I sold my black LV Speedy to a buyer with 5 positive feedback. She sent me an eCheck via Paypal for payment. It is going to take 10 days to clear. This seems extraordinarily long. Usually eChecks take 2-3 days. Can anyone shed light on this one?
I have been paid by echeques in the UK a few times and each time l have been told that they would take 10 days to clear and have had to email the buyer as this seems extortinate. I think they must hold on to the payment and gain extra interest on other peoples money. In the UK even withdrawing your funds from Paypal can take up to seven days, it's a joke.
I hate eChecks, but I've had people do it and have it take a long time to clear. I think it all depends on how much money they have in their bank account at the time, and how high risk they are. I think if someone has a higher rate of bouncing checks (even regularly) it can take longer just because the system needs to see if they are going to try to take the money out before it clears. I would just wait it out, and explain to the buyer that you can't send until it clears.
It is odd because I used them on a couple occassions because when I was new PayPal put a cap on how many instant transfers I could do. Well, most took like 3 days to clear, but there were a couple instances (2) that it took almost 10 days. Never could figure out why though either.
They're a pain! I sold an expensive item a few years ago using PayPal and the buyer (who had perfect feedback and a lot of it) used e-check. It was in December and I had hoped to use the money for Christmas shopping. It took every bit of ten days to clear and I was a nervous wreck until it did.
I was in constant contact with the buyer, who was as perplexed as I was...I seem to recall that after the money was taken from her account, there was a period of a few days before it showed up in mine. She actually scanned and showed me the transaction record on her account. All I could do was sit and wait (and wait and wait).
Ugh! If anybody does talk to PayPal and gets the scoop on e-checks I'd like to know what it is!
Last edited Nov 12, 2007 at 7:11am.
Reason: Spelling error
Missus, I called and asked and never could get an answer. I had all perfect feedback, never had a problem w/ anything either. Money was also, like hers, taken out of my account within like a day yet it took almost 9 days to get to theirs. PayPal gave me multiple reasons including banking routing etc... nothing made sense and still doesn't. I don't use them at all, but was kinda backed in a hole by PayPal to do so. Normally I would have just used my debit/credit card but I put limits on mine so no more than X amount of dollars could be spent in a day to prevent fraud (had my card stolen once). The ONLY positive thing about echecks is that for a seller the fees paypal charges are less than any other form of payment. Had a MPRS seller tell me that and I checked into it.
I have sold an item on Nov. 6 and the buyer paid with eCheck. PP first indicated it would be cleared on Nov. 12. Until today, the eCheck hasn't been cleared but status changed to Nov. 26!!! We both are in U.S. I contated the buyer but haven't heard from her yet.