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!

[dknoonan]

I am looking into filing a class action suit!  I have had an account, a BUSINESS, account, for more than 7 years!  All of a sudden I do not have access to funds sent to be from EBAY buyers.  So now Paypal is in the customre service business, my service, my business!  And they charge us a fee for the pleasure of holding OUR money for 21 days!  And have you actually tried to contact someone regarding this?  That's the biggest customer service joke ever!  I am taking names of those who wish to participate......lawyer will carry from there.

[whyte66angels]

Lawsuits are not going to work do your reasearch before you do. Ebay has a whole bunch of lawyers. You can be squeeky clean like most of us are. They can do it if low DSR, not using there shipping method, newbe, complaints of any kind & if your not making them enough money in sales. Meaning you dont run enough auctions or not selling enough in a week. I have heard the same complaint from over 500,000 people.  I even filed complaints every where except the BBB. I was told by everyone else leave ebay & go elsewhere. So I did. Close your ebay account & go elsewhere, Join the revolution  justaboutanythingsales.com check it out.

[dknoonan]

That I am doing, but this is robbery and as long as we let them, they will continue.  I am complaining that it happened all of a sudden while Paypal rep said it has been this way since November of 2010,  I NEVER received notification that this was happening, and I am not paying them to be a money broker.

[illusions1137]

Basically, ebay/paypal is pooling people's money together to invest in the market, and pocket the gains. Who wouldn't want access to tens of millions of dollars of free (our) money to invest?  And if they make poor investment choices and lose our money - no problem - they can just use the next person's paypal account to pay off the first when the 21-day hold period is up - like a ponzi scheme.  This, by the way, is illegal.

I - and others - have suggested in several posts in this thread to file a complaint about this policy to state and federal regulators.  According to posts in the "ebay forum" in a thread called "Money transmitter regulator association contact list" - people who filed complaints had their funds released immediately!  The contact list, with phone numbers, is in that thread.  I cannot repost the list here as the moderators here are now deleting posts and sending warnings to people who provide the numbers. When asked what rule this broke, they have no reply.  So, head over to the ebay forum, find the number for your state, and call it to file a complaint.

You can also file a complaint with the federal regulator - the Securities and Exchange Commission (SEC), which oversees all publicly-traded companies and will investigate illegal business practices.  The link to the SEC is www.sec.gov.

[dknoonan]

I understand Wilie Gary (the attorney who successfully filed class action suits against Coca Cola, Texaco and other large corporations) is investigating the legalities (or lack of) with paypal.  I am filing two claims today in my state, which happens to be the state that Paypla is based in.  Everyone needs to claims for every transaction that money is held through the list posted on Ebay thread!   Money Transmitter Regulators Association contact list.....good stuff, thank you illusions1137

[wilk320]

I am furious about this!  I was under the assumption that my funds would only be held temporarily because I was a new seller on ebay, but it sounds like that may not be the truth that they hold everyones?  What makes me even madder is the fact that the buyers have received their items, left good feedback and they still have my money. How do they think we can keep selling and paying these high shipping cost and ebay fees and paypal fees, when we can't even get paid for what we sell!   Amazing how they can use MY money but I can't.  You know they don't wait 21 days to take out there fee.   And I thought I was the only one having an issue with this till I seen this forum.   I will no longer give paypal or ebay the satisfaction.

[Loupoo513]

OMG! i was thinking the same thing. they are Collecting interest on our money!  that is a good idea!  i understand paypal mite need to put a hold on some funds but 21 days is to LONG! as soon as we get GOOD FEEDBACK from ebay buyers it should be realsed.  i still have money on hold that is over 21 days. this is SO unfair!    it should be as simpel as positive feedback = PAY ME. 

[wilk320]

Also makes me wonder who is funding their "Bill me later".  Were these hold policies put in place to use are money to pay for the ones that don't pay for 90 days?  HUMM

[tlkmtg]

I have money "Pending" its crazy  if someone states something didn't arrive, they hold all my payments??

Plus I was charged for a refund too,  $5.00    Help    your right they are making a lot of $ off people, Banking scams, they'd be right up with the others if they were investigated, this is not the first problem with PayPal.  **bleep**, can't sell on Ebay without PayPal  what a scam!

[JC_5]

and thanks for collecting the interest off my money.   i just sold 4 items..  i am not going to ship them.  i am going to refund everyones money and go to volusion or webstore.