03-08-2010 02:37 PM
11-27-2017 06:23 PM
11-27-2017 07:01 PM
11-28-2017 12:16 AM - edited 11-28-2017 12:17 AM
You can't be that naive. Of course banks use your money while it's being 'held'. This is the point of excessively long hold times. I've had friends in the banking industry confirm that much. Aside from sellers with less than perfect feedback, there is absolutely NO justification to hold anyone's money beyond shipment of the item sold, let alone up to 21 days. So I respectfully disagree.
11-28-2017 04:15 AM
11-28-2017 06:18 PM
11-28-2017 06:32 PM
11-29-2017 08:55 AM - edited 11-29-2017 08:55 AM
PayPal places held funds in a NON-interest-earning account, as they have stated for the record. If anyone can prove otherwise, they can easily win a massive class action judgement and be a hero to millions.
Ingorant statements from “friends in the banking business” won’t cut it.
Your funds are released 3 days after documented delivery of the item. Feedback does not release funds.
Go ahead, call me a shill; I’m falling behind in the weekly contest.
11-29-2017 12:44 PM
Shill !
Hope that helped your rankings. 🤣
11-29-2017 04:57 PM
12-06-2017 01:01 PM
...just catching up!
dhectorg ~ if you can't understand the reasoning behind the PayPal hold on funds, then you are probably better off in your decision to no longer use eBay. It really is quite simple...by holding funds for new or infrequent sellers, eBay/PayPal is keeping the platform safe from unscrupulous sellers that would sell a widget and then never send it. Once a seller has established a record of reliable sales, the hold on funds is eliminated.
As for your assertion that PayPal makes interest on those held funds () as has been stated, a very large lawsuit would have been filed by now if that were the case. Here is the official statement regarding interest on held funds:
"We’ve also heard some speculation that eBay and PayPal are requiring sellers to hold money in their accounts so that we can earn interest on the funds. This couldn’t be farther from the truth.
PayPal has always stored balances (including held balances) in FDIC-insured bank accounts, which earn a modest interest rate. To eliminate any confusion with our customers over the intent of our policy, we have decided to move the equivalent amount of money of our total “held balances” to a non-interest bearing account. We hope that this clarifies the intent of our policies, which we believe have always been transparent: to ensure a trusted experience that buyers expect and to encourage increased sales for our merchants and sellers. "