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Now Paypal holds funds for 21 Days????

Started by Count,

32 posts in this topic

Stromm

Stromm

Posted
Posted
Does Paypal get to hold the funds interest free for 21 days?

Notice Date: November 30, 2005

Effective Date: January 19, 2006

PayPal currently does not earn interest on U.S. Dollar balances in your PayPal account. PayPal does earn interest on balances in other currencies. As an international payments provider, PayPal is standardizing its cash management process to be consistent across all geographies and currencies. Therefore, effective January 19, 2006, PayPal will have the option to earn interest on U.S. Dollar balances (other than balances in the PayPal Money Market Fund). This change will not affect the manner or timing in which PayPal processes your payments. PayPal users in the U.S. can have the option of earning a return on balances held in their PayPal accounts through participation in the PayPal Money Market Fund.

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Stromm

Stromm

Posted
Posted
I'd like to know too, I've carried over a grand in my account at times and never received a penny in interest.

sign into your paypal account, scroll to the bottom, click on the money market link

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Aces

Aces

Posted
Posted

 

Doesn't paypal also pay you interest for keeping your money in their account?

 

 

I've never received a cent in interest. Are you saying you have?

 

Yes I have.

Not much because I only keep a little in there, like $50 in case I see something I gotts have... lol

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towards2112

towards2112

Posted
Posted

 

Doesn't paypal also pay you interest for keeping your money in their account?

 

 

I've never received a cent in interest. Are you saying you have?

I have, every month I get a paypal interest payment... right now it is only 2.28%, but just 6 months ago, it was over 4% (better than my local bank)

 

got a 1099 INT from paypal too (thumbs u

 

Premier account, only way to go.

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snitzer

snitzer

Posted
Posted
This is only for Ebay sellers correct?

 

Correct, it's actually an eBay hold enforced by PayPal. The vast majority of sellers here won't be impacted and it will actually protect most of us buyers.

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joe_collector

joe_collector

Posted
Posted

But the problem is, now that the new "buyers can neg at will" policy is in effect, more and more good sellers will drop below the minimums, allowing themselves to be victimized by unscrupulous buyers.

 

Can you imagine how easy it will be to scam a PS3/XB360/Wii? Just buy one from a seller you know is under restrictions, then say you never received it.

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snitzer

snitzer

Posted
Posted
But the problem is, now that the new "buyers can neg at will" policy is in effect, more and more good sellers will drop below the minimums, allowing themselves to be victimized by unscrupulous buyers.

 

Can you imagine how easy it will be to scam a PS3/XB360/Wii? Just buy one from a seller you know is under restrictions, then say you never received it.

 

Buyers have always been able to provide negative feedback on eBay and PayPal has historically ruled in favor of buyers in general when a dispute arises. So what's the difference now? That could happen today. (shrug)

 

Lastly, how would you know a seller is "under restrictions?" As far as I know this isn't disclosed to the buyer.

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Mr. Zipper

Mr. Zipper

Posted
Posted
What about new sellers? Who the hell is going to want to do business when funds will be held for 21 days? This is yet the biggest joke.

 

I remember a time in my youth when we would send/recieve a "Check" or "money order" in the "mail"

 

Let them make PAYPAL too difficult to use. I prefer checks anyway

 

I agree. But unfortunately, now instant gratification and easy rule the day... even if it means paying usurious fees. Sellers would rather give Paypal $5 or more on every hundred so they don't have to wait a few days longer. I'd love to pay more by check or money order, but often it's not an option. As a seller I'd love to get more checks or money orders.

 

I really despise the Paypal monopoly and wish there was some viable competition.

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joe_collector

joe_collector

Posted
Posted
Buyers have always been able to provide negative feedback on eBay and PayPal has historically ruled in favor of buyers in general when a dispute arises. So what's the difference now? That could happen today.

 

You did read the thread, right? EBay and Paypal are now instituting a 21-day hold on the money, and the big area they'll be concentrating on is cart systems like the PS3.

 

Differences:

 

1) 21-day hold on funds

2) Inability to alert other sellers via feedback - limited to positive-only drop-down list

3) No way to suspend user via NPB

4) Out S&H twice.

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