Withdrawing funds

  1. Ok, so I withdrew money to my bank account from PayPal today.
    I did, however, write that it was a "savings account" instead of a "checking account" -- will this cause the transfer to be denied? The account number and my name will match, but I mistakenly wrote it to be a savings account. I hope it will be accepted, so I don't have to wait another week..
     
  2. Hmm...not sure on this one. You may want to give Paypal a call.
     
  3. I'm thinking it doesn't matter myself, that this is just Paypal information, and that the transaction itself doesn't specify what it is. We'll see I guess. :smile:
     
  4. I think they do ACH strictly by the routing number, so if that is the account who's routing number you have on file it should be ok.
     
  5. Not sure what AHC or routing number is. I'm withdrawing to a Norwegian account.
    Another thing, when adding a bank account, "bank name" is its actual name, not some code or whatever? I hope not.
    When adding a bank I just need to write my first name, the bank's name and my account number. I think this will be alright.
     
  6. Well in the US and I'm pretty sure in most countries, part of your account numbers (here in the US it's the first set of numbers) are the numbers that direct it to the bank and the others are the ones that direct the funds to your specific account. The direction comes fro the account numbers not the name or type of account typed in.

    ACH stands for automatic clearing house here in the US, which is where most are transferred through. To answer your question about the bank name, the bank name is sufficient, and usually what they ask for. The direction comes from the account numbers not the name or type of account.
     
  7. Thanks for providing an explanation. :smile:
    One other thing, how long does it generally stay on pending?
     
  8. I'm not sure about overseas but my withdrawls usually say pending for around 2-3 days, sometimes a day or so layer if withdrawn during the weekend.

     
  9. Savings account would be irrelevant in this case. It would only be relevant if you are taking money out of the savings account, because the definition of a savings account limits you to 2-5 withdrawals per month depending on the bank.
     
  10. Thanks for replying, really put me at ease. :smile:
    Just want to get the funds to my bank account speedily, remove my CC/BA information on PayPal and close my account.. Don't like how easily a buyer can call chargebacks and whatnot when the seller has done everything correctly.

    Again, thanks. :biggrin:
     
  11. Lol, it's completed already. :biggrin:
    Should take 2-3 days after that, or?
     
  12. No Ellaren.....sometimes it does go fast....glad to hear it went well! If is says completed then the funds are in your account now.
     
  13. It says completed on PayPal but no funds have reached my account, so I guess it takes 2-3 days after PP changes status to Completed.
     
  14. Yes that could be the case. I don't know how long overseas transfers take, but since everything is so automated, it will probably post to your account in a few days. Here during the weekends I notice my checking account isn't updated until Monday for Paypal deposits. I'm sure it will be fine.