Paypal 21 day hold funds policy

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Model T Ford Forum: Forum 2010: Paypal 21 day hold funds policy
Top of pagePrevious messageNext messageBottom of page Link to this message  By R.M.Head in St Sauveur Quebec Canada on Saturday, December 11, 2010 - 03:18 am:

Just an FYI for anyone thinking of doing business with eBay and Paypal - new policy is to hold payments on new accts for up to 21 days, and then take 5-7 days to transfer to your bank. That can mean 28 days before you get your money, and in the meantime they get interest on your money (never mind their fees and commissions). Sounds like loansharking to me. They have the funds in hand in less than 3 seconds after electronic transfer from buyer is initiated.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Mark Gregush, Portland Oregon on Saturday, December 11, 2010 - 03:22 am:

As you first stated, on new accounts.
The 5-7 days to transfer your money has been in place as long as I have used Pay-Pal. I got around that by getting a Pay-Pal debit card.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Scott Gilham on Saturday, December 11, 2010 - 03:41 am:

Me too Mark. Best way to get you PayPal $$.


Top of pagePrevious messageNext messageBottom of page Link to this message  By James A. Golden on Saturday, December 11, 2010 - 07:57 am:

No, the best way is to not use PayPal or e-bay.

They have gotten greedy enough that some other company will soon outpace and replace them.


Top of pagePrevious messageNext messageBottom of page Link to this message  By William L. Vanderburg on Saturday, December 11, 2010 - 09:54 am:

Do any of you not realize that Paypal fronts the money in advance for purchases and then initiates the account transfers from one account to another?

The following is where the 21 day period comes into play:

"10.6 eBay Item Hold. PayPal, in its sole discretion, may place a hold on a payment you receive for an eBay transaction when PayPal believes there may be a high level of risk associated with the transaction. If PayPal places a hold on your payment, it will show as "pending" in your Account.

1. Release of eBay item hold. PayPal will
release the eBay item hold after 21 days
unless you receive a Dispute, Claim,
Chargeback, or Reversal on the transaction
subject to the hold. PayPal may release
the hold earlier if either of the
following applies:

a. The buyer leaves positive feedback
on eBay, or

b. PayPal can confirm delivery.
PayPal will confirm delivery if
you use USPS, UPS or FedEx to ship
the item and use PayPal shipping
labels or if you upload tracking
information to PayPal via the
transaction details page. This
applies to US domestic
transactions only.

2. Additional hold period. If you receive a
Dispute, Claim, Chargeback, or Reversal on
the transaction subject to the eBay item
hold, PayPal may hold the payment in your
Account until the matter is resolved
pursuant to this Agreement."


Top of pagePrevious messageNext messageBottom of page Link to this message  By Dan Killecut on Saturday, December 11, 2010 - 09:58 am:

I stopped using e-bay and pay pal after I got caught up in their buyers always right/sellers always wrong policy. I do flea markets and use the MTFCA classifieds.


Top of pagePrevious messageNext messageBottom of page Link to this message  By R.M.Head in St Sauveur Quebec Canada on Saturday, December 11, 2010 - 10:01 am:

I do not send out items that are not paid for, including shipping, through any forum. Except to Model T'er that I know, can be vouched for, or fellow lodge members.


Top of pagePrevious messageNext messageBottom of page Link to this message  By R.M.Head in St Sauveur Quebec Canada on Saturday, December 11, 2010 - 10:01 am:

But the 21 day period, applied over the holidays, seems like a cash grab to me.


Top of pagePrevious messageNext messageBottom of page Link to this message  By William L. Vanderburg on Saturday, December 11, 2010 - 10:04 am:

Some sellers of T parts on ebay know just enough about the parts to be dangerous, and others blatantly do not know what they possess. I suppose that could work with any item.

I feel if you as a seller want to sell it bad enough, you should do research to determine what you have and place a "fair" value on that item.

Buyers should educate themselves to know what questions to ask and what the answers should be.


Top of pagePrevious messageNext messageBottom of page Link to this message  By William L. Vanderburg on Saturday, December 11, 2010 - 10:07 am:

IF they are instituting a "hold" over the holidays, it is most likely hedging their bets on dead-beats that are buying items for the holiday season that they cannot either afford or cannot steal locally in the store.

You might also know around the holidays is when your most active counterfeiting takes place. People are in a hurry, not paying attention, and just are not aware of what's going on around them.


Top of pagePrevious messageNext messageBottom of page Link to this message  By John A Kuehn on Saturday, December 11, 2010 - 11:27 am:

PayPal is nobodys "Pal". I dont use paypal on Ebay. Never have and never will. If I buy anything online from whatever or whomever I ask many questions FIRST and then make a purchase with a MO. If people cant trust me enough to get their money FIRST AND IN THEIR HAND and then send the item I dont want their business.


Top of pagePrevious messageNext messageBottom of page Link to this message  By George...Cherry Hill, NJ on Saturday, December 11, 2010 - 12:11 pm:

You all might find this then amusing.........


A long time ago when the earth was fair, politicians thought we all were much too un-aware.

For our safety they then did write, usury limits for the people’s right.

