I just got an email today saying that it is “PAYDAY” July 5th. But, I checked my bank and I don’t see any deposit.
It this normal. How long does it take after getting the Email notice?
Bank Transfer Receiving Funds
Moin,
I guess it very much depends on where you live, where your bank is, how good its (maybe international) integeration is, how fair the bank Patreon uses is, how they are issuing the money …
In Europe we have laws about how long a (free, again by law) money transfer from one European bank to another may take (although we Europeans seem to love wasting all our money on making banks unbelievably rich, we do have some rules on how much they can milk us). With international transfers however, a lot is left to the institutes involved in the transfer.
Always remember: A bank will try to hold your money for as long as possible after they withdraw the amount from an account BEFORE they book it in to the target account. Because during that time they own the money - neither the sender nor the receiver gets any interest. So if regulations allow, all banks involved in a transfer will try to keep the money in their system for as longs as possible.
Marc
Thanks
Hey @TribulationSaints, this notice means the payment is being sent (not that it has hit your bank account). That date it’ll arrive will depend on your bank. Most take 1-2 days unless it’s a weekend or holiday.
Thank you very much.
Thanks
It is the 8th here and nothing yet. Not pleased-- why is Patreon sitting on my money? I have vendors to make good on work done and payment this month is very late!
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Same here - it’s the still 7th where I am, but I’m getting nervous. I haven’t been on Patreon that long, but I’ve always had my payment IN my PayPal account by the 6th. Did the 4th of July holiday cause a delay???
Just an idea … Patreon had my account preferences “cleared” out once before, so to be sure this hasn’t happened to you - have you checked your payout preferences and also that you get automatic payments?
I assume you did check, but, as I said, it happened to me that the settings got scrambled …
Marc
I think this problem was happening because it was a major holiday for a couple of countries. There was Canada Day on the 1st, and the 4th of July right before the usual Paypal payment on the 5th. Patreon is an American company and I guess some banks were either closed or going at it slower than usual because of what one commentor said above about them being able to collect on Interest. I get my payments in through Paypal and nothing came in even though it’s set to automatic. Nothing was cleared, I just had to go in and click the Pay Out button. It was a bit strange, but this could be the problem
Wow, thanks for the info. I have been waiting for my payout, wondering if it was ever going to come. I did what you said - clicked the Pay Out button, and I just got my payment deposited right to PayPal, like it’s supposed to be.
I have auto payouts enabled, too, but it wasn’t happening. If hadn’t read your post, I’d still be waiting!
I wonder how many other creators are still waiting … Patreon, we might have a problem. Hope this doesn’t go on, but if it does next month, at least I’ll know how to get my payout!
Hey all, if you experience any potential bugs with payments (or any other features), it would be really helpful if you sent a note to our support team to investigate. You can do so by either filling out this short form or tweeting at our support Twitter account.
As for transfer delays, this is due to your bank and weekends/holidays, so unfortunately not something we can affect.
I honestly recommend turning off Automatic payments. Although if you are going to do so, do so early in the month because it locks payments down for a week when you change your payment methods.
By turning off automatic payments, I’ve significantly sped up how my money is handled on Patreon. Yesterday was September 1st - at 11am Eastern Time I hit the transfer button to dump it to Paypal and then immediately did my major transfer from Paypal to my bank (I’m in Canada, so Paypal -> Bank isn’t always all that quick…).
Sure, I missed out on roughly 3% of my revenue from this month which got collected from late cards later in the day, but it rolls forward into next month - and I have 97% of my Patreon money in my account this morning.