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Posts: 4266
| For years I've been taking payPal for payment, but not any more. Lately they have been holding on to funds for at least a week before they forward them to your bank......why, they wont answer. I have a feeling it's to make money, right. They hold onto the funds long enough to make some interest on it, or even longer if you don't good guy....actually longer even when I did good guy. They held on to my last sales transactions for 12 days before forwarding it to my bank,,,,on a Saturday evening, so I couldn't touch the money until Monday.
I'm going away from PP and going back to personal checks, even they are faster. |
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Posts: 270
Location: brooklyn park mn | I'm still doing it myself but may be done soon. I've noticed same thing. They have thousands of people who if they delay the payment a few days then the interest they make adds up a lot. Pretty lame between them and evil bay lol |
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Posts: 513
| Hey Guys,
Are you sure that it has nothing to do with they manner in which the sender sends the money or the type of account you may have? Just curious. |
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Posts: 1083
| In regards to Paypal holding on to the money for a while, I'm sure it has somewhat to do with them trying to make an extra buck via interest, just like evilbay does these days. But I think the main reason Paypal holds on to the funds for a while is supposedly to "protect" the buyer. Meaning...incase the buyer has buyers-remorse or isn't happy with the product they bought or the product is damaged, the buyer then just calls up Paypal, say's they're not happy with the product for whatever reason, then Paypal yanks the money from the sellers account, because Paypal held on to it for a few days, making it immediately accessable to get to, to give back to the buyer....Paypal fully refunds the payment to the buyer...AND the buyer keeps the merchandise!!!! Talk about a freakin' SCAM!!!
Paypal just enables people to steal from others in that aspect....
Edited by MACK 2/22/2012 10:19 AM
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Posts: 833
| Here is an example of current Money Market Fund Rates: https://personal.vanguard.com/us/funds/vanguard/all?reset=true&asset...
If PayPal is a bank they might be able to earn overnight interest by depositing at the Federal Reserve which pays 0.25%. If not, they would sweep their deposits overnight into a Money Fund like those above. Here are the returns for 5 business days (1 week) on $1,000,000 dolllars based on a Actual over 360 bond rate calculation. (Pretty Standard Rate Calc for over night products)
At 0.25% 5 days of interest is a net proceed of $6.97
At 0.01% (Vanguard rates above) 5 days of interest is a net proceed of $0.27
Again, that is per MILLION dollars.
This does not include whatever fees they are paying to the financial institution for the overnight sweep product they would be using. I seriously doubt Paypal would risk their reputation/ service quality in order to earn this pittance of interest. It seems more likely that they are doing it to offer protection to buyers and sellers in transactions. |
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Posts: 897
| Disagree. I've used PayPal's buyer protection for refunds and they always make sure I return the merchandise and require I provide them with shipping verification and delivery confirmation in order to get my money back. Maybe you've had different experiences, but I certainly don't think they allow folks to steal from each other. |
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Posts: 479
Location: Eden Prairie & Pine Island | You are incredibly naive if you think they are making any real money on holding the float for a few days. There are other reasons though. Bottom line: like Beaver, you can elect not to use them. They provide a service, and if you don't like the terms, just don't use them. It shouldn't be free either. |
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| I very rarely transfer the money from my PayPal account to my normal checking account, but I can wait a week for it to show up whenever I do. If you're selling something because you need $30 yesterday, you're better off heading to a blood bank. They also offer debit cards funded off your PayPal balance for instant access.
PayPal has been great for speeding up the horrible delays buying/selling things online: waiting for checks to arrive, checks to clear, etc. Write a check? UGH. When I sell things I want to be paid by PayPal so I know I've got the money in hand and can ship immediately. In most cases I've been paid within 5 minutes of the person saying they want the item.
Heck, my bank even has an app on my smartphone where I can transfer money to anyone by simply typing in their email address. If they have a PayPal account it direct transfers the money; if they don't it automatically sets up a PayPal account for them, emails them a notification for accessing their new account, and transfers them the money from my bank. This is an awesome convenience that all but eliminates the need for small businesses (such as basement bait builders) to buy and provide credit card machines at the fishing expos.
