HORRIBLE IDEA TO HOLD FUNDS FOR 21 DAYS!!!

gearhed78
Contributor
Contributor

  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!

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6,286 REPLIES 6,286

Antares165
Contributor
Contributor

I looked into alternate methods of getting paid on eBay. The last good one that didn't cost an arm and a leg, went out of business: Bidpay. Now, unless you want to pay a yearly fee, you're stuck with Paypal. eBay won't let you accept postal money orders or personal checks anymore, as far as I can tell. Talk about a monopoly. Makes Microsoft look like a babe in the woods! Because of Paypal's and eBay's practices, I'll not be selling there anymore. It's really too bad there isn't some better competition. Might make them change some of their Draconian ways. One alternative if you want to sell an item is to check and see what it is selling for on eBay, then come up with a reasonable price and go post it on Craigslist. There, you can specify how you'd like to get paid. The downside of Craigslist is you must be very savvy to avoid the many, many, many scammers that frequent the site. I wish everyone could get together and ban these two companies altogether. I know they'd quickly change their tune. Still, I imagine it would be difficult for those who make their living this way. RATS!

I hope the CEO's of both companies come down with a severe case of herpes and genital warts!

 

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Yukmouth2009
New Community Member
I been waiting for 8 days now for my money it keeps saying pending. 33 dollars might not sound much but it helps for chrismas
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mini-moo
Contributor
Contributor

Iv been waiting since beginning Nov......... I just hope they sick to the 21 day rule !!!! then takes 3-5 days before it shows in bank account when you transfer !!!!Then thats it for me !!! just letting wot Ive got bids on finish i wont list anything else..>>>> No point !!!! Everyone is selling to earn money !!! iv paid out ebay fees x postage so its actually costing me money !!!! Thanks but NO THANKS EBAY !!! & PAYPAL !!!!! 😞

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imrestricted
New Community Member

I to am on the "payment hold" list.  All because one guy left me a bad feedback. Apparently that gives paypal the right to seize your funds like they're the f-ing gestapo! My wife and i feel like we're criminals or something. The sad things is, I emailed the guy and he was cool and tried to remove the feedback but couldn't figure out how. At least he was cool enough to rebut his own feedback and say that all was well. Meanwhile my "rating" still isn't good enough for paypal to lift their "hold". I should've known to stay away from paypal when the cut off julian assange. As far as I'm concerned, ebay and paypal get too much of the cut as it is...

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mini-moo
Contributor
Contributor

I'm at a lost why mines on hold ........parcel tracked got great feed back not expensive items ........still on hold !!!What more can I do?? Nothing at all 😞 ,beyond annoying that I'm out of pocket for ebay fees x postage !!! 😞

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madmanpauly
New Community Member

Occupy Paypal - That's a funny comment but it has merit.  Historically speaking there will likely be some sort of backlash in America on the banking systems in the upcoming years.  Not unlike Arthur Anderson accounting, sooner or later someone will take notice to policies and procedures of banks and find things either unethical or unconstitutional.  Things said in this forum make me wonder if Paypal is no exception.  After the fall of Anderson, accounting practices were changed forever, even in my company, there were several audits that found discrepancies.  I wonder what the SEC would have to say about an organized complaint from us about Paypal's monopoly and their recent policy of "reviewing" accounts.  They should seriously consider putting holds on transactions due to "buyer protection" without any merit what so ever.  I also have a hold on my account without any negative feedback or dispute history.  Therefore, Paypal's claim of suspicious activity is unfounded.  I have asked Paypal to show me in writing where my account has been suspicious and I have asked for the criteria to which accounts are being held.  I have had no response as of yet.  Probably won't get a response unless they believe that we are serious.  I am writing this post in the hopes that someone at Paypal takes notice and recognizes how many people have the same issue here on this forum.  I am hoping that the next step will not be necessary.  A monopoly, even a perceived monopoly, has limits and is easily scrutinized.

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Kaiki
Contributor
Contributor

I've been a VERIFIED PayPal member for over 10 years, and suddenly, I need additional review to link my bank account, which I had 0 problems with before. I'm even close to my $5000 preferred member status. Where the **bleep** can I even still find a fax machine? I'm just about done with this worthless company.