The banker’s squawked yet still made a buck, and then they had a great stroke of luck!

As a legal entity they found, they could contribute to politicians measured by the pound!

The usury laws were suddenly arcane, and the banking world went insane!

Checks and balances were no longer required; it became ‘the people’ who had to decide what was mired.

In order to say “I agree”, the masses later found a whole new schedule fee.

The bankers have learned well how to churn, making money at every turn.

Oh politicians oh on high, why did you sacrifice me why oh why?


Author unknown, but for us over about 45....remember when?


Top of pagePrevious messageNext messageBottom of page Link to this message  By Neil Kaminar on Saturday, December 11, 2010 - 01:13 pm:

Years ago I bought an item on ebay for $300. The seller stalled until the paypal dispute time expired, then said he had no intention of sending the item or returning my money. He had no contact information on the ad other than the email address. I tried tracing him through the email address and his supposed name and location. In the end I lost my $300.

Lesson learned: before bidding always try to contact the seller using a real address or telephone number and always dispute the sale before the time is up if you don't get the item you are expecting by that time.

Most people in the world are honest, but there are a few that arn't.

Neil


Top of pagePrevious messageNext messageBottom of page Link to this message  By brian clark-Hamilton, Ohio on Sunday, December 12, 2010 - 02:04 pm:

Time to enter the 21st century.

Ebay is the new flea market, although it has gone WAY downhill over the last 5 years. (the flea market is the new Family Dollar)

Paypal is the new Western Union.

I don't see anything in the near future to challenge either one, until/unless Google wants to get involved.

Money orders are easily forged. They are the only thing my bank checks before cashing. They actually call and verify each one.

Checks are a thing of the past...use a credit/debit card or pay on-line.

If you are afraid of giving up your financial information over the internet, you don't understand encryption.

I would rather pay 3% to receive my money and not have to make a trip to the bank.
Paypal used to be one of 9 or 10 internet money transfer companies...most of the others are long gone for a reason.


Top of pagePrevious messageNext messageBottom of page Link to this message  By John Semprez on Sunday, December 12, 2010 - 02:35 pm:

21st century you say Brian? When I opened my PayPal account it was immediately frozen!

After weeks of inquiry I was told my address was wrong!??? My zip was for Adelaida,Ca. Not Paso Robles, Ca where I get my mail delivered from, and is the address where my bank card statement is delivered to.

(The only person I know living in Adelaida is Bill Dodd - who actually lives in Clau, Ca.!!!

So I asked my mail carrier for the Zip +4 number and that showed me living in West Templeton, Ca!

I finally gave up with PayPal and asked to cancel my account... Guess what they said? Nope you can't cancel a PayPal account!

What to do... what to do?


Top of pagePrevious messageNext messageBottom of page Link to this message  By John A Kuehn on Sunday, December 12, 2010 - 05:02 pm:

I pity the the folks who are naive enough to acutally believe a persons monetary or personal information cannot be hacked or stolen in the 21st century.
To much information going to too many people just cant be good.
The US government just recently found this out.
When there is a will there is always a way. It will happen.


Top of pagePrevious messageNext messageBottom of page Link to this message  By R.M.Head in St Sauveur Quebec Canada on Sunday, December 12, 2010 - 07:00 pm:

8 track tapes did not last. neither will ebay or paypal.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Luke Dahlinger on Sunday, December 12, 2010 - 07:13 pm:

VHS tapes gave way to DVD, now DVD is going by the wayside in favor of Blue-Ray.

I suspect ebay & paypal will go away over time.

Look at 'social network' sites- myspace got surpassed by facebook, and now facebook is the leading social network deal around, but it too will go away over time.

Same reason we aren't still using wood stoves to cook on or pitcher pumps in the kitchen.

Nothing goes obsolete faster than an outmoded website.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Steve McClelland on Sunday, December 12, 2010 - 07:33 pm:

Ebay & PayPal Hummm. I look at them kind'a like the Union they have their good points and some things you just can't understand ! But the best fun with PayPal I had so far is when you get the UK Scammers wanting your parts tell'em you accept PayPal as form of payment and you'll get the part packed up and ready for their "shipper" to come pick it up that sure get's the sorry Bast#%ds on the run..... So everything has a use you just gott'a find the one that best fit's the situation. LoL ! :->


Top of pagePrevious messageNext messageBottom of page Link to this message  By Rick Adair on Sunday, December 12, 2010 - 07:54 pm:

Sorry to hear so many have had problems with ebay and paypal. I have been very fortunate with the few items I have purchased or sold there. I was not excited to sign up with paypal either, but I have had good luck with it so far. I don't use it much and never bid on high dollar items so I guess I'm not at much risk. I did open a new checking account for any on-line purchases, including paypal,and never leave more then a hundred dollars or so in it so hopefully the hackers can't get much! I admit it is still exciting to win a bid, or as my wife says " congratulations, you just paid more for that than anyone else in the world was willing to"...:-(


Top of pagePrevious messageNext messageBottom of page Link to this message  By keith g barrier on Sunday, December 12, 2010 - 08:46 pm:

