HORRIBLE IDEA TO HOLD FUNDS FOR 21 DAYS!!!

[gearhed78]

  Holding funds from sellers until the buyer leaves feedback is the worst idea EVER! Since when does Paypal become an authority on buyer satisfaction?? A smooth transaction is all that I wanted from Paypal. If they are going to hold funds, then they should make it very clear BEFORE you use them!  Keeping my money in their account for 21 days is a HUGE disadvantage of using Paypal. Stick to transferring funds,not trying to be a satisfaction authority!

[LauraV]

Holding funds should be illegal.  This is a total change in policy.  You know that eBay and Paypal are owned by the same company, and that they cooperated for eBay to create the policy and Paypal to enforce the policy and blame it on eBay.  I am quite sure they are using our money they are "holding for our protection" to invest over the short term and make more money for their monopoly.  Would anyone like to do anything about this?  I am an attorney in Texas, and I sell saddles on eBay.  If so, please contact me at  laura at the vickers law firm dot com  THANKS.

[alcanoya]

I have heard plenty of mass class action law suits against ebay and other companies. Unfortunately, it is federal law that ANY business can hold your money for up to 21 days while they "verify" the funds. I've already been over this with a gas station company that did the same thing to me. It's ridiculous and aggravating, but not illegal, sadly enough. If you manage to find a loop hole and want to stand up and fight, then I'm right along side you. I wish the best of luck, though. I promise you their lawyers went over every possible outcome before they decided to **bleep** with their customers. My advice: petition. Everyone stop selling, stop buying, stop transferring. Talk to the owners of Craigslist and see if they would get FDIC insured. Then they could take over as the dominating auction company. Either way, 500 people griping won't stop them. Now, if everyone that had a complaint did something legal but against Paypal policy and all 500 people got banned, they'd notice. 🙂 Lemme know if you do figure something out. I'll be right there with you.

Anthony

[Scott3038]

I agree. I just found this on cnnmoney.com.

The new policy has some questioning its legitimacy: Can PayPal legally freeze funds at will for up to three weeks?

The answer is yes. While PayPal offers interest-bearing accounts, debit cards, and other trappings traditionally associated with banks, it legally isn't one.    So yep we are **bleep**ed for at least 21 days.

[Scott3038]

Go to cnnmoney.com and in the keyword box type paypal policy. It will be at the bottom called .....EBay's PayPal funds freeze plan draws fire

[rocky489mts]

 I was just notified that as of 8/22/2011, PayPal will withhold monies in my account paid to me by eBay buyers, until the PayPal Gods review my account for 35 days and deem me a responsible seller.  This is BS.  I am a responsible seller as my seller's feedback reveals.  I'm not even sure this is legal, based on PayPal's lame excuse for doing this.  Without going into all the details, I will say that PayPal caused a boondoggle in the first place by sending incorrect invoices to buyers which has caused a lot of grief and time to make corrections. 

[jewelsbyanita]

I am taking my business elsewhere and shutting down my store at ebay....I can't make any profits because the charges cancel out the costs of making the transaction....I think everyone that has been affected has to follow up with a lawsuit against the banksters....and if more people shut down their stores maybe they will figure out people are not sheep

[Djten]

      I thought about doing that for a while, now. That's like the famous 1955 Montgomery bus boycott lead by Dr. Martin Luther King,Jr. after Rosa Parks refused to give up her seat! That bus company finally saw the light  and they hurried up and cut that "back of the bus" nonsense out! I'll bet if mostly everyone pulled their stores off ebay then ebay and PayPal would cut that foolishness out!

      And you're right. With the percentage ebay charges when you sell an item it's very difficult to see ny type of real profit! And what gets me is that PayPal's explanaton to lift the restriction is to increase my DSR. SAY WHAT???? You can't help it if people are not buying. Our online stores are just like regular stores at the mall: people look and if they want to buy then they buy. If not then they don't.

[Scott3038]

This is total crap. I understand security but all security for sellers just went out the window. Some people rely on their paypal account to pay bills and ect.... I sold an item recently and my payment is on hold even though i have %100 positive feedback. And yes it is illegal for them to put holds on funds because 1: the money IS NOT THEIRS, 2: there has to be a claim or dispute through ebay before they can put holds on any funds. In one way it's like them holding us against our will and nobody wants to do anything about it. I don't care if paypal looks at my posting here because if they say i no longer are welcome to paypal then i am entitled to my funds that are in my account and i say bye bye paypal you **bleep**! TO PAYPAL----CHANGE BACK OR LOSE ALL OF YOUR ACCOUNT HOLDERS AND BE SUED BY EVERYONE OF US!!!! HAVE A NICE DAY

[scottcnc]

I have tried contacting paypal on this matter and you are automatically routed to the Philippines, where someone that gets paid 25 cents a day to answer your concerns. Another way paypal and ebay can maximize there profits...Research why company's use the Philippines for there customer support.

customer  subject:  payment  on  hold
customer  message:  Additional  Information:  'Why  are  you  holding  payments
paid  in  cash  by  someone  who  purchased  something  from   me.  Why  do  I  have
pay  shipping  costs,  ebay  costs  and  PAYPAL  cost,  out  of  my  own  pocket.
The  person  you  obviously  are  paying  a  six  figure  income  too,  did  not  not
do  market  research  on  this  new  rule.  This  is  not  the  way  resolve  a
business  issue.  A  high  school  graduate  could  come  up  with  a  better
solution.  You  no  longer  are  excepting  money  orders  to  pay  for  a  item.
You  have  monopolized  the  market.  You  got  to  where  you  are  because  of
people  at  home  wanting  to  sell  garage  sale  items,  now  you  only  cater  to
the  giants  (Power  Sellers)  and  have  forgotten  about  the  small  timers  who
made  you  who  you  are  today.  Good  luck  with  your  company.  You  are  loosing
my  business  and  many  more  are  to  follow.   In  my  eyes,  this  is  stealing
my  money.  Your  company  is  no  better  than  the  thieves  that  started  this
mess.  I  have  lost  all  ambition  to  continue  using  ebay.  At  least  we  still
have  Craigslist  (  an  honest  company).'

[Alterdisturbed1]

I just came upon OnlineAuction.com, sellers fees are $8.00 per month.  I signed up just now and am going to be listing my items on there site from now on.  $8 and no insertion fees or final value fees.  Spread the word, take down the eBay/PayPal monopoly.  The person who created OnlineAuctions.com (Chris Fain) was a registered power seller on eBay.  The site is a Fortune 500 company and a member of the Better Business Bureau.  Seriously folks, we can take down eBay/PayPal by not buying and selling on there sites.  I am sick of being pushed around by ever changing policies and fees because of the greed they have for our hard earned cash.  Read this article i cound online about people jumping ship, you can find it here   http://money.cnn.com/2008/02/06/smbusiness/ebay_alternatives.fsb/index.htm  copy and paste to your search and join in.  Thanks for reading and hope to see you all on the other side.