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!

[HariKari]

What word did you use Craigslist?  LOL

[Soonergirl]

I ship mostly to places outside of the US and the USPS does not update the tracking information for international packages unless the package is shipped via expedited or express mail.  The expedited/express option is very expensive and most buyers will not pay for this service.  There is no way for PayPal to verify via the USPS that a package has been delivered so I'm **bleep**ed regarding the "delivery confirmation" clause to release my funds.

Like others that have posted on this forum, I was laid off from corporate America and my eBay store is how I make my living.  How am I supposed to pay my bills and also pay for postage, supplies and restock my store while PayPal is holding my funds?

I'm considering dropping PayPal altogether but . . . will eBay start closing our stores if we don't use their paying service and/or we switch to another service or take money orders only?

The sellers lose again with this PayPal/eBay policy ~ we can't leave negative feedback for our buyers and now the buyers are getting the items we are selling, PayPal is collecting interest on OUR money and we have to wait and suffer before we get paid.  When does the PayPal/eBay madness end???

[fjp800]

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@Soonergirl wrote:

I ship mostly to places outside of the US and the USPS does not update the tracking information for international packages unless the package is shipped via expedited or express mail.  The expedited/express option is very expensive and most buyers will not pay for this service.  There is no way for PayPal to verify via the USPS that a package has been delivered so I'm **bleep**ed regarding the "delivery confirmation" clause to release my funds.

Like others that have posted on this forum, I was laid off from corporate America and my eBay store is how I make my living.  How am I supposed to pay my bills and also pay for postage, supplies and restock my store while PayPal is holding my funds?

I'm considering dropping PayPal altogether but . . . will eBay start closing our stores if we don't use their paying service and/or we switch to another service or take money orders only?

The sellers lose again with this PayPal/eBay policy ~ we can't leave negative feedback for our buyers and now the buyers are getting the items we are selling, PayPal is collecting interest on OUR money and we have to wait and suffer before we get paid.  When does the PayPal/eBay madness end???

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Get the word out on facebook and let your voice be heard worldwide! .. visit http://www.facebook.com/people/Tom-Pergo/1719022516 and ask to be a facebook friend.

[Soonergirl]

Another gripe ~

Someone purchased something from my store on July 4, 2010 (two days ago), paid for the item and PayPal has, of course, put a 21 day hold on the funds.  Today (July 6, 2010) the buyer wanted a refund which I granted (better to grant the refund than hassle with them).  PayPal didn't use the funds they are holding for this purchase to refund the money they are taking the money out of my checking account.  How crappy is that ~ they put a hold on the original funds and then use funds from my checking account to refund the purchase/shipping price??  I get double whammied again by these jokers.  Unbelieveable.

I did speak with the law firm regarding the class action lawsuit.  Leo is the lead legal assistant on this case.  You can contact Leo at 866-779-9610 if you want to join us in fighting PayPal and their illegal 21 day hold on OUR funds.  Call Leo today to add your name!!

[lsimpson304]

This is not true. It's been 5 days since my item was delivered and still no payment. I sold something I really liked to make enough for rent and now I won't even have the money on time.

[francesca]

Not one statement in my blog and ventilation is untrue.  I spoke of persons that I personally know of.  How could I possibly speak of others that I do not know and do not have a clue what is going on with them.  I am not a paypal employee.  I am another frustrated seller who has a 60 day hold.

Best of luck to you!

[lkboop1675]

This 21 day hold is nonsense.  PayPal is using the same tactics that banks use i.e.. They put a hold on all funds using using some excuse when the real motive is to earn interest on the funds held.  If PayPal were to pay interest on the funds held, I'd believe them otherwise they are lairs.  I'm seriously considering other options as far as payment and selling options, simply because I sell very little on Ebay.  In the future it is certain to be less.

[Disenchanted]

Specifically to the 21 day hold policy from PayBay

Word of the day: Unconscionability 

The hold policy is, obviously, a contract of adhesion.

