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!

[Kritter]

I'm very lucky to have a job, so ebay dosen't pay my bills, But there's been time's I've been down, in fact I used ebay myself to make ends meet before I shipped off to Iraq in 2005, (They had customer service back then.) anyway after 3 years I started back buying and selling, and 134 transactions of buying and selling I end up being told about the 21 day wait. (100% satisfaction)

I guess what really torques me off is the we as sellers have no control over the buyers shipping back feedback, I like to give feedback but I won't anymore unless they give feedback first, I'm still happy to give positive feedback even if they are slow to pay, It seems that to ebay the only thing that counts are numbers,

I just wanted to say I support all of you, and to leave with a subjestion, Google "online auctions" and look to see what othe upstarts there are out their, Auction Junkie come to mind as a service that WANTS your business, As for me, I think I have had enough.

OUT! 

[JetRanger]

Tell ya what their doing, and very few of you realize it, is they've found a clever & unique way of holding on to your money, and making interest off of it, short term, or investing it short term,,, and if they can take hundreds or thousands of multiple accounts on a monthly basis, and hold those accounts money, for say 21 or 30 days,,,, and make short term investments or allocate it to a unique escrow account and draw interest off of your money,, their making money off of your money,, while doing so, rather its legal for them to do this or not, I don't know ?  But I feel its wrong and should not be done !  I also know it takes me 5 days or longer to transfer any money from my bank account to my PAYPAL account, its happened several times,,, and vice-versa,,, it shouldn't take longer than 24 hours- tops,,, with all this new technology we now have in place,,, why it takes 5 days or longer is outright Ridlicious and absurd !!!!!!

[MamaMia72]

Have you checked with your bank to see what their policy is on funds transfers?  I called both of my banks today (Bank of America and Chase) to find out what their policy was on funds availability for deposited checks.   BofA (a major thief and ripoff) holds funds for up to 5-10 business days --even if it it's a wire transfer from another customer of theirs!!!  And, imagine this:  if you make a CASH DEPOSIT, they can still hold your funds for up to a week or more!!  Chase was a little better in their policies.  There's a website called RipoffReport.com.  You'll see tons of complaints re the banks on their policies of holding back customers' funds, while charging overdraft fees for the shortages.  They're making a killing doing this while using accountholders' money for their own investing.  There should be class action lawsuits, or Congressmen held to account for this!  I'm sorry to tell you that the banks policies and new regs coming down the pike from our wonderful Government are just going to make things even worse, and tighten up credit even more.  Be prepared.

[Kritter]

Your right, MomaMia, But paypal isn't a bank is it? It is supposed to handle and transfer funds between TWO CONCINTING ADULTS, They are in effect, a kind of trust. and in 2005 (When I first started selling,)  that is what paypal was,

Not anymore, 29 days and counting..........

[RSPAWN]

Be sure to contact BBB and your STATE CONSUMER AFFAIRS Dept. Make sure that you include the fact that you followed all the "rules" and that that have exceeded their own limit. While they may be able to do what ever they want within their current policy. They have now broken even their own ridiculous process. In my view they are in breach!

Stay Angry my Friends!

[lkboop1675]

No fooling--I think everyone that posted on 21 day hold realizes this.   Personally I'm not going to sell on Ebay anymore simply because I don't sell that much and it's not worth the hassle.  Items I sell can be sold on Ham Radio sites or Crag's List.  The only real down side is no competitive bidding.

[Dontlikeitman]

If you all want to auction stuff off and not use ebay. try boocoo.com as there stuff is more better then the ebay and paypal as I know of will not hold funds for that place like they are doing right now with all ebay auctions. 

[lkboop1675]

THANK YOU!!!!!!!!!!!

[fjp800]

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@Dontlikeitman wrote:

If you all want to auction stuff off and not use ebay. try boocoo.com as there stuff is more better then the ebay and paypal as I know of will not hold funds for that place like they are doing right now with all ebay auctions. 

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I will give it a try!!!  Starts July 21st.  Hopefully, it will catch on, but initially I think it will be slow going... E-Bay is very strong in the maket place.

[sparticle]

Even with two separate verified accounts,  transfers from July 1 and July 2,  each with an "Expected Clearing Date: Jul 8, 2010"  still not cleared,  although banks show money drawn 2 days ago.  Does this show a built-in float-beyond what is necessary to clear the transaction?  Checks must clear in 3 business days,  these can't clear in 4.