PAY-PAL Notification of FEE INCREASE

[ekmadonna]

I just received a notification on Paypal that as of NOV. 7 a 1% fee will be imposed on the TOTAL amount of INSTANT TRANSFERS capped at $10.00 going forward for a single transfer. Anyone else get this message? transfer $1,000 will cost you $10.00. And the fleecing continues across the board! I will be sure to pull my $2,000 out sooner rather than later, they make alot of interest off the money I keep in paypal, NO MORE!

[missjen831]

That was a general announcement made to everyone and posted on the PayPal site. It only applies to funds you transfer from your PayPal account to your bank account via your debit card. I really don’t see what the big deal is here? If you don’t want to pay for that service, don’t use it. You don’t have to transfer your PayPal balance using your debit card.

[ekmadonna]

If that is the case then it is not a big deal, I must have not understood the message. I don't recall seeing anything about transferring using a debit card. I do not have one and have never used one to transfer funds.

[castlemagicmemories]

Thank you for the important clarification, Jen!

[dtexley3]

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@ekmadonna wrote:

If that is the case then it is not a big deal, I must have not understood the message. I don't recall seeing anything about transferring using a debit card. I do not have one and have never used one to transfer funds.

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Yes, it's about instant tranfers.  Currently if you do an instant transfer using a debit card it's $0.25 for the transaction.  Starting in Jan, it will cost you 1% instead.  For me it means if I don't plan ahead and need money on the spot when purchasing stock it's going to cost me, the normal 1-2 day transfer is still no cost.

[nowthatsjustducky]

Sounds like they came up with a great way to negate some of their 1% cashback bonus for those too impatient to just wait the one business day for funds to transfer to your bank.