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/biz/ - Business & Finance

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File: 59 KB, 491x418, paypal money adder 2012.jpg [View same] [iqdb] [saucenao] [google]
1558523 No.1558523 [Reply] [Original]

>buy something using PayPal
>immediately deducted from my bank account

>withdraw money from my PayPal account to my bank account
>2-5 business days

What's the non-meme reason for this?

>> No.1558562
File: 24 KB, 349x349, Elon.jpg [View same] [iqdb] [saucenao] [google]
1558562

Ask Musk.

(Of course to avoid problems with scams and cheats)

>> No.1558571

>>1558523

They don't use a blockchain to verify if you have the correct balance in your account yet.

If they would start using it, this transfer could become immediate.

However, maybe Paypal is doing some fractional reserve banking behind the scenes, who knows?

>> No.1558590

They are investing your money behind the scenes and the longer they hold it the more money they can make.

>> No.1558796

>>1558590
This.
It's like when the bank claims it takes 3 days for a check to clear. They'll say they transferred your money, while the receiving bank will say they don't have it yet.
Digital transfers take forever, apparently.

>> No.1559044

>>1558571
>They don't use a blockchain to verify if you have the correct balance in your account yet.
>If they would start using it, this transfer could become immediate.
what the flying fuck anon?
you can't be this delusional. sql balances update the fucking fastest almost with the speed of light. no. the reason is the credit card transactions are automated while withdraw is manually inputed by a clerk and they introduce the delay to make the thieves job harder. if you can report your paypal has been accessed by someone else in time they can't steal your money out of paypal system. in paypal they can reverse the transactions if he sent it to his own account. that is a positive maybe. not sure if worth the delay.
>>1558590
yeah there is this theory but the truth is the gains would be minuscule. investing for 3 days is not worth the hassle no real investment has the liquidity for it to work directly. especially with interest rates today.

>> No.1559977

>>1558523
>not using bitcoin prepaid cards.

>> No.1560086

>>1559044

Miniscule?

I heard some finance firms on wall street can make a million a day on floating money.

>> No.1561147

>>1558523
They need to complete the goodbye ritual to the money you withdraw.
It hurts them real bad when you withdraw. You heartless monster you!

>> No.1561225

>>1560086
>I heard some finance firms on wall street can make a million a day on floating money.
that could not be possible without taking serious risks. if you gain a million a day risking billions it's not really a big accomplishment.

>> No.1561230

>>1561225
They do invest billions and it's still millions a day. You're dumb as shit ain't u?

>> No.1561350

>>1561230
yeah but it's different really. the only way they could skim the money is if they actually cashed out the investments later than the client requested and pocketed the difference.
however this difference is +- meaning it's likely a zero sum game long term.

>> No.1561359
File: 209 KB, 662x394, ObjectivelySuperiorFormOfMoney.png [View same] [iqdb] [saucenao] [google]
1561359

Paypal is tied to the archaic banking system.

>> No.1561543

eBay never revealed PayPal's earnings when they owned them. The whole purpose of holding funds was to collect interest using legal loopholes of the classification of PayPal as a company. PayPal didn't commonly hold money for 3 days, but held funds for 21 days, up to 180 days. In 2007-2009, a lot of large transactors had funds held for 180 days..

>> No.1562555

>>1561543
bollocks.
paypal earns money from transactions they charge almost 10% for exchanges the more faster money flows through the more total money flows through they had vested interest to not hold money as it would never made them daily 10% not even yearly 3%.

>> No.1562565

>>1562555
they also charge on withdraws (immediate withdraw immediate profit more velocity to money some of it through them again more profit). it would be simply retarded for them to hold back money.

>> No.1562582

You get money back for spending money with paypal so obviously they invest your money