Paypal holding funds for 21 days

[lonewolf6459]

I sold a jewlery item on here and the funds were put right into my account for me to spend. I sold another jewlery item 3 days later and they told me they can hold my money for up to 21 days. What if I was bidding on another item and needed the money to pay for it. If the buyer decides he does not like the item, he gets the money back. I liked the old days on ebay. I have a feedback of 43 with 100 percent positive. I usually only sell on here when money is tight. I am looking for another place to sell. Any suggestions out there?????

[dhectorg]

I agree that this is completely unacceptable. I sell an item, I ship that item, and it is received, but I still have to wait for often flaky buyers to give me good feedback to get MY money. It's absurd and is one of many reason I quit using Ebay years ago. The entire setup they have with PayPal is shady as hell and screws buyers and sellers in different ways. It's not surprising that the Ebay model has shifted away from a platform for individuals to buy and sell items. Now it's mainly businesses selling cheap Chinese junk. Ebay was a great tool for indivuald back in the day, but now they (and PayPal just charge ridiculous fees and hold you money unnecessarily, so they can use it to make more money on short term markets. It's a crime what they are doing and I, for one, will not be screwed by them anymore.

[loveyourimagination49]

Within 3 days of your package shows delivered, your funds will be released.
PayPal doesn’t earn interest on your money.
@dhectorg

[dhectorg]

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.

[loveyourimagination49]

I didn’t finish my post. Oops

PayPal isn’t a bank, but does collect interest on held funds. They only hold money until you prove to them you are on the up and up.

[dhectorg]

Paypal USES a bank to transact and they have agreements with that bank which I am sure you are not privy to. To believe that banks don't use your money while they hold it is the height of ignorance. You are either willfully ignorant of how banking works or are just a shameless shill for Paypal, or both.

[loveyourimagination49]

What are you even trying to make a point on? You’re ranting about PayPal withholding funds. Correct?
I said they collect interest.
Until you prove to them you’re capable, your funds will be held for 3 days after item is delivered. If you link your account, it may get there quicker.
I know how banking works. Ever heard of clearing house? Nice try though.

[thatsallfolks]

@dhectorg

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.

[loveyourimagination49]

@thatsallfolks

Shill !

Hope that helped your rankings. 🤣

[dhectorg]

Of course corporations have demonstrated that they never lie about what they do behind the scenes, especially banks. Are you kidding me?! I don't give a **bleep** what PayPal says it does. If you want to be a naive idiot, go ahead, but I know better. They'll never get another dime of my money.

[hidy-hoo]

...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. "

https://community.ebay.com/t5/Announcements/A-note-from-Michael-Jones-Vice-President-of-Merchant-Dev...