Hi,paypal are currently holding over $2000.00 paid to me,my friend whose a lawyer in Redding,North(California)told me,after asking him how paypal can do this advised me that paypal are legally bound to pay statutory interest on any funds they(as opposed to the sender)hold.
If you consider that they keep money from hundreds and thousands of there customers each year,many times for up to a month,it is easy to see why they are so keen to ''protect buyers''
''protecting buyers'' is being used to make huge amounts each year that should be paid to the people whose money they are holding.
I contacted one of my buyers and asked him if he requested paypal to hold his money and he told me he wasn't asked and would have said no if he had been
paypal also holds payments because the amounts are outside the sellers ''norm'' but in my case paypal held similar amounts last year and are even holding a payment which is perfectly within any limit as a payment outside the norm to me,its a payment of only $196.64.
It appears that paypal are holding large amounts of money,which they earn interest on and which was not paid to them by stopping payments
Can anyone tell me if there is a procedure for claiming interest on payments made to me from buyers who are not part of paypal.
I am in the fortunistic position of being able to deal with this legally but I understand California residents have access to a free ''small claims'' system
--I wrote the above prior to seeing that a class action is being built,so its unedited to take that into account.I am in a position to help with this as its not only a monetary situation its an action thats basically wrong and if pursued legally will result in paypal having to pay statutory interest everytime they hold cash,they may also find themselves in the unenviable position of having to make ''back payments'' as the minimum punishment they will receive
regards
Andrew <removed>
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