Taking forever to "prepare" for first backup

My first backup is taking forever to start. It is hanging on the “preparing backup” window. I have no idea what it is doing or if it will ever proceed to actually backing up. Is it trying to read all files first. What is this, I have around 300gb of data to backup. At this rate it will take a week to get going.

Now about a half hour later it started to backup but VERY slowly. This is supposed to be USB 3.0 isn’t it? It took 5 minutes to just to 1% and with 400Gb of data at this rate it will take 11 hours. This is far slower than my older My Passport Ultra which can copy around 140Gb of picture data in less than an hour. What is wrong with my new drive? Surely this can’t be right. It has now taken 55 minutes to just copy 30 GB of my 405.22Gb data. Will it speed up soon? Is there an issue? Will future automatic backups be quicker. This doesn’t make sense.

I am having a very similar problem. Brand new WD My Passport 1TB. Plugged in for first time and trying to run back-up for first time. It hangs on “preparing backup”. It has been stuck for about 3 hours now. Not sure what to do. Help?!