Paypal: Finally, one-day bank withdrawals!

It's been driving me crazy for 10 years that transferring funds from Paypal into your bank account was always described as taking "3-5 business days." Why? Tonight I went to withdraw to my bank and I now notice Paypal now says "Bank transfers typically take one business day." Wow! Great news. It's about time. The competition from other money transfer services like Apple Pay must be making them get off their a$$.

 

In my experience, they've never taken 3-5 business days. Two at the most.

 

If you hit a weekend it could be three frequently.

 

Good to hear that about PP.

In other banking related news..
My wife just got access to true mobile banking. Take a picture of say pay stub or check and deposit it. Virtual online banking. Yeah, I know old news but exciting for us.

 

I always wondered what could possibly take that long, but I doubt it was PayPal's fault. More likely it was the stodgy banking system they had to work with.

 

Yeah, it took BofA ten years to recognize PayPal as an "legitimate" business. Ahem.

 

Why not just get one of their debit cards, and have it available immediately?

 

I have one, but sometimes you need to move money to another account.

 

I was so annoyed when Visa bought PayPal and removed their digital check deposit system. It worked fine, and they gave some BS excuse that "nobody uses checks anymore" when it was all about pushing their credit services.

 

If I need a reasonable amount of cash I go to the supermarket and buy something I would anyway and get as much cash back as I need without a withdrawal fee.

 

That's one of the things I love about ALDI. But I still occasionally have to move money from my PayPal account to my brother's bank account. With my concert video business, I still get people wanting to pay me with a check, and I'd have to open a second bank account just to do so.

 

Visa hasn't bought PayPal. They struck a partnership deal with them, but the two companies remain independent entities.

 

Apparently they decided they could eat the fraud losses that the quicker funds availability creates.

 

Ah, OK. I guess the constant (and unbelievably annoying) nonsense about "Maybe you'd like to charge this at 18% interest instead of using the money you have on your PayPal account for free?" ads made me think they'd sold out completely. Hey, idiots at Visa! I use PayPal because I don't want to have any credit card debt!