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!

[RSPAWN]

They remind me of the guys in New York and Chicago that tell you if they pay them, they'll make sure nothing bad happens to you. (i.e. protect the buyer and seller) then they inflict their own form of misery on you. Please continue to mention this in all your dealings, whether you are buying or selling.

Repeating myself from a previous reply, I add comments about the HOLD POLICY within the  product descriptions now. They haven't been able to figure out how to "see" this and censure it yet.

EVERYONE STAY THE COURSE, don't let time erode your persistence, frustration, or validity!!!

[RSPAWN]

I just ran into this garbage 2 weeks ago, I raised **bleep**.  I am trying my best (since I have a CC Machine) to get folks to pay me via my account or cashiers check. A bit inconvenient for them, but I am doing everything I can to Put Pay Pal in their place.

The best I can figure, they hold the funds for any reason (including wearing a Blueshirt on a Thursday).  The criteria coincidently covers about 60% of their customers. Only the high volume (big business) guys are exempt. Once again the have.... stick it to the.... have nots.  They of course receive interest on what is called FLOAT, on held funds.

Tell everyone, keep telling them, try to get people to use other methods.

[fjp800]

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@RSPAWN wrote:

I just ran into this garbage 2 weeks ago, I raised **bleep**.  I am trying my best (since I have a CC Machine) to get folks to pay me via my account or cashiers check. A bit inconvenient for them, but I am doing everything I can to Put Pay Pal in their place.

The best I can figure, they hold the funds for any reason (including wearing a Blueshirt on a Thursday).  The criteria coincidently covers about 60% of their customers. Only the high volume (big business) guys are exempt. Once again the have.... stick it to the.... have nots.  They of course receive interest on what is called FLOAT, on held funds.

Tell everyone, keep telling them, try to get people to use other methods.

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Only high volume sellers are exempt?  What is considered a high volume seller?  I sell = or - ten items on average per day... AND they still hold my money...  I personally think that they look ofor some reason to hold everyone's money..  IE: Not being up to their Standards, have a negeative feedback within one year, etc., etc.  NOTE:  Please don't give PayPal any ideas... IE: wearing a Blueshirt on a Thursday 🙂

[RSPAWN]

I must admit that the "high volume" part was an assumption of my part. I have to believe that they are giving special treatment to some one. If not, it would be the first time is capitalistic history. In addition they have introduced their Debit Card so now after they hold yur money forever, they then will charge you per transaction and % on top of that.

These greedy (children of unwed mothers) are unrelenting and smart. All I can ask is that everyone keep pounding them every chance you get. Be accurate and outraged. IF IF IF you have an alternative payment method, USE IT!!!!!!!

[fjp800]

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@RSPAWN wrote:

I must admit that the "high volume" part was an assumption of my part. I have to believe that they are giving special treatment to some one. If not, it would be the first time is capitalistic history. In addition they have introduced their Debit Card so now after they hold yur money forever, they then will charge you per transaction and % on top of that.

These greedy (children of unwed mothers) are unrelenting and smart. All I can ask is that everyone keep pounding them every chance you get. Be accurate and outraged. IF IF IF you have an alternative payment method, USE IT!!!!!!!

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I agree... I HAD both a Debit and PayPal Plus card ... Which I stopped using.  I withdraw my money as soon as the funds become available...  Everyone should do the same!

[lasttimedog]

BOYCOTT!-BOYCOTT! BOYCOTT!= NO TIME FOR BOYSCOUTS!======THANKS FOR LISTENING!

[Racer]

I will NEVER use Paypal again after this. Someone should look into a class action lawsuit. Never when I sold on Ebay did I agree to this. Paypal takes their cut right away, they should be paying us interest on the 21 days they hold the funds. All they are doing is keeping millions of dollars in their account to collect the interest on it before releasing it.  Are there any lawyers who would like to comment? Paypal and Ebay do what they want these days and have lost a customer that has bought and sold tens of thousands of dollars using both services. I hope Paypal and especially Ebay go under due to this policy. Enjoy what little time your company's have left.

