farce that is paypal new faster payments

[beejeezus]

Long story short. I too have had problems getting my money transferred to my current account - not a huge amount - less than £150. Seven attemps seven reversals. 4 emails all unanswered. Nearly an hour on phone with reluctant paypal front line staff  - not wanting to pass onto to supervisors...................sounds like so many other stories. I have been told its a glitch ( now fixed madam) its for my own peace of mind its company policy blah blah blah. Last one was well your account doesnt accept faster payments.........................as far as I know it does - major UK High st bank FFS. So nice ( not) supervisor 'Sharon' ( really?) told me to call my bank and ask them to verify they accepted faster payments...................what?? ANyway I did and the person on the other side just couldnt belive what I was saying and yes of course bank accpets faster payments So rang PP again and was cut off TWICE when asked to speak to supervisor evetuall when put on hold for another 10 mins I was told that 'Sharon' was emailing me as we spoke ( joy) to tell me to 'refresh' my account as it has been on the system for a long time! OK this is not quite a short story as I cannot believe it all myself. It would what is meant by refresh is take it down and put it up again..............is this a Mickey Mouse operation or a serious global financial company. Anyway lets see what happens. Forgive typos I am sooo cross

[kernowlass]

This bit as well.

Which could make it a pain as it was easier when it was with th FSA. 

But i am not a lawyer so if you want to go ahead seek legal advice.

Regulation

In Europe, PayPal is registered as a bank in Luxembourg under the legal name PayPal (Europe) Sàrl et Cie SCA, a company regulated centrally by the Luxembourg bank authority, the Commission de Surveillance du Secteur Financier (CSSF)[67] (note that all of the company's European accounts were transferred to PayPal's bank in Luxembourg on July 2, 2007.[68]) Prior to this move, PayPal had been registered in the UK as PayPal (Europe) Ltd, an entity which was licensed as an Electronic Money Issuer with the UK's Financial Services Authority (FSA) from 2004. This ceased in 2007, when the company moved to Luxembourg.[69][70] It is therefore not possible for UK customers to obtain legal redress from the company in the English, Scottish, or Northern Irish Courts.

[beejeezus]

And I just found this on PP website:

How can I make a complaint:

Complaints can be reported to our Customer Service via phone or by clicking on"Cancel" and choosing the most relevant topic and sub-topic to send us an email.

You can also choose to fill in a formal Complaint Form by clicking on "Continue" below.

What we'll do and when:

We endeavour to provide you with an answer or resolution to your complaint within 4 weeks. This timeframe may be extended to 8 weeks to accommodate our investigation. If an extension occurs, we'll notify you after 4 weeks and outline the investigation to date.

Further escalation process:

If the complaint has not been resolved to your satisfaction, you can refer your complaint to the:

• European Consumer Centre (ECC-Net):

  The ECC is a pan-European organisation, supported by the European Commission which offers European consumers a free and impartial dispute resolution service. You may obtain information about the ECC-Net at http://ec.europa.eu/consumers/redress_cons/

• UK Financial Ombudsman Service (FOS):

  The FOS is a free, independent service that might be able to settle a complaint between us (even if you are not a UK user). You may obtain further information regarding the FOS and contact them at http://www.financial-ombudsman.org.uk

Which suggest FOS will investigate............................

[kernowlass]

Well you lose nothing by trying.

Good luck.

[PaulMoore]

"paypal are no longer regulated by the FSA"

Paypal ARE absolutely, unequivocally regulated by the FSA.

"Also any legal action would leave you broke way before they are"

Seriously, it's bad advice like that which puts people off.

Assuming your claim is under £5000, your case would be allocated to the small claims track (unless both parties agree otherwise).  The small claims is designed specifically to limit your liability in the event of losing your case.  If you win, you can claim your costs on top.  If you lose, you have to pay YOUR own costs.  The only reason the court would force you to pay the defendant's costs is if the case is totally without merit or basis.

