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!

[Djten]

Nehmo wrote:

I absolutely agree. I just discovered the hold policy today via my email inbox. It sounded so stupid and unlikely, I thought it was a phish. So I opened a sparate tab and went to PayPal. Sure enough, it's real.

I'm on the phone right now to PayPal on hold. We can't accept this rediculous policy. I'm not going to use PayPal or eBay untill it's off.......

___________________________________________________

Well my friend, I hate to be the bearer of bad news but you're going to have a LOOOOOOONG wait. Why do think this discussion board is almost 600 PAGES long? Have you ever read any of the previous posts? This discussion topic is going into its third year from December of '09. Hey my friend, from experience you'd be much better off finding another selling site to do business on. They have PayPal also but they also allow you to use other money transfer systems like Moneybookers and Google Checkout. And also PayPal doesn't hold your money for 21 years (oops, I meant days ), like they do on eBay.

  I sell on ioffer.com. Hopefully business is starting to pick up because I've had about 2 or 3 sales and all those times PayPal did not hold my money. But like anywhere else you have to have items that are in high demand.

  I've been on this board since around that time and if you'd like a little more trivia information, I'd be more than happy to tell you.

[Bubbabear]

I was surprised by the new hold policy.  I have been an Ebay customer for 13 years and a Pay Pal customer for 10 years.  I sell a $20.00 item and find out that the hold is on for 14 days but I can ship it on ebay and be invoiced for it.  It look like I was paying more for a priority mail flat rate box than I indicated.

Pay Pal functions like a bank and when enough people complain they will change it back.  Unless someone from a state attorney generals office gets them for some deceptive consumer practices.

I wouldn't be surprised if it was the latter.

[Crafty_1-Two]

The bank that handels Pay Pal Smart Connect and Pay Pal is GE Money Bank which has been changed to GE Capital Retail Bank.  They have also told me the same thing about holding monies and saying they have done a check and my account is a high risk which it not and never has been, yet when I called up and told them I wanted to see how they arrived at this decision I was told that they just sent it out to everybody with out investigating if it is at high risk or not, now that is just plain wrong!!!!!! I keep a record of everything you need to contact The Attorney General's Office, The BBB, The Federal Trade Commission, The DFI "Department of Financial Institutions for the state of California and you can also call the district attorney's office in Santa Clara, CA where Pay Pal is located.  Keep all your records, file online if possible, and you can also find out who makes the interest on the monies that are being held from you.  With my experience This Pay Pal and Pay Pal Smart Connect and GE Money Bank are ALL out in SpacePal LA, LA land and have not come back down to the planet earth where the rest of us live therefore they think they can make up things about your account being at HIGH risk when it is not and they have no way to prove it and have NO Clue as to the rights of people and what they can and cannot do and when the people who answer the phones in  India and the Philippines contradict what the ones here PayPal/PayPal Smart Connect/GE Money Bank are doing and saying in America it is like a Horror Show that yet has not been given a name yet!!!!!! Good Luck

[Newestscam]

Me too! The only way that eBay allows anyone to pay is with PP, which they own, so the collusion thing is now full blown. How much does Paypal make by holding our money for 21 days? Millions! I'm waiting for my $200 release so I can close my account too. I have a 100% rating, so there is no reason for this. In three phone calls to PP and EBay, this is what I've been told: 1. We are trying to make sure you don't change types of products you are selling. (Huh?) 2. You missed selling for a month. 3. You missed selling for three months last year. (Are you kidding me?) 4. You need to have 25 positive ratings in a 90 day period. 5. We release you money after the package is received. (No, they even held $8 for the full 21 days). 6. You no longer will have a hold on your account. (Next sale, hold placed right back on). If you read their holds policy on their website, none of these reasons are listed. In fact, I don't meet any of their reasons for a hold! This is bad business, as now we even go have to upfront the shipping with our own money, though the buyer has paid us and received the item!!

[Djten]

To Newestscam: No. Do not close your PayPal account. Close your eBay account if you want, but not your payPal. As I just posted, other sites allow PayPal but they don't hold your money. However, I did find out something else since you deal with Ioffer. When you pay their fees for selling through them, they told me that they don't use PayPal anymore either because their fees are too high. Interesting.

[Je28ssie]

I just got the email 12/02 - the exact same day this went into affect.  Did not understand why this was being implemented on me since I have a good selling score,  really good feed back and I have not been selling for months now.  I did get hit with 2 people in the past that 1 had buyers remorse (sold as used) but she did not like when she got the item - offered money back but all she could do was complain - sold another item "used' and all I got from this buyer was wanting money from me to fix they way she wanted (offered refund but she would not send it back) - I have always kept the money in the Pay Pal account until the transaction was complete.  The email stated that my account was reviewed (it appears that it was not reviewed by what I have read - it appears that everyone has been hit with this) This shows me they are lieing again on why this was put into place.  I will also be looking for ways to sell and collect outside of Ebay and Pay Pal.  If anyone has some ideas, I would love to listen and pass on to all that I know that use these services

[wkapla]

I've been using ebay for 12 years.. 100% positive, never had an issue. Now, 6 days AFTER my latest sale,  they are holding $700 of my money?! Right before Christmas? Because i'm a risk after more than a decade? Have they lost their minds?!

[whyte66angels]

i have a solution as you have read Do Not close your Paypal but since Ebay could careless about you let them go! They did the same thing to me & about 3million or so. It will only get worse. I was with ebay for 11+ years. Bought & sold. Was with the company from the start. Look how they showed their loyalty to me. 100% feedback rating. 2076 feedbacks. Ebay pads there shipping calculator so they get more on the shipping fee. The only problem is the customer then see's the real shipping price & is **bleep** because she was charge so much more. So then they bank the seller on the DSR. Buyers Opinion. So Ebays solution: use there shipping so they can get the discounted shipping & charge you more. You talk about a racket. Well I closed my ebay and went to ebid.net. I sold 4 things today. I am now selling more in ebids for less money because of NO Fee's. Ebid is growing & I am going to be there to help it grow. 

[mejemojo]

i agree, it happened to me too. now a lady is waiting on me to ship my item so she can have before christmas, but im waiting on my money. what do i do to speed up process of getting my money?

[Newestscam]

Based on what I've been told, you will not get your money released until you have shipped the item, provided a tracking number, it has been delivered, and the buyer has provided feedback. Even after all that has occurred, though they will tell you that you should receive your money in 3 or 4 days after that, in actual experience it will still be held for 21 days. This is not about you, or me, or positive feedback, or protecting the buyer. This is about PP earning interest on our money. The lawsuit filed in CA plainly states this. Some sellers have not received their money for 180 days, so we can count ourselves among the "lucky" ones. In my case, one of the "former" ones. I will no longer sell on EBay. I'm moving to ebids.