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!

[CamSpenceMom]

After a long hiatus from selling on ebay, I posted two items fo sale on Monday, and as usual, specified Paypal as my preferred method of payment.  One of my items sold on Tuesday, and imagine my SHOCK when I got the email saying that they were going to hold MY funds for 21 days!!!!  I had NO CLUE that this policy was in place.  I recently lost my job, and after liquidating my savings to pay rent and keep my car from being repossesed for the last 4 months, I had to resort to selling off some things in order to keep living.  It's unbelievable that Paypal has been allowed to do this.  They ARE NOT A BANK, and do not have the right.  After two failed phone calls to Paypal, I started doing some research on the web, and found out that a Chicago law firm has filed a class action lawsuit against ebay AND paypal over this very issue.  Obviously, the faithful moderators of this forum will delete any web address I put here, so simply google "paypal lawsuit 2010", or look up a lawfirm called Freed and Weiss in Chicago.

I have already contacted them and submitted my info, and I encourage ALL of you to do the same.  If you've got a facebook page, put this info out there.  Twitter it...tell everyone you know.  Paypal CANNOT BE ALLOWED to confiscate peoples money without cause.  I will never do business with ebay or paypal again, and I will make **bleep** sure that I get a portion of the proceeds once this class action suit settles.

[twistedquilter]

CAMSPENCEMOM,

Thank you for providing the information!.  As soon as I finish this post I am going to contact the people you told us about and send my information.  This is probably the way to get it taken care of.

[RSPAWN]

Banks and this type of "clearing" house are 2 different entities. Pay Pal is not a bank, therefore they are not held to the same time table as banks, credit unions,etc. And of course this is the very crack in the wall that they slide their greedy little fingers through.

They are able to do just about anything they want as long as they make it their "policy".

This is what occurs when entities become monopolies ( they are every close and this may be their eventual Achilles heel.)

Until then, we have created a processing company that is so powerful that they can't lift the rock that they themselves created.

A bit of George Carlin for comedic relief. (i.e. we got big problems right here in River City!)

Stay Angry my Friends!

[ag48]

This is an outrage.  I imagine PayPal is laughing all the way to the bank with the interest they're earning on all our funds.  They're certainly not interested in addressing any of our concerns.  I filed an e-mail complaint 3 days ago.  No so much as the courtesy of a reply.

[RSPAWN]

If you Twit, Face Book, or send out birthday and Xmas cards, pass it along. I realize that there are many more atrocious deeds in the world, but start somewhere.

Stay ANGRY My Friends!

[Angry007]

they are overkilling the protection and its going to kill ebay just watch. btw they randomly freeze accounts and ask for 5 more types of ID , they blame it on home security and patriot act.  they froze my money for 4 days and when you call they say nothing they can do its a processes.

[DDE]

21 day holds are killing my expirience with paypal. Never had to deal with this before. 21 day holds destroys bank accounts, customer satisfaction and cash flow. I have been turning to Craigslist and other sites that don't cause so many problems.

[jvestno9]

Well after reading some of these posts, and me struggling with my own little business makes me wonder should I proceed or stop using PayPal? Doesn't sound good from what I have heard so far!

[scott11e10]

ive been useing ebay to sell for long time  what paypal is doing is wrong and they dont release the moneys after you get feedback i received feedback on a scooter i sold on the 6th of november and today is the 21st and they still havent released my moneys but they took there fees right away tho..and if you notice when your dues are do they take that right away also, Paypal is exactly what they said i was FRAUDULENT they are stealing our moneys and yes it is time to sue them i will obtain a lawer firm  and sue them for 100 times what they owe me as should everyone else.i think they make enough moneys on there fees why should they make more in interest.

[krzyirishman]

Sign me up on the lawsuit make it a class action lawsuit from all paypal users same problem positive feedback and no release of funds. Can't even find a number to call them and get the run around. There so called help tab doesnt work either i get an error or the one time i did get the window it wont let you enter your question to them. Personally this is a really **bleep**ed up site and corporation poorly run. When they wanted my password to my bank account that is when i said **bleep** no I dont think so. Paypal is the last person that will get my password to my bank account. Well sign me up on the lawsuit and make a class action from everyone reresented by paypal.

                                                                                                                                           The Krzyirishman