mam98031 • Volunteer Community Member • Buyer/Seller since 1999
Simply-the-best-for-you Volunteer Community Mentor
When one charges any amount of money on a credit card and pays the entire balance before the due date they are not charged interest for up to 30 days and may even earn 1.5 to 2% interest on their new charges. It is when the card holder only pays a partial amount do they get charged a significant rate of interest.
Adyen does not earn interest on unpaid CC balances they have earned their % on what they charge the merchant, eBay, for the transaction fee usually 1.5 - 3.5%. The relationship between the CC company and the CC holder is separate and a distinct business operation outside of eBay/Adyen.
Secondly, we have a relatively small amount of money in an passbook savings account - funds for our Christmas gifts. Our starting balance at the beginning of the last quarter was $400 and at the end of the quarter was 700. The total interest earned was 13 cents interest rate .01%..
Seriously doubt eBay earn interest for holding fund for 3 business day.
There is a difference between interest earning personal accounts and business type accounts as well as the interest rates they pay and the way the interest is compounded. Corporations earn interest on their cash and short term investments based on maintaining an average balance over a given period of time. The account is viewed as a whole and not based on individual transactions. Some personal accounts are viewed the same way. I.E. you have an interest bearing checking account that pays 1.5% interest if you maintain an average daily balance of $25,000.00.
However companies generally try to keep their available cash at a minimum level simply because there are a lot of disadvantages to having too much cash on hand. You can read about the drawbacks in any number of books or online. It is also one of the input factors into a number of stock evaluation ratings.
Do you have any info on how much $$$ they piled up say last year???? Or is this just conjecture?
Financial reports are very vague and only report interest earnings at a high level and generally do not include the details on how it was obtained. Following are a few bits and pieces from eBay's 2022 first quarter SEC filings. Figures are in millions.
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For Adyen their interest income was 1.039 million in the first quarter of 2022
@littledollydearest wrote:100% agree. I've been doing this for 20 years. The moment that package is uploaded with a delivered notification ebay should close the case. I asked them why they do this. They said it is so the seller can make it right. Insaid its already right. Case closed. Give me my funds. I'm disgusted by this. I've tried 4 reps and nothing. Buyer opened case July 8th. Ebay cannot step in till July 16th. I'm losing interest and this had to change. I also agree. Opens me right in for fraud at this point.
While some may feel this is "pointless" I do not. Because you can't think of a good reason Ebay should do this doesn't mean there isn't a good reason. It ONLY means you can't think of one. Let me share with you just ONE reason why this is important.
Because the tracking shows delivered is not the be all and end all. It does not always tell the whole story. There is a lot of scams out there that partner with the tracking on a package. I have unfortunately fell victim to one such scheme at least twice on Ebay.
The seller did ship an item to somewhere in my zip code and they attached that tracking number to the sales record for our transaction. When the tracking showed delivered I was puzzled. In further investigation by me I found that the item shipped to an DIFFERENT address in my zip code to a DIFFERENT person. In reviewing the details the item didn't weight as much as the item I had ordered either.
I filed an INR on the two purchases I had that ended up being a scam at my expense. I gave Ebay all my information that I had uncovered and even though the tracking showed delivered to my zip code, Ebay ruled in my favor and made the seller refund me.
That is just one reason why Ebay allows a little bit of time for these claims to be processed appropriately. A seller having to wait three days just should not be such a huge issue.
Each transaction on this site is an internet transaction which I know you are all aware of. Some sellers can't tolerate any delay in receiving payment because their cash flow is so tight. I respect that completely. I've been there in my life. However you can not and have not been able to count on your funds to arrive on the very day you need them. There has always been reasons for delays, even when we were with PayPal. A buyer could file an INR or INAD at any time and your money is on hold. I know this can be a serious issue for some sellers but it is just a fact of internet sales.
@littledollydearest wrote:It is recommended the buyer files a police report for mail theft? It's been a suggestion for forever now. Shrugs.
Sorry, I thought you meant that you would file a police report. I just read that wrong, my apologies.
Sadly, this seems to be the case in the last few months. Same thing happened with my last 2, they would not close when the tracking was uploaded. I had to wait. Very annoying & seemingly pointless!
