Paypal Question (Large Withdrawal)

1,047
11
Joined May 30, 2007
I recently sold something for about $6000 and the buyer paid through Paypal. I've never had a problem with Paypal (just use it occasionally) and usually withdraw around $200 to my bank account with no problem. I've been verified for years now. If I attempt to withdraw the full $6000 into my bank account though, will there be any holds or anything on it? Will either Paypal or my bank hold the funds for an extra period of time longer than the usual 3-4 before it shows up into my account? I tried to do a search on Google and saw some stories where the funds were investigated before being released or they never made it to the bank account, but most of those were people that had recently signed up for Paypal and immediately made large transactions. I would call and ask either Paypal or my bank, but I don't think I'd get a straight answer from either of them. Does anyone have any experience with this?
 
7,369
2,900
Joined Jun 7, 2009
regardless of your time w/ PP or the status of your acct, if you get a large deposit into your account there are a couple of things that will most likely happen.

1. when the payment hits your PP acct you wont have access to the money immediately. they will put a hold on it and check with your buyer to make sure its a legit transaction, that they got what they paid for and that the money clears the buyers funding source

2. when you withdraw the money to your bank it probably will also be held, while PP makes sure you initiated the withdrawal.

but to answer you question the transfer itself will not take more than usual time. but as i said there may be a hassle that may take a couple of days to resolve that will make it more than 3-4 days before you get your actual hands on the money.

not to get in your biz, but i would be careful w/ PP when dealing with large amounts of money or items you cant afford to loose or not have access to
 
2,156
457
Joined May 5, 2011
Since you're verified, there should be no charges. However, if that withdraw somehow fails, you might have to pay a fee for the returned bank withdrawal...
 
1,047
11
Joined May 30, 2007
haha alright. i initiated the withdrawal...i've got my fingers crossed. i'm not worried about losing the money, just worried about it getting stuck for like a month or more for some reason.
 

ohdannyboy

Banned
5,466
12
Joined Apr 5, 2010
Originally Posted by SheryarYO

haha alright. i initiated the withdrawal...i've got my fingers crossed. i'm not worried about losing the money, just worried about it getting stuck for like a month or more for some reason.
 

DYNAMICS

formerly diplomat tdot
27,774
2,408
Joined Jun 26, 2002
Originally Posted by Joe Billionaire

just withdraw already before they put a lock on it
This, also I hope you trust the person. As I've said in previous Paypal threads it seems the new thing when it comes to fraud is buyers making payments with CC's then filing chargebacks. Rarely does PP go in the sellers favor with this scenario.
 
2,156
457
Joined May 5, 2011
Originally Posted by ohdannyboy

Originally Posted by SheryarYO

haha alright. i initiated the withdrawal...i've got my fingers crossed. i'm not worried about losing the money, just worried about it getting stuck for like a month or more for some reason.
Hahaha!!!
 
Top Bottom