eBay-Paypal's New 21-Day Hold on Funds

[atticofunclefred]

Last night I received a disturbing Paypal payment, it was definately different. The email said in part...
"You've received a payment....blah blah blah... We’ve placed a temporary hold on the funds for this transaction...blah blah blah....We’ll release the hold in 21 days..."

The email further states that Paypal/eBay MAY release the funds early if:
1. The buyer leaves you positive feedback on eBay.
2. We confirm that the item was delivered.* We can confirm delivery if you ship the item with USPS, FedEx, or UPS and either use PayPal shipping labels or upload tracking information from the transaction details page. This applies to transactions within the United States.

The email also instructed me to SHIP the item right away.

No. 1: I don't need eBay or Paypal to advise me on something I already do very well. Although we are relatively new at this, we have STELLAR Rating of 100%.

No. 2: A 21 Day Hold on our money is B.S! Its OUR money. But of course this maneuver allows Ebay & Paypal to significantly increase revenue by reaping (raping) the interest on millions of dollars.

I too want eBay to be a safe and trusted shopping venue, but this punishes those of us who follow the rules. It should be implemented on only those who are failing to provide quality customer service.

I also noticed the sneakiness involved. This was not widely broadcast in advance (I don't recall hear/reading anything about it) and It was implemented on a Friday afternoon. I sure hope everyone raises 2 colors of hell about this. Lodge a Formal Complaint.

Uncle Fred

[redbud_farm]

Running for king

[elizabethtraub]

a

[eclypse3demons]

It also has to be noted that the current policy of holding the funds, does not stop ebay from charging you for the listing/selling of the item, and paypal takes their fee out of the funds strait away, its not held for the 21 days for them, which appears to be counter intuitive and only in paypals best interest.

For me the very casual seller I do not have a store, I do not mass sell stuff I am just getting rid of items here or there that are working/good that I no longer need but do not need to see sitting around being unused.  For me the hold process and feedback system is a pain as I have very few sales and the ratings affect my numbers more than someone with 40k feedback/transactions, and the hold is usually something I wish would not be there especially since the buyer has my item during that period of time, and the longer they have it and not leave feedback the greater chance for them to try to change their mind or commit fraud. 

The hold is uneeded after tracking confirms delivery.  I think a 5 day hold is acceptible, 21 or longer is not.

[redbud_farm]

It's a.mute point, old thread

[sparkmanrl]

I think this is a good policy actually.

I bought some software the other day.  The buyer gave me the codes.  It would not install using the codes.   He sent me some hacked Russian language version installation program.  That installed but when I went to update it failed asking for the installation code.

Obviously it was a fraudulent transaction.

He tried to get me not to update the program for a month because he said it would screw the program up.  Obviously he was trying to buy enough time to receive the funds. 

I filed a return request within a few days of the purchase.   Next time I am not going to try to save money buying software that is fishy.  I should have known better. It was less than half the cost of the going rate for the software and he only had one other transaction.  I figured it might be worth a chance that it was legit.

Anyways this policy enables Ebay to solve these sorts of issues without risking a loss on their part.  Once a person is established as trustworthy they remove it.  I find no argument with this precaution. 

[redbud_farm]

EBay doesn't lose $$ , the buyer would

[censorshipinamerica]

oh brother, you sound funniier and funnier

,,it's an interest scam..duh

[redbud_farm]

Lol

[censorshipinamerica]

same here, who needs this headache

[redbud_farm]

Lol

[chinanorthag]

I have exceeded all of eBay's written requirements to remove the hold on my account.

Number of days as a seller - check

Number of transactions - check

Dollar value - check

I have surpassed this more than 50 days ago, but they still hold my money. Paypal told me they would have it taken care of no later than 3 days ago, still waiting.

[redbud_farm]

They sometimes.es find other reasons to not release funds

[puppyspankypuppy]

You are so right & this is exactly what I told eBay today. 

[beatoven]

When I emailed eBay, they said the minimum 25 sales needed to be an established is actually 25 to US buyers!!! They don't specify that on their site...

[ellenlhu]

I just got off the phone with Paypal...casual seller, but it says "above average seller", and I've been an Ebay member and every day buyer/user since 2001. The guy at Paypal just kept saying "it's to protect the seller" to every question I asked, mainly "why since the buyer has had my saxophone since Monday as it states in the tracking information you have, have I not been paid my $1,500?"...another one for $57 delivered yesterday (Tuesday) not available until Saturday. I told him it was so they can collect interest, he just ignored that. So I asked him how they were protecting me, his answer was "because if the buyer says it's not as described", so I asked what they did for the seller in that situation if it was as described, and he said "we ask you to talk to the buyer and work it out", meaning nothing. They do nothing. So the buyer has my stuff and gets their money back. Never using them again, not ever. Canceling my credit account as well. Absolutely ridiculous that they can hold onto my money for weeks after the buyer receives the item I shipped them. Calling the attorney general and BBB as well. I'll be damned if they're going to keep doing this.