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Thanks for the info! I'll make my complaint ASAP - I'm sick of this and it's the LAST time my money is being held captive for 7 days by PayPal. It's cost me $ in late fees while my money sits in limbo. **bleep** PayPal, it's going down... Karma is a **bleep** PP.
You are exactly right. I am going to do just that, I am going to FTC site to file an official complaint. If we sit by and let this behavior go unchecked, the corporations will continue to hold us hostage to their predatory ways. Though I realize that PayPal has an almost monopoly on online payment options, there are other options, and one to get their attention is to "Vote With Our Feet," that is, refuse to do business with PayPal unless it cleans up its' corporate act. This is bad policy, and before having this experience most recently, I didn't have ill will towards Pay Pal, but I am not a happy customer, and so I guess I am not going to be a customer at all, after all the purchases eventually clear.
Okay, I'm SO done with PayPal. it has cost me several hundred dollars in the last year in late fees waiting for their week long account transfers,...this is absolutely ridiculous. My money has been out of my bank account and in "limbo" for the last 6 days and this is completely inappropriate given the technology we have today. I am SO over PayPal, tired of the lies and blaming it on the "Federal Reserve". So with that said, instead of complaining any more, I'm about promoting OTHER companies that perform similar services without all of the bull**bleep**. Also, isn't this holding period of a week illegal? ... and if so I'm all for starting a class action lawsuit . Let's get this ball rolling!
Recommendations for alternative businesses to use instead of PayPal?
I've been reading these posts with a growing sense of anger. There's no question that PayPal delays these transactions to their benefit. And they're not being truthful about it. They claim that the delay is due to your bank's "processing schedules and funds availability policies." That's simply not true. I just spoke to an ACH service rep from my bank. We all know that ACH fund are reasonably available within a few hours of the transfer. The reasons Paypal's transactions take longer are:
1) They combine your transfer request along with others into batches, which they send at one time (usually within 24 hours).
2) They include instructions in the ACH transfer indicating when the funds are to be made available. This adds 2-3 days (or more) to the transfer.
While #1 seems reasonable, #2 isn't.
Two to three days doesn't sound like much, but when you spread that over the hundreds of thousands of transactions they process each day of money flowing in and out, this gives them free access to millions of dollars that doesn't belong to them. And from what I've read, 2-3 days is the best case scenario. Often times it takes much longer for funds to be made available.
According to my bank rep, they can get away with this because they inform us up front that there will be a delay. And there's no limit to how long that delay can be, as long as they tell us what it is! So, if they want to, they can increase that delay to 7, 15 or 21 days. In essence, because they tell us they're stealing from us, it's legal.
I'm all for reasonable profit, but this really puts the consumer at an unreasonable disadvantage. That's why I recommend that people lodge a formal complaint with the FTC. I've included the link below.
Just wanted to let you know that I did file a complaint with the FTC thanks to your suggestion and the provided link! I completely agree - If PayPal had answered with something like, "Hey, this is a business, and we exist to make money. Don't like it, go elsewhere!" I'd have thought it harsh, but would've respected that. We can't file the complaint as saying they're "stealing" because of the delay statement, but I personally filed complaining about the out-n-out lie! Don't lie to me telling me it's my bank, and/or that's how long ACH transfers take, that's a load of crap! It's the dishonesty that's not OK, even more than what they're doing with our money! Just be honest, and let me have the choice whether or not to accept it, don't BS me! I also complained about the fact that it is a double-verification. I think it's wrong that in order to load your PayPal acct, whether it's from my own bank acct or cc card or someone else sending it to me, they verify the funds THERE! If they are invalid, or the acct has insufficient funds, it will not go through! You can also shop with it immediately, because IT HAS ALREADY BEEN VERIFIED! So why the 2nd verification on it's way out if I withdraw instead of spending?! I paid your fees, the money's been verified, WTF?!!! You're just ripping us off...period.
Sorry, going off on a tangent again! I run a small business, so I totally understand that they're in business to make money, I just don't think asking them, as a very well-known, huge business, to be an honest business is too much to ask! I am with my business, and I manage to bring in a profit! WhatEVER. So anyway, I just wanted to thank you for the link and the idea, and to let you know you're not alone in this! Best of luck to you!
Why the **bleep** didn't you THIEVES at least warn me that it take you ONE HUNDRED MILLENIA to exploit me out of my MONEY. Or even IMPOSSIBLE TO CANCEL. I should of known that you're "free" payment transfers and SMUG anonymous stock photography was just a RUSE to EXPLOIT people out of thier hard earned money. I hope you guys go BANKRUPT.
Bottom line is PayPal needs to make a fair profit. In the long run this is best done by providing Fast Service and satisfying customers. Honest and Open disclosure of technical obstacles and Service Fees that are related to actual expenses generally earn acceptance and respect.
If PayPal is making money from purposely delaying transfers, they should stop the practice, improve service, and impose and disclose any fees necessary to maintain a FAIR bottom line.
Disclosure: Actually I would like a choice of either Cheap but slow -or- Fast but expensive.
when i sended money (from my bank acccount to paypal) i was more than happy
cause my "huge" ammount of 6 Euros was in my paypal account in 3 days,
so i thinked this is a good and working thing to use in ebay etc so i buyed some stuff with that 6 euros
and sended 40 euros...this took about 1 week to show up in paypal account still full of overwhelming happiness
😉 i buyed few games etc and then i sended 70 euros...now heres kicker..i have been waiting for 3 weeks
for money to show up in paypal...so im thinking is there somekind of rule that more you send more you wait..
i mean this will be last time im sending over 40 euros to paypal (or none at all), i have been checking the BIC etc codes so many times i see nightmares about em ;), and all of em are correct
tomorrow will be 3 weeks and 1 day and i dont really have high hopes that it will be showing...still waiting that thumbless monkey from tech support for that fancy answer...and i bet *that* will be mindnumbing experiance..and automated...
I don't believe this 3-5 days explaination... I just opened my PayPal account and transferred money from my bank account into my PayPal account. It was in my PayPal account and available the next day. Now I have initiated another transfer and it is taking 3-5 days? How does it happen over night in one instance and it takes so long in another? Fix the system PayPal!!!