eBay holding sellers money- yes, it is appalling- bring back the old ebay

[sorpha]

I was an early eBay adopter. After much experience as an ordinary seller, I stopped and returned many years later to find eBay is a different product. I sold an item (after a steep learning curve to the new rules), only to find my money was kept on hold by eBay for 8 days. It was only released after I investigated using the chat line. Yes, the item I sold was received by the buyer soon after. Yes, there was tracking that confirmed this. And my money plus millions of others, was held by eBay earning them millions of dollars in interest alone. This corporation makes money by not releasing my money (any excuse not to, and in my case, for spurious reasons). The wonderful overseas call worker who helped me with my query was probably paid a pittance. This is a very ugly business model indeed. What eBay has lost in customers (and no doubt many), it makes up in unscrupulous practices. The international community should investigate eBay. 

[padi*0409]

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@springyzone wrote:

And I have read a few times before on these boards that ebay does not earn interest on the money.

Maybe some financial institution does, I don't know, but it didn't sound as if it was ebay.

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Springy, I can't find a link to it at the moment but I'm pretty sure that eBay in the last month or so started to put those holds into an account where they would attract interest.

[imastawka]

eBay Admits Earning Interest In Payment Terms Update October 2023

[padi*0409]

A bit out on my timeline Stawks.........................🤣

[springyzone]

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@padi*0409 wrote:

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@springyzone wrote:

And I have read a few times before on these boards that ebay does not earn interest on the money.

Maybe some financial institution does, I don't know, but it didn't sound as if it was ebay.

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Springy, I can't find a link to it at the moment but I'm pretty sure that eBay in the last month or so started to put those holds into an account where they would attract interest.

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Ah, everything changes I guess. I thought some institution must be making money, somewhere.

Ebay makes a lot of incidental money, I would guess.

There are the fees some infrequent sellers pay for items they don't get paid for, then never claim back & there will be a fair bit they get from fees on hold.

Actually, ebay should have to pay the hold money plus interest to the seller. But they won't, not unless it is a legal requirement.

[gutterpunkz05]

The best security measure ebay ever introduced, until managed payments.