HORRIBLE IDEA TO HOLD FUNDS FOR 21 DAYS!!!

[gearhed78]

  Holding funds from sellers until the buyer leaves feedback is the worst idea EVER! Since when does Paypal become an authority on buyer satisfaction?? A smooth transaction is all that I wanted from Paypal. If they are going to hold funds, then they should make it very clear BEFORE you use them!  Keeping my money in their account for 21 days is a HUGE disadvantage of using Paypal. Stick to transferring funds,not trying to be a satisfaction authority!

[Disenchanted]

Specifically to the 21 day hold policy from PayBay

Word of the day: Unconscionability 

The hold policy is, obviously, a contract of adhesion.

Further, it uses the language "may" when in fact it should inform new/infrequent sellers that funds WILL be held and may be held up to 21 days no matter what you do. It should be clear as to this burden.

The policy seems at best misleading. 

So does it go to the point of deception? Does it matter?

But...the policy on releasing funds three days after verified delivery uses the term "may" when it probably should read PayBay will most likely not release your funds 3 days after verified delivery...at least not unless you have the time to waste to pester them. The incongruency of the term's use is striking.

To deprive a seller of both an asset and the proceeds of that asset is an extraordinary event for any length of time. The seller needs a clear and transparent warning up front before initiating sales. The agreement appears to reach well beyond being misleading considering its burden.

Holding an asset AND the proceeds of an asset for 21 days is ... astounding. 

Would it be found unconscionable?

So...what would a regulatory body/court say about a contract of cohesion...misleading at best, deceptive at worst...containing extraordinarily burdensome mandates...drafted by a behemoth (PayBay) for us common folk?

Unconscionable? [By the way...how did the PP/EB thing pass conflict of interest/antitrust smell tests?]

Is the clause enforceable if challenged?

I can't believe it has passed muster up to now! At the least, PayBay  should be forced to make this clause completely transparent...bold type...explanation of the burden of held funds.

Even then...21 days of free use of an enormous pile of money (certainly PayBay knows the exact average of this "held funds fund" for investment purposes) seems to over-reach to me.

Just thoughts for the day!

[Djten]

MGMT wrote:

     LOL ebay is worldwide, there are no other sites  that compare to the magnitude and depth of people that ebay reaches.  What 'other sites', Alibris or Amazon? lol please

As much as I loathe the hold policy, it's policy. **bleep** it up like I am. Our complaints don't matter in the least to the powers that be. With 100's of millions of accounts, ask yourself in an educated manner, 'do you honestly think they care about a few people complaining'? Because for every held account, for every 100 complaints there are 10,000 of thousands that don't complain, that don't have issues.

__________________________________________________

    Oh I've known that for quite some some time. In fact, eBay has their own financial news site (don't exact remember it off hand). If you go to the site you'll REALLY find out how humongous these people are! Yes, I know what you're saying but the majority of these folks do not. And I've got news for you. I opened up two stores on blujay.com and ioffer.com and I'm getting plenty of looks. (But that's because of the stuff I have in there). These two sites are blowing up.

    And you're right. Ebay's tenticles stretch worldwide, but one country they don't mess with is China. And PayPal tried their nonsense with India and India shut them down! So my friend, IT CAN BE DONE! 

[Djten]

To MGMT:

     Just want to add one thing: yes we are the little tidbits. But it's us the "Little Tidbits" that helped make eBay and PayPal the giants they are. And also, did know that Louis Vuitton the fashion giant sued eBay a few years ago AND WON?? Ebay got smart and settled out of court for a few million rather than possibly lose a couple of billion ! It's just like a schoolyard bully: they know who to mess with and who not to.

[spenn]

The terms of these holds are simply illegal. ttt.

[dogbreathdude]

Pay Pal. I will stop using Ebay and Pay Pal. You don't get it, that is MY MONEY, not yours I think your violating some kind of law or law's. Its bad enough that you have raised your rates. Now your going to hold on to my money for 3 weeks. I don't think so.  As I said you have ruined E-bay and I will no longer use either.  Good Job you IDIOT"S.

[lb4]

I think this is aweful! ive been selling and buying for 6or7 yrs and always ship w/in 2 days and now there making it in possible for sellers even with 100% fb im thinking of just getting off ebay altogether

[madjen]

Quit! You don't have to take ebay and paypals abusive tactics.

I too have been with them for a long time, ship next day,100%

feedback, score over 1300,DSR above 4.5. Does not matter!

At first I took it personal, I couldn't even sleep I was so upset.

I thought what did I do? Then I found this place and realized

it was happening to a lot of ebayers. The other letters list

alternative sites such as online.com, ebids,ioffer. The

alternative credit card companies instead of paypal  are

securepay,paymate,google checkout.

I owe ebay for next month and then I quit,took off all my

listings,closed my store already. They ruined my Christmas!

[telecaster]

I'm so **bleep** off I could spit fire over holding my money. I shipped a guitar to someone and they have received it. They have not contacted or left feedback and I can't get any information out of PayPal. I'm going to an attorney tomorrow. I don't have a 3,500.00 guitar or the money I sold it for.

aholes

[sotek11]

I have just finished filing a complaint with the Better Business Bureau of California, and EVERYONE else needs to do the same immediately!   My next stop will be filing a complaint with the Minnesota Attorney Generals office.

I am not waiting for as much money as some of the posts I've read, but it's the principle. PAYSCAM, IT IS NOT YOUR MONEY!!!!!   Has anyone from PayScam even bothered to read these posts to see the outrage they have caused? Or, like so many other businesses that try to get away with this type of crap,  do they feel they don't need us?  

To paraphrase Bill Cosby, "We brought you into this world, and we can take you out!"

[2cush]

I agree.  They've taken away my shipping funds as well.  So let's sumarize:  eBay encourages free shipping to boost sales (which conveniently gives them the ability to charge me for a percentage of the ENTIRE SALE), then holds not only the funds I would use to ship the item, but also the money I would use to purchase additional inventory to sell. 

I've already reduced the number of sales I do on ebay because of the fees.  This may be the final sign that I need to find another venue to sell goods in.  Time to go local.

I mean...are you TRYING to run off all your casual sellers or are you guys just that STUPID?!!!

"Can you hold please, I have Craigslist on the other line"

2Cush