obviously they realised that all the money they were loosing from CHAPS credits & interest ‘whilst in transit’ etc, was to much to loose. as now we are back to 3-4 days for credits to arrive.

  3. Hi guys – I wanted to throw a couple of things in here. The wording that you saw was added to the PayPal site recently as to be transparent about the process that could potentially happen to some users. Actually there has been the potential of holds on money going through the Automated Clearing House (AHC) process for the past year in compliance with EU regulations. So it’s nothing new. And these are only on risky transactions.

    As for the point on Faster Payment, PayPal aren’t able to use this service at the moment. On the other hand, it is slowly being rolled out across the system so when it is available to PayPal, I’ll let you know. In the interim PayPal has put in a paid faster payment service in place so that if you want to use it you can. This is what banks used to offer as well but usually at a cost of £30 or so.

    (PS I’m the editor of Let’s Talk PayPal – so any other questions let me know!)

  4. @3 Hi Heather,

    I keep seeing adverts etc along the lines of “Get better DSR’s with paypal” “Get paid faster with paypal” etc etc

    Our last eCheque took 14 days to clear, if the buyer had sent me a paper cheque I could have:
    a) Dispatched the goods faster.
    b) Got paid faster.

    Isn’t it time Paypal binned that donkey all together, echeques are a nuisance to everyone involved and they *NEVER* clear as quickly as paypal state they do.

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