09-13-2011 01:26 PM
PayPal's complete money-grab and retention of our funds is NOT legal. Hear me out:
If you sell an item, deliver it as promised, the buyer loves it and leaves positive feedback with no intent of asking for a refund, isn't that PayPal's definition of a "good completed sale"? Then, how does PayPal...illegally, imho...get to hold onto the rather large sums of money in many accounts and, if they do release any of it, they do so at a rate of only $500 per month..not the entire sizeable amount?
My business partner and I have actually hired a lawfirm to research the issue and (possibly) sue PayPal for fraud, illegal witholding of funds and...here's the really important one..."conversion". Google that one if you don't understand the law. Apparently, according to our attorney's research, banking laws prevent such a situation from occuring in the first place.
Anyone else have any thoughts on this (I mean, other than "it's their company and they can do what they want"). Apparently...they are breaking the law and need to be challenged in court. I'll let you know if/when that might occur.
09-13-2011 01:50 PM
Afternoon TRG....
Hope you ain't paying that lawyer. PayPal is not a bank and does not fall under banking laws. If you are paying that lawyer, call him and cancel the investigation to save yourself any more needless expence.
Just sayin'....
09-13-2011 02:25 PM
If I'am not mistakend you get your money, but you can only get $500 from it each month. That's correct is it not?
09-13-2011 02:26 PM
If I'm not mistaken you get your money, but you can only get $500 from it each month. That's correct is it not?
09-13-2011 02:32 PM
it's not illegal.
most payment processers have some kind of hold.
09-13-2011 02:42 PM
Afternoon WorkingToMuch. Neat ID!
You need to check your PayPal account to see if there any limits on withdrawals. Click on this Link
"Withdrawal Limits. Depending on the degree to which you have Verified your Account, we may limit the amount you may withdraw to $500.00 USD per month. You can view your withdrawal limit, if any, by logging into your Account and clicking on the View Limits link on the Account Overview page. In addition, we may delay withdrawals of large sums of money while we perform a risk review."
Hope this helps and good luck with your auctions!
09-13-2011 04:12 PM
workingtomuch38 wrote: "...If I'm not mistaken you get your money, but you can only get $500 from it each month. That's correct is it not?"
Yes, exactly. Say you have $20,000 in your PayPal account from your sales...it would take you 40 months to get all your own money out of it...about 3 and a half years.
09-13-2011 04:15 PM
You can raise the limit by going through the verification process. Look on your paypal account and you'll see it.
09-13-2011 04:21 PM
Thanks Honda, great link.
I checked it out.
You can get the limit lifted above $500, if your verify 2 out 3 forms ID.
09-13-2011 04:29 PM
@hondamedic, who wrote: "...
Afternoon TRG....Hope you ain't paying that lawyer. PayPal is not a bank and does not fall under banking laws. If you are paying that lawyer, call him and cancel the investigation to save yourself any more needless expence. Just sayin'...."
Hey, hondamedic. I appreciate your comments and I understand them. But... My attorneys are exploring going after PayPal based on the legal theory of "conversion, a tort. Here is LexLaw's definition of "conversion". I believe it meets the definition of what PayPal is doing; see if you, or anyone else, agrees.
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TORT: It is the unlawful turning or applying the personal goods of another to the use of the taker, or of some other person than the owner; or the unlawful destroying or altering their nature.
When a party takes away or wrongfully assumes the right to goods which belong to another, it will in general be sufficient evidence of a conversion but when the original taking was lawful, as when the party found the goods, and the detention only is illegal, it is absolutely necessary to make a demand of the goods, and there must be a refusal to deliver them before the conversion will be complete.
The tortious taking of property is, of itself, a conversion and any intermeddling with it, or any exercise of dominion over it, subversive of the dominion of the owner or the nature of the bailment if it be bailed, is evidence of a conversion."
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So, in other words, PayPal has committed a tortious offense in that they have committed conversion, which is illegal, and, for which they may be sued.
Res ipso loquitor...the thing speaks for itself.
Thanks for the response...
TRG
09-13-2011 04:42 PM
Yes, exactly. Say you have $20,000 in your PayPal account from your sales...it would take you 40 months to get all your own money out of it...about 3 and a half years.
Wrong... I have a Verified Premiere Account with no limitations on the movement of funds, with the exception of a Daily Cash Withdrawal Limit on my Paypal Debit Card. Such limits are standard on most Bank issued Debit and Credit Cards for the security of the cardholder.
I suggest you review Paypal's policies and Account Options prior to posting erroneous information to the Part-Time Board. People come here seeking sound advice, not misleading opinions.
As for your lawyer, fire the idiot... as honda correctly pointed out, Paypal is not a Bank. In the United States, PayPal is licensed as a money transmitter on a state-by-state basis.
09-13-2011 04:48 PM
The thing speaks for itself
I think that pretty much sums up the OP.
09-13-2011 04:52 PM
Thanks Honda, great link.
I checked it out.
You can get the limit lifted above $500, if your verify 2 out 3 forms ID.
Glad we could help! Hang around... Lotsa great info from helpful people here!
09-13-2011 04:53 PM
Exactly, 2M2M!
I have the same account, no limitations and Paypal MasterCard Debit card so I have instant access to my money.
09-13-2011 05:09 PM
komokwa wrote: "...The thing speaks for itself. I think that pretty much sums up the OP."
Ya know, everybody else who has posted here has been informative, instructive, courteous and helpful. You, on the other hand, posted the way you always do: like the proverbial t*rd in the punchbowl. :^O