LEGO Historian Posted July 18, 2012 Posted July 18, 2012 I know many folks have had horror stories about Paypal... new customers who's funds are held... Paypal's propensity to always side with the buyer... investigations for no known reasons, etc. But I ran into a situation today that was kind of annoying... and showed just how shifty they can sometimes be. As most of you know Paypal is owned by Ebay... no biggie... and EBAY will take your funds from your Paypal account in order to pay their monthly Ebay user rates. And when they do so... they send you a rather vague EMAIL saying that EBAY will be removing your money by the xxth of the month. Again... not a big deal, it's fair warning. But here's what happened to me.... and let it be fair warning for those of you (like me) who sell but do not buy (and therefore do not keep a positive balance in Paypal)... I got got a message from EBAY saying that they were going to take $23 from me by July 20th. OK that's fair warning.... I had a few sales this week, and started the process of moving all my money out of Paypal and into my Bank Account yesterday (Tues). They say it may take up to 4 business days to transfer... but my bank always makes my money available (after Paypal holds it for 24 hours after your transfer request)... about 24 hours after Paypal is done with their 24 hour hold. So earlier this week I got my $23 notice of withdrawl for the EBAY fees.... and yesterday (Tuesday) I moved money from my Paypal account into my bank account which will be there on Thursday. Well today I got a notice from my bank (they have a 24 grace period for overdrafts)... that I was "short" in my checking account. That's odd I though... what could that possibly be? Well I got to the bank... and the overdraft was the $23 that Paypal took out for EBAY. WTF I thought?? Paypal sends EBAY payment requests over to my bank at lightning speed (thus the temporary overdraft)... while I have to wait 2 days for them to send my Paypal funds. So my Paypal removed money is caught in the 2 day limbo (longer for other folks)... while the EBAY fee payment request goes thru with lighning speed. All I can say... this really does add Paypal to my list of bottom feeders in the business world food chain (with BOA, Chase, CITI, et al...). Quote
Hive Posted July 18, 2012 Posted July 18, 2012 Don't forget their shifty currency conversions. I don't even want to begin calculating how much I've lost on that account. Quote
Lego Otaku Posted July 19, 2012 Posted July 19, 2012 Add to it no protection from sellers. Shifty buyers can always claim SNAD, and send empty box or rocks back while keeping freebies. And shifty buyers who buys a lot all on CC, then file claim through CC claiming it was stolen or abused. I was a victim of CC fraud a couple years ago. 100's of sellers, stuff totaling over $15,000 were ripped off. Even though I bought shipping label through PP (and thus they had tracking #), and it was delivered a few days after seller paid, I was out almost $80. What's worst, we weren't able to leave the buyers any negs at all. I did look up the buyer's address, the name listed there didn't match the name I sent to, Google map showed what looked like derelict house waiting for demo, and the name I looked at were in the same city. I think the buyer used an address that belonged to an empty house, collected all the packages, and since no one lives at the old house it would have been harder to notice anything until it was too late. No idea if the buyer's still around as he/she changed user ID shortly after the scam. I hope the CC company finds out and busted the scamming buyer to spend the next 50 years with a new cell buddy named Bubba. Quote
Jimbobulus Posted July 19, 2012 Posted July 19, 2012 Isn't this the same with all financial transactions? I find that money always goes out of my account exceedingly quickly.. whenever I (or anyone else) puts money into my account, it seems to disappear for 2/3 days until it finally makes its way into my account... Quote
LEGO Historian Posted July 23, 2012 Author Posted July 23, 2012 Isn't this the same with all financial transactions? I find that money always goes out of my account exceedingly quickly.. whenever I (or anyone else) puts money into my account, it seems to disappear for 2/3 days until it finally makes its way into my account... I agree completely... but often it involves more than 1 financial institution. When it's the same institution (Ebay AND Paypal)... then it becomes more transparent (and annoying)... Quote
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