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!

[mikehod]

They make millions of there users with all that interest free money they hold.paypal/ebay have joined the ranks of corporate America and chosen profit of the backs of the little man as far as illegal its not illegal for these corporations to rip you off be because we as americans have sit back for years and allowed this to happen.one good thing is there are emerging other auction sites and pay services that now offer much cheaper services (you even pay the 11% on shipping now)unless youre a drop shipper of cheap chinese junk then you get rewarded with cheaper fees and none of the annoying limits.paypal/ebay killing more small business's lthan the government.

[MiffedLawyer]

PayPal Holding Your Funds? State Regulators Want to Know

By Kenneth Corbin 
EcommerceBytes.com 
December 16, 2011

For many eBay sellers who use PayPal to process payments, holds of up to three weeks (or in some cases, even longer) are simply a reality of doing business.

PayPal generally explains the policy of holding funds as a response to transactions that are associated with risk or buyer disputes, though sellers often complain that the holds occur in situations where neither condition is in play. Moreover, critics of the policy have maintained that the holds are commonplace to the point of routine, occurring far too often to be explained by suspicions of fraud.

What many sellers may not know is that they can seek redress from state regulators if they feel the holds are unfair.

"If people feel that they have undue delays the best and the quickest way to find out why or how is to write a letter to their state regulator," said Joseph Rooney, assistant commissioner with Maryland's Office of the Commissioner of Financial Regulation.

According to Rooney, every state but two - South Carolina and New Mexico - has a law governing money transmitters, a broad classification that includes financial institutions such as money order and travelers check services, as well as online payment outfits like PayPal.

Many of those statutes cap the period of time that money transmitters can hold onto payments before releasing them to the recipient.

[ronysuje]

I am agree with you, we have to send letter to the congress and spoke with the State Attorney they have millions of dollars for 21 days for free, is a big bussiness they have to pay more taxes for that money. Send letter to white house too.

[wolf34]

Paypal has taking it to far even do i have show the items been deliver they still wont give me my money all the donations i have to give from every sale i have now i cant thanks to Paypal and there BS hold policy cant buy no supplys cant even pay for any fees. Ebay is a great place to sale but not like this is not worth the time or the hassle im opening my own website and using a different webpayment. Not only we have to deal with high fees and the chance to lose the item and the money now this we get to sale work hard for this company to keep our money use it then give it when they feel like it and they make all the profits it's just stupid.

[HenryGaleisBen]

I have been verified for three years, and I have been unemployed for months. PayPal says I am "no longer verified" because I had to close my linked bank account.

I am without food, I'm about to become homeless in the middle of a New England winter, I am so sick that my teeth are falling apart leaving me in constant excruciating pain, and they are holding onto what little money I have for food because they say I am "no longer verified." That is GARBAGE!!! I am the same person I was before I was forced to close my bank account.

This represents breach of contract, breach of the implied covenants of good faith and fair dealing, and interference with contract.

I just wrote to them and got back an e-mail saying that they will respond to my letter *after* I verify my account and not before.

I'm looking for others to join me here and seeing what we can do to find a lawyer to take them over the coals with a class-action lawsuit.

[Temp20220223o]

I'm mad a paypal for holding my funds for 3 weeks. I have 100 percent positive feedback over a 10 plus year period but only 91 transactions.

If something else comes along that would give me an alternative to using paypal I will leave on the principal of what you are doing with my money. For now I have to live with it because you're the only show in town but trust me, when I can I will take my business elsewhere.

Mad At Paypal

[surplusdealdude]

(yawn) Take a number.

[lkboop1675]

All you're doing is making Ebay rich by holding your money and they lye about-They should work for Obammination.

[RSPAWN]

Now Now. You can't have it both ways. Either the mad mad Democrats are spending fools, or they are holding YOUR money and starving folks out. Let's stay the course and not get distracted, especially since A Rep President put us in the war(s) and initiated the TARP plan, leaving the Dems to clean up the mess,all the while making every effort to thwart any progress, hoping we will forget in a while and blame the Dems for not fixing their own mess.

Oh, and next election, don't throw the election by offering a geriatric and a VP candidate with buttons for eyes. At least make it look like you want to win. Of course, that would mean you would have to fix the very problems you created and then made every effort to make sure no one else succeeded in fixing!

But back to the eBay issue, Stay Angry my Friends! Stay on them. As consumers, we have much more power than we do as voters!