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curt_in_oregon
New Community Member

I agree with the others in this threat,I was given  a notice that my future funds will be held for up to 21 days.I've been on Ebay for over 10 years and have a 100% positive feedback of just under 400 satified customers.I am closing my Paypal account today as most of my customers either pay with their cards through my website or cash in person.Luckily I have no funds with Paypal and this was the straw that broke tha camels' back,see ya.

 

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Michael11167
New Community Member
Same problem here. Unless I can get an answer, I'm going all Craig's List. I'm not a frequent seller, but my ratings are good. My guess-- I don't sell enough so to make more money on my account the the funds. -- " pending" so they can make money on the float-- the interest on my money. ' cuz PayPal doesn't make enough on the fees already. But when I called customer service-- I got the BS line that it was for my own protection. And they'd review it again in 30 days. Please. this is all about the money, folks.
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buyer-seller
Contributor
Contributor

Put this up there with Netflix and Bank of America in recent high profile business decision blunders with massive fallout.

 

I am a buyer and a seller on ebay, 100% positive feedback. I have an established track record selling items, and have been at the point where my funds were released immediately when receiving payment from buyers.

 

Here's an example of what kind of seller I am:

For my last sale, I had a buyer needing overnight delivery without contacting me prior so that I could provide a quote. Even though his request was unrealistic, I went ahead and sprang for the overnight delivery out of my own pocket due to his stated need. I didn't even push back, I just did it for him without a conversation. Not many sellers would do that.

He waited a month to provide me the positive feedback, of course made no mention of what I did. Oh well, that's business I told myself. I would do it again, because that's good customer service. 

 

Well this is the reward I get for the excellent customer service I provide as a seller:

 

I sold another item today, which was a month or two after my last sale mentioned above, and shipped the item 45 minutes after the payment was received. Like I usually do.

I went to Paypal to move my money over to my bank account, and much to my dismay it's as though I'm a brand new seller again, they are holding my money! I needed that money to pay a bill, and of course the shipping.

So thinking this was some sort of mistake, I called over to India to talk through this with someone. They explained, fairly poorly, that this was a recent policy change to protect buyers. You now have to be a higher volume seller to have your funds released immediately. They told me 25 items sold in 6 months. So in other words, in one day I went from being a low risk seller to high risk? Do I have to make selling on ebay my full time job now, to get back my status I previously had? Looks like another example of squeezing out the "little guy."

 

I asked what precipitated the change. They said it was due to buyers contacting paypal with problems not receiving items from sellers or issues with the purchase. I made a point to ask "is that issue not what the feedback and claims systems are for?" I didn't receive a response that answered that question.

I was civil and polite throughout the entire multitude of conversations I had with CSR's, and Supervisors from both Paypal and Ebay. My issue was not addressed, no exception was made for me. I even shared the example above of the kind of service I provide (from which paypal/ebay benefits greatly), and asked if this was worth losing. Again, no intelligent response, they just kept reiterating why the policy has changed.

I shared that hey I am a buyer too, I appreciate protective measures for buyers, but this is very very poor balance between the buyer and seller experience. They just kept reiterating why the change has taken place, to protect the buyer.

I shared with them that by my taking the time to call and share my concerns, I am giving them an opportunity to hear from one of the 3% of customers who actually take the time to contact the company rather than just leave and share their experience with 17 other people (from a study conducted prior to widespread internet usage, that number is probably much higher now.....more than 17 will read this post). No exceptions, no real response to my concerns.

 

I question the legality of changing this policy without my notification/consent. I do not question the motives. It's clearly to collect interest on my money that they are holding without my consent, even though I met previous qualifications for immediate fund release.

 

Let me make this clear. Ebay needs quality sellers, it should seek to provide a balance. It should cringe whenever a quality seller communicates they are considering leaving. We are the backbone of their business.

For me it's too late. I guess it's craigslist or another auction site from now on. It's free, and I get my money immediately. I will share my story with anyone willing to listen, and encourage them to seek alternatives.

 

They concluded my last call with telling me to contact ebay/paypal with any concerns I have. I told them I gave them that gift already, I politely called with my concerns instead of just leaving. They blew it. Blew it pretty badly actually.

 

Almost sad with such high profile stories of customer service fallout from companies like Netflix, who have had a pretty embarrasing year.

 

Good luck ebay/paypal, it was fun while it lasted.

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