Monday, September 6, 2010

Money In Transit - Papal and BOA - Someone is holding onto my funds!

Today, I'm focusing on the fact that when I transfer money from my PayPal merchant account to my Bank of America checking account, it disappears for a surprising amount of time.  On Thursday Sept 2, 1pm PST, the money left my Paypal account. It's hard for me to imagine why it was not in my account on Thursday afternoon. It's really hard to imagine why it's not there on Friday, Sept 3. Or Saturday Sept 4.  Yesterday was  Sunday, Sept 5th (not there) and today is  Monday Sept 6th  (Labor Day). Still not there?  Who thinks it'll be there on Tuesday Sept 8th when it opens for business? End of Day?
September Transfer
Withdraw Funds to a Bank Account (Unique Transaction ID #45P018402U20xxxxx)

    
Total Amount:
-$26,000.00 USD

Time:
13:20:56 PDT
Status:
Completed
Subject:
Bank Account
Transfer to:
Bank of America (All except WA and ID) Checking (Confirmed) x-5119
-------------------------

Looking back at August's transfer...I see that the funds left on Aug 6th from Paypal in the morning and arrived three days later on 8/09. During those three days, who had the funds!

Withdraw Funds to a Bank Account (Unique Transaction ID #5TJ79122Y2******)

   
Total Amount:
-$4,000.00 USD
Fee amount:
$0.00 USD
Net amount:
-$4,000.00 USD
Date:
Aug 6, 2010
Time:
11:14:12 PDT
Status:
Completed
Subject:
Bank Account
Transfer to:
Bank of America (All except WA and ID) Checking (Confirmed) x-5119
BOA reported receipt of the funds:

Description:PAYPAL DES:TRANSFER ID:5X8J24DC*******
INDN:SPELLINGCITY.COM INC. CO ID:PAYP
Posting Date:08/09/2010
Amount:$4,000.00
Type:ACH Credit
Account Number:Business Economy Chk-5119
July:
left Paypal on July 4th, 10:32 am PST.
Arrived BOA on July 7th.  No time indicated.
Again, three days to transfer.

So why is September so slow, 8 days? It is Labor Day? Is it that it is a larger sum and so they'll hold it longer?

8 comments:

SE_Colin said...

I pretty sure Paypal uses ACH to transfer the money. If they do, I imagine a transfer to your bank account would take around 2-3 business days to rout through the federal reserve systems and post (show up) in your bank account. An article by WSJ mentions BOA and a typical "3 day rule".

http://online.wsj.com/article/SB122463632484157009.html

Colin8ch
www.SimplifiedEcommerce.com

Jestep said...

Unfortunately, with any ACH, you're at the mercy of your bank as to when they release the money to you. The money is deducted from Paypal immediately, and then for whatever reason, BOFA holds it until they feel comfortable releasing it.

The holiday would add at least an additional day to the whole process, and the weekend doesn't ever count as a settlement day. So, +2 for the weekend, and +1 for the holiday. If you transferred late in the day, +1 for that as well. So, at least +3 days in addition to whatever hold BOFA would have by default.

BBat50 said...

It's now Tuesday, 9/07, 6:42 pm.
BOA shows ACH CREDIT PAYPAL TRANSFER ON 09/07

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