paypal holds my funds

[massrodder]

I'm so angry right now.I just took all my sales off ebay and will be issuesing  a refund to the buyer.I WILL NOT be sending any item without payment.

ebay you just made a big mistake!

So ebay is going to pocket the cash and get interest for 21 days what a scam!

[clarry100]

There is an entire comprehensive thread on this subject.

It is recommended you lodge a complaint with the FOS, especially if you have other long established selling accounts.

Funds Hold

[2106greencat]

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@massrodder wrote:

I'm so angry right now.I just took all my sales off ebay and will be issuesing  a refund to the buyer.I WILL NOT be sending any item without payment.

ebay you just made a big mistake!

So ebay is going to pocket the cash and get interest for 21 days what a scam!

---

I understand your frustration, and if you are not going to sell again on eBay you will not have a problem.

However, if this is just a knee jerk reaction, don't blame the buyer, they have done nothing wrong, they have paid in good faith and the hldihng of funds is something many sellers have been fighting for a long time. (see clarrys link above).

You can refund your buyer and refuse to send the item, but that buyer has paid you in good faith, and they will be well within their rights to leave you a negative feedback if you do not supply the item they have paid for.

If you seriously do not wish to sell on eBay again, then this will be of no consequence to you, however, if you do decide to continue selling at a later date (once you have calmed down) a negative feedback is not something you want on your record.

[toysandthings12]

Technically the Buyer has not paid the Seller, until Paypal, which is not a Bank, until Paypal transfers the

funds to the sellers Bank account.

Only then has the seller been paid. Used to be and for some still is and in some countries its 1 day or less.

Paypal at any time could hold all its funds allocated to its customers as it pleases. Its is a business,

and does not fall under government bail out etc if it goes under.

Think you will find Paypal is breaching Australian Law and that is why so many complaints

are being opened with the department of fair trading, Asic , ASX and the ombudsman.

Paypal is only a money transfer service.

They are now acting similar to Amex, which is why a lot

of business's refuse Amex.

I do not send anything out until the money clears to our bank account.

[padi*0409]

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@toysandthings12 wrote:

Technically the Buyer has not paid the Seller, until Paypal, which is not a Bank, until Paypal transfers the

funds to the sellers Bank account.

Only then has the seller been paid. Used to be and for some still is and in some countries its 1 day or less.

Paypal at any time could hold all its funds allocated to its customers as it pleases. Its is a business,

and does not fall under government bail out etc if it goes under.

Think you will find Paypal is breaching Australian Law and that is why so many complaints

are being opened with the department of fair trading, Asic , ASX and the ombudsman.

Paypal is only a money transfer service.

They are now acting similar to Amex, which is why a lot

of business's refuse Amex.

I do not send anything out until the money clears to our bank account.

---

Wow, you're game if you do that, looking at one of your listings the ETA is 13 - 16 Feb (that's to WA), if you're going to wait until funds are in your bank A/C (even if you're not on a 21 day hold) the chance of an Echeque clearing and you transferring that money is going to blow the ETA out of the water.

You could well end up with at the minimum low DSR's on postage time and the defects that go with it.