Tell me about PP e-checks vs. immediate cash transfers

[powernoodle]

I normally use a CC paypal account, so I'm not real familiar with my cash PP account. I purchased an item yesterday with the cash PP account, and it went through as an e-check rather than an immediate cash transfer from my bank.

Can someone explain the difference between an e-check and immediate cash transfer from my bank, and if I can configure my cash PP account to do immediate cash transfers instead of e-checks (the latter of which causes a delay in transferring the funds)?

thx
me

 

[Lynx_Arc]

no exactly sure but I think e-check tells paypal to draw that amount into its account to pay for the item meaning your paypal account doesn't have enough to cover it. Typically most people either use credit card or just transfer cash into their Paypal account which takes a few days to complete then use it up which then payment is immediate .
Paypal cannot transfer funds immediately from your bank as far as I know of... it usually takes about 4 days for me to get funds in it.

 

[powernoodle]

Its been a long time since I've used my cash PP, but I thought that I was getting instant transfers to sellers, without having any cash in my PP account. Maybe I'm wrong about that.

 

[Empath]

Mine comes out of the bank immediately. I've never had an e-check issued for a purchase.

Maybe the e-checks are for recipients that don't have a paypal account, and it gives them a way to send it by mail. I don't really know.

 

[powernoodle]

Yeah, I sent money to a PP account, so I don't know what the deal is. There is an easy answer to this. I just don't what it is.

Edit: ok, it appears that you have to have a backup funding source in place (like a cc I guess) in order to make an instant transfer.

So if I add a cc to this cash PP account, does it become a type of account that charges fees to sellers from which I buy?

PP is so confusing sometimes. :laughing:

 

[LuxLuthor]

I'm pretty sure it is a matter of havnig a bank account that is verified (they make a couple of small deposits, and you confirm the amount) in addition to having a valid credit card on file as a backup. If you manually deposit money they get the "float time" interest using the e-check ploy, under the now obsolete guise of waiting for the check to clear. When you multiply this time millions of dollars, the "float time" interest income is huge.

 

[powernoodle]

So a seller with a basic account (that pays no fees) may receive a payment from my basic account (from my bank) even though I have a cc as a back up funding source?

Edit: btw, I see that I am verified on this account. So I guess it just needs a cc as a backup funding source in order for me to be able to make immediate cash transfers from my bank.

thx

 

[TITAN1833]

e-checks typically take 9 days to clear,the recipient is informed not to send goods until it has cleared.Most sellers dont like them for that reason.but why?you cant send immediate payment..could be you dont have any cards linked to your pp cash account.


edit..

 

[2000xlt]

Thats right, you need cc back up, that way if your paypal funds get depleated, paypal does a instant transfer for the balance of the transaction, from you bank account

 

[js]

Your credit card needs to be up to date and active for the instant transfer option. Otherwise it becomes an e check. Rather annoying. My CC expiration date came and went on my PP account and they never prompted me to update it, which I could have done in a flash. Instead, the next time I did a payment via bank account it was an e check, and I was like "What the heck is going on here?"