Why Is Paypal Holding Onto My Money For So Long ?

[polocross58]

I'm not happy, Paypal.  Why are you holding onto MY money for so long when I have AMPLE funds in my bank account ?  Why withhold MY money from sellers for six days ?  Why aren't sellers being paid ** immediately ** the way they used to be ?

Here I've been, waiting at home for my parcels for days.  Then only TODAY -- six days later -- you send an email to say you have **FINALLY** prised your fingers off MY money and sent it to the seller !

Listen Paypal, we know you jack up the exchange rates at our expense and YOUR profit, but are you SO **bleep** greedy you permit yourself to hold ONTO our money for days in order to profit from playing our money on the market  too ?

That's TOO MUCH GREED Paypal

Ebay sits in the middle (middle man all the way through) as if it were an authorised legal body

Yet Ebay and Paypal are the same entity

Ebay imposed Paypal as MANDATORY -- remember ? 

Now Ebay's other arm, Paypal, is playing with OUR money as if that money were its own !

NO !  When I break speed-records to pay a seller via Paypal, I EXPECT MY MONEY to get to the seller without delay !

Otherwise, this little scam will find its way to the media.  And it deserves to be broadcast in the media

So cut it out, Paypal.  Cut it out.  Or I will BLOCK you from my funds !  How's that ?  And I will pay sellers via bank transfer - which would be much faster these days than Paypal !

Hope you get the message Paypal.  Because I am less than enchanted with your shenanigans

[putney32]

sorry polo, but PayPal is not mandatory on ebay, if they so wish sellers can offer you paymate or get an account with their bank's Merchant to offer Visa or Mastercard.

paypal is just one of 3 payment options that must be offered, so there's a 2 in 3 chance you wont have to use it, unless of course the sellers you buy from prefer paypal.

[annies_fancy_dress]

I take it you pay your sellers with E-Cheque's, I hate waiting for those to clear.

[davewil1964]

And e-cheques are the same as real cheques - they take time to clear.

Try putting some money in your Paypal account, or attaching your credit/debit card. Your payments will be instant.

Apart from the fact that nobody from either eBay or Paypal is likely to read this thread, do you think Paypal will care that you pay by bank deposit? And lose your money to a scammer/opportunist? And have no protection from eBay or Paypal because Paypal is eBay's protection mechanism in Australia.

[wishuponastarcelebrationsandgifts]

You have answered your own question. They invest funds in the short term money market and earn interest. Similarly when you transfer funds from your Paypal to bank account it takes around 3 to 5 days. There is no logical explanation for that as the funds in the Paypal account are clear funds; they should appear in our bank accounts overnight.

They once advised me this was due to the banks not accepting the funds overnight. Banks accept funds from other financial institutions overnight - I always receive bank transfers from buyers overnight. I could see any further discussion was pointless..... what can you say to that?

The concept of buyer protection is an interesting one. I am not sure if they are implying all sellers are dishonest. Surely if sellers made a habit out of scamming buyers that paid via bank deposit it would quickly become evident in their feedback. If a buyer's item was lost in the mail it would make no difference how they paid to an honest and reputable seller. Encouraging buyers to use Paypal is another revenue generating exercise.

[phorum_junkie*]

With an echeque the buyer sends the payment request to Paypal, Paypal request the money from the buyer's bank, the bank send the money to their own clearing bank, the clearing bank send it to Paypal's clearing bank, they send it to Paypal, Paypal clear it into the seller's Paypal account. It usually takes about 5 or 6 days depending what time of day the transaction is initiated and no financial institution has hold of the money long enough to make it worth delaying anything to make money on the short term money markets.