When [Otellini] joined the company in 1974, most people didn't even know what a PC was - From the Wall St Journal 11-11-2004
ONLINE PAYMENT SYSTEM Paypal is suffering from technical issues and pushing some transactions out for extra scrutiny.
Problems at the firm seem to have started around a week ago, according to messages on a Paypal support forum, and while the company had hoped to have the issues resolved by now, it does not appear that this is the case.
The problems apparently followed Paypal's launch of a new, quicker way of transferring money out of user accounts.
"I'd like to apologise about the delay in giving an update on this. We have been investigating your queries and responses. Nowadays, we aim to withdraw money to your bank within [two] hours of you initiating it from your Paypal account. This is much faster than before," says a post on the Paypal forums from 21 September..
"However, our system delays a small amount of withdrawals for security reasons. These will usually take 21 hours to complete, a very small amount can take 72 hours. These will show as being 'under review' in your Paypal account."
This is the message that affected users will see. "For security reasons, we are reviewing your withdrawal request, which could take up to 24 hours. After our review is complete, Paypal will release your funds. It can take an additional [two] hours for those funds to be deposited into your bank account."
Users acknowledged the issue and some complained that it had affected them. Now a week later it seems that the problem still has not been resolved and some withdrawals are still not in some users' bank accounts.
"Sorry but that's the same crap answers we get from everywhere. Why are some being held for 21 hours and others for 72 hours? I made [two] withdrawals in the same day and one has 21 the other 72," said one respondent.
"I seem to be in the same boat as others. My account is [eight] years standing, with the same bank account which I have used dozens of times, I resent being the subject of a security review and I suppose all I can really do from now on is hope I get my money back... Absolute disgrace," adds another.
We have asked Paypal for further explanation.
In a statement Paypal confirmed that "technical issues" are behind the delays, but explained that it has now solved them.
"Like any bank, Paypal reviews transactions to ensure they do not represent a risk to customers or Paypal and to meet our regulatory obligations. This may result in some withdrawals being held for review before being processed. We have recently experienced technical issues that have resulted in more transactions than usual being reviewed. Although most withdrawals are not subject to review, a minority of customers have been told it may take up to 24 hours for us to review their transaction," it said.
"We have now solved the technical issue, which will speed up the reviews and withdrawals. The vast majority of customers will receive their funds within six hours, and in many cases a lot, lot faster." µ
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