I have found a lot of good deals on ebay and use my pay pal debit card every where. 250 + ebay bay transactions and very happy. You guys continue to not use it, thats good for me. I get more good deals that way! Have fun, Keith B


Top of pagePrevious messageNext messageBottom of page Link to this message  By Mack Jeffrey Cole on Monday, December 13, 2010 - 12:42 am:

encryption,how naive can ye get man? When I was in college that is 1 thing that my professor told us time and time again."With electronic equipment,If it can be done,it can be undone,period".Granted he told us that in 1988,it may be harder to do,and harder to undo,but dont sleep at night thinking you are safe because of some electronic encryption.
You know these wireless internet rigs everybody has in their house?I know of a fellow that works on computers in banks and much more important places and he tells me a connection can be found allmost anywhere in a town or subdivision.The scramble just aint up to snuff.Not secure,can be decoded and used.
Paypal holding money,I know when I could still take money orders,i have cashed money orders and the buyer had thier items before paypal let me have my money from another sell that ended at the same time.it useally takes 4-5 days for my money to show up at the bank.It should be instant.that is the purpose of all these electronic gadjets,to speed things up.


Top of pagePrevious messageNext messageBottom of page Link to this message  By James J. Lyons on Monday, December 13, 2010 - 07:21 am:

Paypal is nothing more than a heavy-handed tool of the Federal Government to mine for cash and trace any and all transactions. It strips both parties of the transaction of his/her rights under Amendment IV of the constitution to "be secure in his persons and effects...."

Furthermore, Paypal is just one cog in the gear that the Fed is using under the 1099 provision of Obamacare to TAX YOU AND ME on every single transaction you engage in.

If you care about your constitutional freedoms, to move about and carry on without government oversight, you will abandon Paypal and walk away from sellers who demand it.


Top of pagePrevious messageNext messageBottom of page Link to this message  By James on Monday, December 13, 2010 - 09:35 am:

I do not use paypal or ebay anymore, got fed up with the endless rules and endless fees. I also don't like being told what sort of payment I can take after I sell something. Last time I checked I was an adult of reasonable intelligence. I ask for US postal Money Orders, once I get them they go right to the post office for authentication and cashing, no problems, no extra paypal fees, nothing ships until the cash is in my hand. I also didn't care for the feedback system that seems in favor of the buyer over the seller rather than an even playing field.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Mike Peterson on Monday, December 13, 2010 - 04:02 pm:

ebay and paypal , ya either like them or hate them,I like them, no way i could sell the amount of T stuff i do without ebay, I offer both paypal and other methods of payment, dont matter to me how im paid. the costs of ebay fees and paypal fees are about 10%. at that rate i would have to sell $10,000 at chickasha to cover the cost of me going there, i dont think thats happening. theres some items that bring more money that i think they should or that i would ask for a swap. so that also makes up for some of the costs of ebay. when u sell used parts it really hard to describe them to everyones liking or what they feel is the correct desprition, sometimes your told its better than your described, sometimes not as good, but 2 people can look at the same item and one thinks its rough and the next person its the cats meow. but u need to do the best u can. sold a head one time, I didnt see any cracks, came off a running car, no leaks, after the man got it, he sandblasted it, and it showed a crack he said, he returned it, refunded payment, paid shipping both ways, cause of the crack,looked like a crack. guess what wasnt a crack, i had it magafluxed, no crack, now if he bought this head at a swap, he wouldnt have seen the crack, since it was under the carbon, bought it home, and found the crack, his chances of get his money back, im thinking zip , zero, zlitch, so as ebay sellers we are held to a higher standard, than a swap seller of used parts and maybe we should be because u cant personally inspect the parts. for the most part, like 99.9% of buyers they are the greatest, fast payment, weather its paypal or money orders, happy with the parts.
Paypal cost me 3%, so what, that isnt much, lots of buyers dont want to take the time to go get a money order, it helps them, and it also gets there items shipped faster. Im not gonna take every money order i receive to the post office for cashing, heck our puny little post office im sure doesnt have enough cash in it to do that, I trust people way to much thinking there sending me a bad money order, never had a scammer yet on ebay. every time someone says im not selling on ebay anymore, I think good, less competion. Ebay also gives us a worldwide market, a seller needs that, ive sold to countrys i never heard of, and had to look up where they are, now that to me is neat. when u have forgein buyers thats money coming back into our country, thats great for the ecomony. i could go on and on with why i feel ebay is a good thing, but if your against it, your against it, no changing your mind, kind of like politcs or what religon u are. yes some day something better mite come along, but right now , dont see it happening sooon. someone tried a model T auction site, hows that going? for me ebay is a good thing. glad its here.


Top of pagePrevious messageNext messageBottom of page Link to this message  By keith g barrier on Tuesday, December 14, 2010 - 10:20 pm:

James, what you have to remember is that the buyer has done all he is required to do once he has sent the payment. He should get a positive feed back, alas there are still a few sellers who never send feedback alltho it is important to the buyer too. Have fun,KB


Top of pagePrevious messageNext messageBottom of page Link to this message  By William L. Vanderburg on Tuesday, December 14, 2010 - 10:54 pm:

As far as I know, only one person has anything listed for sale on the Model T Auction website.


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