[RSPAWN]

Everyone keep it up. Changing the rules after the fact is apparently actually the rules. I don't remember seeing this hold thing either, although, they have pages of stuff to sift through. They ( Every Electronic) thrive in the cyber world, because NO ONE IS ACCOUNTABLE. Go ahead try to contact a person with any authority or interest in resolving an issue on any other terms but their own, and watch you phone bill and blood pressure rise.

There is a group sipping tea in Great Britain right now, conspriing on the next squeeze on what they have made the mistake of believing is a "captured" market (us). I think I read somewhere that this is an English Company. Hey, so is BP........ Just saying...........

Thank you to all that continue to protest. I feel like the guys at the Alamo.  Join us , make a bit of history!

[twistedquilter]

Racer,

I completely agree with you.  I've tried to be diplomatic with Paypal about how I have described this new "holding your funds policy", but I am out of patience with them and whomever within the ebay & paypal organization came up with this (1) completely greedy and (2) unethical and (3) STUPID policy.

How dumb do they think sellers are?  We all know from our own business experience that any monies held by any financial institution are used as short term float money on which they earn interest - interest on OUR money!  Personally, I think that Paypal should have been included in the financial reform measures our government is using with regard to the Wall St. mess.

When I first read the new policy the overall reason Paypal was instituting it was "to remain competitive with other financial institutions" - give me a break!  Once the new financial reform regulations were in place, Paypal saw they could do "legally" do this and they did.  These decisions aren't made overnight and I find the timing of this new policy quite curious.

I have not listed anything on ebay since I pulled my listings when the new policy went into effect and I have not listed anything since.  I haven't bought anything either.  I don't want to hurt sellers I bought from in the past so I will buy from them in the future if they will use alternate methods of payment - but not if Paypal is the only choice of payment.  There are other online stores that use Paypal as a choice in methods of payment.  For example, Hewlett-Packard offers Paypal in addition to the other payment choices.  Prior to this policy, I would have used Paypal; but I wouldn't even think of using it now when I order ink cartridges.  I'm sure Paypal does not hold funds from Hewlett-Packard, but I wouldn't use Paypal because they would be charging Hewlett-Packard the %fee and I am not going to contribute to lining the greedy pockets of Paypal.

I believe that every business should make a decent profit on the sale of their goods and services - a decent profit - but not a profit made by sticking a knife to their customers.  Paypal has always been a money-maker prior to this new policy and they would continue to without this new policy.

I will continue to complain about it because this is something that I feel so strongly about.

[fjp800]

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@twistedquilter wrote:

Racer,

I completely agree with you.  I've tried to be diplomatic with Paypal about how I have described this new "holding your funds policy", but I am out of patience with them and whomever within the ebay & paypal organization came up with this (1) completely greedy and (2) unethical and (3) STUPID policy.

How dumb do they think sellers are?  We all know from our own business experience that any monies held by any financial institution are used as short term float money on which they earn interest - interest on OUR money!  Personally, I think that Paypal should have been included in the financial reform measures our government is using with regard to the Wall St. mess.

When I first read the new policy the overall reason Paypal was instituting it was "to remain competitive with other financial institutions" - give me a break!  Once the new financial reform regulations were in place, Paypal saw they could do "legally" do this and they did.  These decisions aren't made overnight and I find the timing of this new policy quite curious.

I have not listed anything on ebay since I pulled my listings when the new policy went into effect and I have not listed anything since.  I haven't bought anything either.  I don't want to hurt sellers I bought from in the past so I will buy from them in the future if they will use alternate methods of payment - but not if Paypal is the only choice of payment.  There are other online stores that use Paypal as a choice in methods of payment.  For example, Hewlett-Packard offers Paypal in addition to the other payment choices.  Prior to this policy, I would have used Paypal; but I wouldn't even think of using it now when I order ink cartridges.  I'm sure Paypal does not hold funds from Hewlett-Packard, but I wouldn't use Paypal because they would be charging Hewlett-Packard the %fee and I am not going to contribute to lining the greedy pockets of Paypal.

I believe that every business should make a decent profit on the sale of their goods and services - a decent profit - but not a profit made by sticking a knife to their customers.  Paypal has always been a money-maker prior to this new policy and they would continue to without this new policy.

I will continue to complain about it because this is something that I feel so strongly about.

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RIGHT ON!!!!!!!!!!!!!!!!!!!!!!!!!