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Posts: 4266
| I am a verified member with no limits on my account. I never had a problem with them until recently. It's a pain in the ass when they take the money and hold it. Not soon after the buyer wants to know why he doesn't have his stuff and I tell him it's because paypal is still hanging onto his money. The days of the 5 minute transaction are over for me. |
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Posts: 908
Location: South-Central PA | I don't see any problem with how PayPal does business. I love using them- quick and easy. If you don't like them, don't use them.
jeremy |
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Posts: 1030
Location: APPLETON, WI | bowhunter29 - 2/22/2012 6:35 PM
I don't see any problem with how PayPal does business. I love using them- quick and easy. If you don't like them, don't use them.
jeremy
+1
Same for me. Been using Paypal since day one (literally) and I can get funds transferred from Paypal to my personal back account in a matter of three days, although, during the last instance it took just two days. |
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Posts: 196
| I have had great luck with paypal and it is a quick and easy way to pay **BUT** I too have noticed that it takes several days to transfer money to your account. I don't know if it is so much to make the extra interest though, I think it has to do with that paypal debit card that they have. They don't charge you anything for using the card as far as I can see, but just like any card, the card company charges the retailer like 30 cents or whatever it is to run the transaction. Therefore, I think that they are purposely trying to be slow to get people to get the card for faster access to their money, therefore they are making money with every transaction that you do with your card, not necessarily from you, but from the retailer. If you think about it, if you run to rural king and spend 20 bucks, then run over to the parts store and spend 15 then over to menards and spend another 30, they made 90 cents in one day from one person using that card! The reason I know this is that I deal with a local small hardware store on a normal basis, and they get charged like 35 cents everytime someone uses a card. Now how much of this goes to the processing company and how much to the card company, I don't know. Large retailers pay a set amount per month for these services, this is why some places take visa or mastercard, some only one or the other, some other cards and whatnot. This is a paid agreement between that card company and the processing company, and or merchant. |
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Posts: 196
| CheckMate - 2/22/2012 2:48 PM
I very rarely transfer the money from my PayPal account to my normal checking account, but I can wait a week for it to show up whenever I do. If you're selling something because you need $30 yesterday, you're better off heading to a blood bank. They also offer debit cards funded off your PayPal balance for instant access.
This is the card I was referring too, also to agree with beaver, in relation to the whole $30 yesterday thing. I understand where you are coming from, but on the other hand, in my situation as well as others I'm sure, say 5 people buy a retriever from me and they are all canada addresses, ok that is like $70 that I need to spend at the post office, which that money is tied up in paypal, this is the same for someone shipping out a bunch of lures, they might need that money for shipping. I went to the post office the last time and dropped $100, not to mention that I have already fronted the supplies, so a guy could be out $200 or more at a time. So, I understand what Beaver is saying, it's your money and if you have a verified paypal, if it can come out instantly, then it should be able to be transferred instantly as well, granted it might not show up in your bank until they are open, but still a week is a little ridiculous in my opinion. Also, Checkmate, do you have the paypal card? If so can you pm me so I could get more info, thought about getting it for shipping purposes. Thanks |
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Posts: 4266
| I used to be like everyone else and would have a transaction finished in 3-4 days. The last two took three weeks. I wrote paypal for an explanation and heve yet to receive and explanation why a basic transaction that took 3-4 days a month ago now takes 3 weeks or more.
So many guys saying that they have no problem makes me wonder even more why the 3 week plus delay on my end. I'm not telling anybody what to do, I'm simply telling you what's happening on my end. |
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| PayPal is anti-gun and most likely anti-hunting. They will not get any of my business! |
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Location: Sun Prairie, WI | Beaver - 2/23/2012 6:45 AM
I used to be like everyone else and would have a transaction finished in 3-4 days. The last two took three weeks. I wrote paypal for an explanation and heve yet to receive and explanation why a basic transaction that took 3-4 days a month ago now takes 3 weeks or more.
So many guys saying that they have no problem makes me wonder even more why the 3 week plus delay on my end. I'm not telling anybody what to do, I'm simply telling you what's happening on my end.
Try calling them if you don't get an answer. I wouldn't have bothered to write them at all, I'd have called them right away. Then you have the ball rolling on your terms when you want, not theirs. |
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Posts: 8788
| Anti-gun - 2/23/2012 1:58 PM
PayPal is anti-gun and most likely anti-hunting. They will not get any of my business!
what? Care to elaborate on that a bit? |
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Posts: 48
Location: PA | I stopped using paypal a few months ago so now it's back to check or M/O. Also I see alot of people asking for paypal "gift" for payment. I used to due it myself when selling/buying. I would just be careful on who you deal with when doing the "gift" option. I sold some car related items last summer. The buyer did an authorized charge back with his credit card this past November.(also to a few others on another forum) It opened a dispute on paypal. I submitted tracking info and even a screen shot of the shipping label from my USPS account. Also had positive feedback from him on the forum where the items were sold. I called them several times to discuss it and in the end I wasnt protected under the paypal seller protection becuase the buyer sent the payment as a "gift". Paypal said they had no proof of the buyers address. My paypal account is still negative over $100 and limited now. They also limited my other paypal account that I forgot I even had but I never added any bank account info or anything. I been dealing with paypal for probably 10 years and never had any problems until now. Do a search on paypal problems and you will be surprised at issues people are having with them. I don't plan on ever using paypal again or even ebay. |
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Dont Ask for PayPal