Paypal Refund- On Hold *Update* All clear

[brighteyes]

   I bought a laptop on eBay with a BIN on Wednesday.  On Friday unfortunately the seller discovered that there was additional damage which was not disclosed in the auction and offered me the opportunity to cancel.  I decided to go ahead and cancel and messaged the seller to that effect a few minutes after he first e-mailed me reporting damage.  I didn't hear anything over the weekend, which was fine because it's a holiday and all.  This morning I messaged him again reminding him that I had decided to cancel.  He sent a cancel request but the resolution center said not to cancel before a refund had been received.  I messaged the seller telling him this and he urged me to cancel anyway which I declined.  Eventually he sent the refund via paypal and now I find that the refund is on hold.  There is no time specified for this hold and I'm a little upset.  I bought the laptop on Wednesday and it took them until Friday to find that it was damaged and Monday to refund me.  Now who knows how long it will take to get my money fully refunded 

So the question is, should I go ahead with the cancellation even though I have not fully received my refund or should I wait until the refund has cleared?  Also, does anyone know how long it takes a refund to clear?  I paid with instant transfer from my bank (I have a CC on file so the transfers are instant) and the money was removed from my back to paypal on the day after I paid, Thursday.  This whole process is very annoying.  There are many other BIN of the laptop model I'm looking for but I can't get one until the refund is processed.  If they seller would have just processed my refund right after I messaged him on Friday it would have been much nicer.

ETA:

Here's the specific message given by Paypal:

Date:   Apr 21, 2014
Time:   07:30:07 PDT
Status:   Placed

We'll complete the refund as soon as your original payment is processed by the bank. 

This is strange, because the original payment has been processed by my bank.  It was removed from my account on 4/17 

ETA:

Got my refund applied this morning and have bought another laptop Woot!  Thanks for the help and reassurance everyone!

[Sprintex]

Wait until it clears!

I had this with a laptop I returned as faulty, the seller refunded by Paypal but it was an eCheque (whatever that is?) and after five days it failed to clear. Had to ring up Ebay and get it all sorted manually 


Paul

[bluerose9978]

Wait until it clears!

I had this with a laptop I returned as faulty, the seller refunded by Paypal but it was an eCheque (whatever that is?) and after five days it failed to clear. Had to ring up Ebay and get it all sorted manually 


Paul

An e-check is like when you write a manual check. You can change this setting in your paypal to an instant payment, depending on how your funding is set up through paypal (like adding a credit card or if you have a balance available, etc.). You apparently had yours linked to your bank account, which must not have had sufficient funds available at the time the e-check cleared.

[Sprintex]

Thanks for the explanation

It was the seller that refunded by eCheque though (that bounced!), I paid successfully by debit card


Paul

[bluerose9978]

No problem. Yeah, they must have spent your payment then and then didn't have the funds available

Sent from my DROID RAZR HD using Tapatalk

[brighteyes]

Thanks for the info!  I will wait to cancel the transaction then.  I know the seller is an honest seller so I feel bad about making them wait, but at the same time I need to protect myself too.  Hopefully this process will go quickly and we can both move on with our lives LOL

[ponylady]

I would definitely wait to cancel the transaction.

In regards to the payment being placed on hold.  When you initially sent your payment, the money is not instantly transferred from your bank account to the recipient’s PayPal account. Instead they instantly credit the recipient's PayPal account on your behalf and simultaneously request the same amount from your bank account to reimburse themselves.


It usually takes 5-7 business days for the money to arrive from your bank to PayPal (same timeframe and method as an eCheque in fact). If your Instant Bank Transfer is refunded, the refund cannot be completed until they receive the money from your bank to cover the original payment they made. A ‘Temporary Hold’ is ‘Placed’ on your refund while your bank processes your initial transfer request. Then when they receive the money from your bank, it will be credited to your PayPal balance.

[bluerose9978]

However, with that balance you can then transfer the funds back to your bank account.

Sent from my DROID RAZR HD using Tapatalk

[brighteyes]

Thanks everyone!  That makes much more sense.  I wish I didn't have to wait, but I won't die if I have to wait another week or so before getting a laptop LOL

[brighteyes]

Bump for update.  Everything is A-OK!

[ponylady]

  That's great news!! Congrats on your new laptop!