@littledollydearest wrote:I've had that happen as well. It's a simplistic as seeing the item was misdelivered to the wrong address intentionally and those scams are rounded up as quickly as they began. This isn't a misdeliver. What you're mentioning are two completely different subjects.
3 business days for me equated to 8 days. Case opened on a Saturday. July 8th.
Case won't be open till July 15th and close till July 16th. As someone who relies on interest this is in fact a big deal.
Now yesterday the buyer got her item because she finally left good feedback. Unfortunatley because they're a new buyer they didn't close the case. So I asked ebay to please review the case and her new feedback and they STILL will not release my funds. That's about as unethical as it gets.
No they aren't. And no they aren't "rounded up as quickly as they began", it is still a very common scam on Ebay. I never said it was a case of "misdelivered". It was a case of the seller misbehaving.
I have no idea why a 3 day hold equals eight days for you. You may consider changing how often you have your payouts sent. Because if your held funds clear on Saturday, you could have them sent to your account as quickly as Monday if you do the daily deposits.
It is clear that you disagree with the 3 day hold. None of us can really help with that, sorry.
@siamjane8 wrote:Yes Ayden processed the money... From our accounts and into ebays account. Ayden is a processor not an investment bank. They don't hold the money. eBay does. eBay has been very careful in print to say that they don't make interest on held funds in such a way as to not be inclusive of all moneys held.... So they may not make interest on money held for a case.... But they do make interest on money held in their accounts if you choose weekly payouts instead of daily....etc. eBay is run by lawyers and accountants and corporate business leeches.... They make money on every possible penny that goes through eBay. That is just how it works
No. What comes back to Ebay are the fees owed to them. Adyen processes the money. FYI, Adyen is a US Bank too if that is important for you. They do hold the money. Ebay has never qualified held money to be only funds held because of an open case. You are assuming something that Ebay has never stated or even implied.
@farmalljr wrote:
@johnrj1226 wrote:When one charges any amount of money on a credit card and pays the entire balance before the due date they are not charged interest for up to 30 days and may even earn 1.5 to 2% interest on their new charges. It is when the card holder only pays a partial amount do they get charged a significant rate of interest.
Secondly, we have a relatively small amount of money in an passbook savings account - funds for our Christmas gifts. Our starting balance at the beginning of the last quarter was $400 and at the end of the quarter was 700. The total interest earned was 13 cents interest rate .01%..
Seriously doubt eBay earn interest for holding fund for 3 business day.
Do you have any info on how much $$$ they piled up say last year???? Or is this just conjecture?
No offense, but I don't think you really understand how money works. For people with little money, you are right, you aren't going to earn any real interest. "poor" people kinda get screwed over.
Your $700 is not the same thing as a company who may have multiple millions of dollars rolling day to day.
I once worked for a company that put employee 401K contributions in a 7 day CD. They dumped the money into the 401K once a month. So they were earning interest all month long on all of the employees money. That interest earned paid for the employers "contribution" to the employees 401K.
eBay and Ayden handle MUCH more money than the employer I used to work for.
Again, people don't understand how money works, because their finances are not on the same level. People WITH money, get money thrown at them. The average Joe gets nothing. Ever get an offer in the mail that if you deposit 25K in a bank when opening a new account, they'll give you 500 or 1000 dollars? How many and what kind of people do you think have 25K laying around?
eBay is likely not DIRECTLY earning interest. They own a share of Ayden. So any money Ayden makes, will be money eBay makes. It's a game of shuffling pockets. That is how the wealthy and corporate America works. It's all about scale.
YOu aren't comparing apples to apples here. The purpose of a 401K is to EARN you money to add to your retirement account. It is the purpose of the account. Ebay / Aden are not operating a 401K, nor is Etsy, Amazon, Poshmark, Offerup, etc.
WE don't have to all be at the same level of income to understand how money works or flows. That simply doesn't apply at all. I've seen people in their 20's that earn minimum wage that understand their money better than someone in their 30's or 40's making the same amount of money. It depends on the person, not the income.
Some automatically blame others that have more for not understanding where they are in life. Not thinking that some of those people may not have always had more or what their lives have even been like. You are making assumptions that simply aren't true for everyone. We are each different and unique whether you want to recognize that or not is a different thing.
