Paypal instant bank transfer - how does that work then?

[JamesK]

...? Do they need my card details and then it is in fact a switch payment? I am a bit confused about why they are describing it as instant bank transfer if so, rather than debit card payment. :shrug:

[ZeroHour]

...? Do they need my card details and then it is in fact a switch payment? I am a bit confused about why they are describing it as instant bank transfer if so, rather than debit card payment. :shrug:

'Instant' might be the way they describe it, but it takes about 10 days on average before its complete and they give your seller the nod (and the money) to send your item.

The payment is taken direct from your bank account, not from your switch card. Your better off paying using your Switch card as its instant!

The main reason Paypal encourage you to pay direct from your bank account is that there is no chance of you reversing the payment if you end up having a problem. As unlike paying by credit card where you can go to your card company for help when paypal fail you (and some banks give some help with debit card payments as well), direct bank funded payments cant be reversed!

[Wishy]

'
The main reason Paypal encourage you to pay direct from your bank account is that there is no chance of you reversing the payment if you end up having a problem. As unlike paying by credit card where you can go to your card company for help when paypal fail you (and some banks give some help with debit card payments as well), direct bank funded payments cant be reversed!

You sure on that?

I were under the impression the only way for a third party to remove money from your account is by direct debit. And thats got a pile of guarentees, so it would probably be EASIER to reverse than a credit card transaction. You more or less have to call the bank and say "I'd like this reversed under the direct debit guarentee" and its straight back in your account

[Bobo Justus]

Paypal instant bank transfer - how does that work then?
I dunno but whatever you do make sure you protect yourself.

[GregB]

You sure on that?

I were under the impression the only way for a third party to remove money from your account is by direct debit. And thats got a pile of guarentees, so it would probably be EASIER to reverse than a credit card transaction. You more or less have to call the bank and say "I'd like this reversed under the direct debit guarentee" and its straight back in your account

You;ve got it the wrong way round. If someone else takes money under a DD agreement without your permission then what you say is correct.

What he is meaning is if you pay someone using this Instant Bank Transfer thing and you don't get the item you paid for then there is no way to get you r money back if Payapl decided you are in the wrong. If you use a Credit card you can do a chargeback through you CC company. Paypal hate that and therefore use Instant BandK Transfer as the deafult way of paying.

Make sure you always change that to pay by CC as this will offer you the best security despite the rubbish that Paypal say.

[Wishy]

I don't see an absolutely uncontestable way of removing money from a bank account through?

What mechanism do they use? My understanding was the only way to get money out of somebody elses bank account is DD

[GregB]

I don't see an absolutely uncontestable way of removing money from a bank account through?

What mechanism do they use? My understanding was the only way to get money out of somebody elses bank account is DD


I believe they use the DD process which is part of the T&Cs you agree to when you are forced to sign up to Bank account funding.

Paypal then transfer the money after you have authorised them to do so. If the seller then fails to send the goods you have no come back on Paypal as they have not done anything you didn't agree to.

[Bobo Justus]

Ebay/PayPal have my banking for putting money in from a sale and even then it's a non-critical bank account (ie there's nothing in it :D). I would NEVER permit them access to direct debits, setting up transfers from or standing orders. They can't be ******* trusted. If you have to open up a current account or savings account that permits DDs for Ebay/PayPal then do it but use it just for them.

Every time I login to PayPal they asked about bank funding, they can **** off.

[GregB]

Ebay/PayPal have my banking for putting money in from a sale and even then it's a non-critical bank account (ie there's nothing in it :D). I would NEVER permit them access to direct debits, setting up transfers from or standing orders. They can't be ******* trusted. If you have to open up a current account or savings account that permits DDs for Ebay/PayPal then do it but use it just for them.

Every time I login to PayPal they asked about bank funding, they can **** off.

The problem with that is after a while they force you to set it up. If you don't your won't be able to use it anymore.

I'd love to be able to stop using it but I'd lose a lot of money on ebay sales as almost everything I sell on ebay is paid for with Paypal.

[Bobo Justus]

If you don't your won't be able to use it anymore.
I've spent £1000+ on Ebay in the last 2 months so they won't want me paying with PayPal (my credit card)? That's fine by me. I don't sell much but they make money off me so if they don't want that that's fine too.

PayPal have constant (and I mean weekly) changes to their EU T&Cs because people (me included) are always pointing out their sometimes illegal T&Cs and downright criminal on occasion. They are in a world of their own and need a good hammering from the courts and regulators.

For the moment I only use Ebay/PayPal with my credit card becaue I like the extra layer of protection. PayPal don't like that and since we know they're always losing our information they will have to not like it.

[Rabbi of Caerbannog]

Sorry to highjack this thread.

I have funds in Paypal from various ebay sales lately, how the heel do you get it out into your bank account???

[jerrysmith]

This is one of the bad reasons I hate Paypal (http://www.aboutpaypal.org). They can transfer your money to and from your personal bank account. This happened to one of my friends, and it overdrew his account!