Where does it go for five days?

  SG Atlantis® 17:35 06 Apr 2006
Locked

I requested money into paypal from my bank account. Did the request on 31 March, Paypal says it will be in my (paypal) account on the 11th April.

Checked my bank account, money has been taken as of today, but Paypal still says another five days to wait.

So where does it go?

  watchful 18:33 06 Apr 2006

in thin air?

  anskyber 18:41 06 Apr 2006

It stays with them I think and they continue to earn interest on it.

  watchful 18:45 06 Apr 2006

There you are then, a 'suspense account.'

  Diemmess 18:54 06 Apr 2006

Banks, Solicitors and Paypal to name a few, all make lots of money with myriads of small transactions earning money "overnight" during that few days it seems to take them to move it to the proper account.

Have you not noticed that money paid on completion of a house sale comes out of the buyers account on a Friday, with no possibilty of the vendor receiving it before Monday.

  GaT7 21:16 06 Apr 2006

Hopefully things will be different in a couple of years? See click here (article was written in Mid 2005):

"Once this six month period has elapsed the OFT expects the banks to implement quicker money transfers within two years."

The 'Brassed of Britian' programme on BBC about a year ago(?) featured this malaise click here. Banks in some European countries, like Sweden, have already done away with this deplorable practice. Apparently, it takes all of TWO hours to make a similar transaction in Sweden. G

  SG Atlantis® 21:21 06 Apr 2006

I see. Thanks guys.

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