Further, it uses the language "may" when in fact it should inform new/infrequent sellers that funds WILL be held and may be held up to 21 days no matter what you do. It should be clear as to this burden.

The policy seems at best misleading. 

So does it go to the point of deception? Does it matter?

But...the policy on releasing funds three days after verified delivery uses the term "may" when it probably should read PayBay will most likely not release your funds 3 days after verified delivery...at least not unless you have the time to waste to pester them. The incongruency of the term's use is striking.

To deprive a seller of both an asset and the proceeds of that asset is an extraordinary event for any length of time. The seller needs a clear and transparent warning up front before initiating sales. The agreement appears to reach well beyond being misleading considering its burden.

Holding an asset AND the proceeds of an asset for 21 days is ... astounding. 

Would it be found unconscionable?

So...what would a regulatory body/court say about a contract of cohesion...misleading at best, deceptive at worst...containing extraordinarily burdensome mandates...drafted by a behemoth (PayBay) for us common folk?

Unconscionable? [By the way...how did the PP/EB thing pass conflict of interest/antitrust smell tests?]

Is the clause enforceable if challenged?

I can't believe it has passed muster up to now! At the least, PayBay  should be forced to make this clause completely transparent...bold type...explanation of the burden of held funds.

Even then...21 days of free use of an enormous pile of money (certainly PayBay knows the exact average of this "held funds fund" for investment purposes) seems to over-reach to me.

Just thoughts for the day!

[Dontlikeitman]

another smart man I c. i agree with each thing you said there. yes your are correct as ebay and paypal are not disclosing everything like the law states as they are holding infomation back from sellers mostly new sellers and by holding this infomation back and not mention it is very very unprofessional of both ebay and paypal. that is why i have said before if you want to know if the 21 day hold thing is legal or illegal why not just contact the fbi and find out as of all people they should know and besides what paypal is doing is technical federal anyways as it cross's state lines and goes world wide. if you go into a bank and ask them about a 21 day hold on funds to see what they would say I bet it wouldnt be very good and bet they would say that would be way to long to hold peoples money as the banks are the real professionals and they have rules they have to follow as well where paypal is only a wannabee place of a one stop place. and to top it off about paypal is this. back before they loose to have a saying that when someone sent you a payment and if it was an echeck not to send your item out until the echeck cleared in your account as to not to take a chance as it might not clear and you wouldn't get paid. now they come along with this down right stupid hold policy and THEN tell everyone almost in order for you to get your money now you have to jump through hoops and mail your item out BEFORE you get your funds! doing this just killed or ran into what they was always saying about the echeck deal! its the same thing really or kinda, you don't have the money yet but yet they now want you to send your item out! BUT if you think about it, they have this little pretection that they call the sellers protection where you have to ship your item out i guess within 7 days or the seller is no longer protected? what the heck is up with that?! that is very very unprofessional! so now they are telling us IF we dont do what they say we are no longer protected as we are not listen to them like they want. If you look at it, if someone pays you and paypal holds the money back from you, you didnt get paid yet so there for you don't have to ship anything out as paypal just scam you and the buyer of your funds! they are the ones that got paid as you dont have access to yiuyr money yet and the buyer doesnt either so there for you didnt get paided and the buyer doesnt have his/her money either.. paypal has it! so now WHO is really the scammer?! paypal just went on step to far.

And for the ebayer sellers that has money being hold, you can get back at ebay and paypal if you really wanted to by using their own hold funds game at them or on them with their own tool. just think how that would look on their parts they holding back from them selfs! 

[Disenchanted]

...and of course the hold policy makes the statement that "the money belongs to you...." 

More misleading language? Deception?

It most definitely does not conform to the definition of ownership. In fact, the operation of the policy more accurately indicates PayBay has ownership during any hold period. 

What, do you think, the phrase "the money belongs to you" means if you have no dominion or control over it?

It does NOT mean what you think it says.

It MAY mean it MIGHT belong to you at some future time.

At the same time...the asset DEFINITELY has changed hands.

Just idle banter.