Why does PP hold up Your money for days?

[Cookinchic]

It baffles me why it takes PP so dam long to process transactions!! In this day & time when banks & institutions handle transactions instantly, why does PP take so long!!! I've been waiting for a week to see finds I transferred from my bank to post! Ridiculous!! To top it off, I ordered a coffee table from eBay & that's "uncleared" too! What the hell??? I am very uncomfortable using PP & there "snails pace" processing. I will not intrust my money to them again!! Bad Business!!!

[tarnold9100]

I don't know why they hold up your money, but it's probably because PayPal is a FRAUD. I ordered an item from Pink Queen apparel. They said it 'could' take up to 2 days to process. When it had not processed in over a week, I emailed them. Got a form reply saying they were behind because of Halloween orders. Emailed again, threatening to cancel my order. They sent another different form reply,from an 'Ethan', telling me that my order was lost by the shipping company, 'On its way to my door'. Said I had 3 choices, one of which was to cancel and request a refund. I requested a refund and ordered the exact same item from somewhere else. In the meantime, I started a dispute with PayPal. Two days later, Pink Queen emailed saying my order had shipped. Funny that an order that had shipped over a week prior and was lost by the shipping company was able to ship two days after I cancelled and requested a refund. So, PayPal decided that since they shipped my order, EVEN THOUGH THEY LIED TO ME, it's all good and it's a non-issue. Dispute closed. Doesn't matter that I will have 2 of the same item (IF the Pink Queen order ever shows up). Doesn't matter that they lied to me. PayPal doesn't give a crap. They got their cut of my money, I'm screwed, and it's all good.

Well, it's NOT GOOD. I'll be creating a Facebook page to warn people about PayPal and to let them share their experiences of PayPal's FRAUD.

[Cookinchic]

That's a great idea! PP is a terrible company & should be called out for there shady business practices. I'm going to do some research on this company....they have **bleep** me off! How the hell do they get away with operating this way? Terrible customer service too

[tarnold9100]

I'm working on the page now. I don't normally 'do' Facebook, so I'm learning as I go. Hope to have it up and running by the end of the week. Thinking about other social media, but not sure which ones or how to do it.

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@Cookinchic wrote:
That's a great idea! PP is a terrible company & should be called out for there shady business practices. I'm going to do some research on this company....they have **bleep** me off! How the hell do they get away with operating this way? Terrible customer service too

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[cobie44]

They HOLD our money for the.....INTEREST they receive from all the money they have in their account(s).  

Very poor practices from PayPal.

As buyers we are urged to pay instantly...OK done!  The money is instantly debited from our Verified Bank account.  

But, as a seller they claim it takes days for the same money to clear through their process.  If the payment is instant to their account, then why does it take 10 days or longer for the money to clear/credit into our account?  Where is all this money held and who gets the benefit of using our money? .....this is an easy answer:  PayPal does!

Taking a closer look at this practice, I'd say there's no regulation on what PayPal can or can't do.  I've noticed moderators/administrators/advisors using the same canned answer, "all situations are different, there isn't just one solution", mumbo jumbo speak!  My  interpretation, we can screw you any which way we want to.

I can't see this practice of HOLDING our money to change anytime soon......

[Ralphie24]

I just authored a diatribe on the subject of the slow money transfers, hit the send button, and then was informed the session had expired!  Laughable customer service!  Yep, instant transfer to Paypal, but days for the money to come back to your bank.  And it does not "depend on your bank!"  It depends on Paypal and how anxious it is to part with MY MONEY!  Come on...most consumers are not that naive!  I requested a withdrawal on the morning of 12/19, was informed the withdrawal was in process and would be deposited in the bank by December 26.  The reality is, regardless of how you justify, rationalize, or explain it, this is 8 days to accomplish the transfer.  Using the "business days" excuse is bull!  Clearly Paypal has no problem locking up instant transfers from my checking account on weekends!  I work with several banks and brokerage firms and not a single one takes more than a day to accomplish a money transfer.  Even the credit card companies can do it!  I'd be interested to hear how the regulators might view this process.  Prior to having the transaction done via Paypal, I had the option of a check through the US Mail.  For me any mailed item generally is received in 2 to 3 days from anywhere in the country.  Clearly the mail...can you believe it...the US Postal Service in this case is a far better option than Paypal.  The check would have arrived on or before 12/23.  Clearly, for whatever reason (I dare anyone to provide any palatable rationale), Paypal is in no hurry to give us OUR MONEY.  I have two near-term missions....(1) given options, use anything other than Paypal and (2) payoff my Bill Me Later balance and close the account.  Paypal is ripping us off!