Visit moneyclaim, pay a minimal (see EX50 for details - http://hmctsformfinder.justice.gov.uk/courtfinder/forms/ex050-eng.pdf) and fight your corner.

[kernowlass]

beejeezus also may be worth while running it past your M.P first before you start laying out any cash as he can advise you or find out for you what is correct as you and I have found conflicting info:            

Let us know how you get on.  

[beejeezus]

I ahve used the small claims court before ( successfully) but thought it was for claims over £300. Happy to go down this route too if that is not the case - Thanks Paul M

Kernowlass - local MP.....pah I think not!

[PaulMoore]

I wouldn't waste your time with your MP to be honest...

If your claim is sub £300, it'll be around £30 for the initial fee.  If you're going down this route, be mindful of the limitations of the small claims track.  You can only claim £100 for legal fees, £200 for expert fees but travelling/loss of earnings are considered as long as they are reasonable.

If you want 1 days pay, you need a slip which demonstrates you've genuinely lost that amount.

That said, don't bother asking for *just* your money.  By withholding it without cause, it's gone beyond that now.  You can ask for punative damages, and that's where my solicitor is, in fairness, bloody good.

To get damages, you must be able to prove Paypal have been neglectful or unreasonable.  I can't speak for your case, obviously... but for us, that has been very easy to prove.  We have several calls recorded with CS reps stating quite clearly that there is absolutely no reason why the funds hadn't been released and she could only apologise for any inconvenience.  To withhold funds without reason is... by definition... unreasonable.

Best of luck.

[edit]

To say you can't sue the company from the UK is absolutely hilarious.  Don't ya just love the Wiki!  Don't take advice from the Wiki, don't take it from me... get a free 30 minute meeting/call with a solictor and make sure he stops laughing long enough to assist you.

[kernowlass]

THIS IS FROM THE FSA REGISTER AND WEBSITE. IT SHOWS ALL THE FIRMS REGISTERED BY THEM AND PAYPAL IS NO LONGER ON IT.

So as I said paypal is no longer since 2007 regulated by the FSA. (according to their own website).  

iT IS REGULATED BY Commission de Surveillance du Secteur Financier), Luxembourg’s financial regulatory authority

Firm name Post code Previous/Trading As names Status Non-FSMA Registration

Paypal (Europe) Ltd TW9 1EJ           NO LONGER AUTHORISED.

---

  PayPal (Europe) Sarl et Cie SCA   Paypal (Europe) Sarl Et Cie Sca, Paypal Sarl Et Cie Sca EEA AUTHORISED

---

EEA Authorised = Describes a firm based in another country of the EEA which is authorised by a regulator in that country. As minimum standards apply across the EEA a firm based in one EEA country is automatically allowed to carry on business in another EEA country.

[PaulMoore]

I'm sorry, but you're not reading it correctly.

Paypal (Europe) Ltd is no longer regulated, as it's no longer a trading entity.  Paypal aren't based here, so that record is merely a formality.

Paypal (Europe) Sarl Et Cie Sca IS regulated under passport by the FSA.  It's in an EEA member state and as such, has agreed to a strict code of conduct across ALL EEA states.  Yes, it is ALSO regulated by CSSF as that's the regulation in Luxembourg but in order to trade in the UK, they must be granted license to do so, BY THE FSA.

We can back and forth all day... so perhaps the best way to pursuade you is with this.  What can't speak, can't lie.

http://www.independent.co.uk/money/spend-save/simon-read-is-paypal-right-to-freeze-customers-account...

[kernowlass]

I did not say you couldn't file a case against paypal, i said they were not regulated by the FSA and they are not as they state on their own website.

But yes we can bat this back and forth all night but as i have to get packed for a holiday i won't.

I also said i was not a lawyer which is why i advised the other poster to speak to a lawyer/m.p before going ahead with any court action.

The FSA did not take that action in that article, the woman did herself.

I also stated:

Well you lose nothing by trying.

Good luck