Paypal holding our money for 21 days!

RFW

Brooker_Dave wrote: »

The interest on all that money will significantly improve ebay's profits.

But of course it's only been done to protect ebay users, that it happens to earn ebay a fortune is just a complete coincidence...

As I've stated previously if you can find that they do earn interest on the funds placed by UK clients then they are breaking laws.

The main reason I can see for the 21 days is to deter sellers they don't want selling on the site.

Just to save another couple of posts Mr. B

Brooker_Dave "Do you work for Ebay/Paypal?"

RFW "No I don't"

Brooker_Dave

RFW wrote: »

As I've stated previously if you can find that they do earn interest on the funds placed by UK clients then they are breaking laws.

Which laws would those be?

Do you honestly think that a company based in a tax haven would put millions of £££s in an account that didn't give interest?

RFW

Brooker_Dave wrote: »

Which laws would those be?

Do you honestly think that a company based in a tax haven would put millions of £££s in an account that didn't give interest?

Financial regulations are such that they can't earn interest on 'placed' funds. There are rules that govern the handling of monies by financial organisations. The latter statement is a bit like saying "If you saw a Porsche with the keys in the ignition and no one around, wouldn't you take it for a spin?"

Try and make your statements based on fact rather than your made up theories.

trebor21

Last Christmas Paypal froze my account and kept 5k for 6 months before releasing! Left a hugh hole in my finances!


They ask you to fill in form after form and it makes no difference!
I had to send passport, driving license bank statements, proof of postage etc

The best part was i had not one single complaint by any customer about not recieving goods etc they all left 100% feedback!

Paypal is the biggest shark around, wouldnt trust it, protection policys arent what they are cracked up to be!

Brooker_Dave

RFW wrote: »

Financial regulations are such that they can't earn interest on 'placed' funds. There are rules that govern the handling of monies by financial organisations. The latter statement is a bit like saying "If you saw a Porsche with the keys in the ignition and no one around, wouldn't you take it for a spin?"

Try and make your statements based on fact rather than your made up theories.

Which Luxemborg law prevents them from earning interest on funds?

RFW

Brooker_Dave wrote: »

Which Luxemborg law prevents them from earning interest on funds?

Despite being based in Luxembourg Paypal is still regulated by the FSA in the UK. Feel free to show details of any accounting figures that shows the interest they earn on 'held' monies and forward it to them, I'm sure they'd value your expert input.

Brooker_Dave

RFW wrote: »

Despite being based in Luxembourg Paypal is still regulated by the FSA in the UK. Feel free to show details of any accounting figures that shows the interest they earn on 'held' monies and forward it to them, I'm sure they'd value your expert input.

"Any funds PayPal holds for dispersal are automatically deposited in a corporate bank account, which earns interest, according to Paypal representative Amanda Pires. The money is kept there until it's ready for distribution. PayPal, which processes payments for eBay auctions as well as e-commerce transactions from elsewhere on the Internet, counts interest payments on those funds as one of its revenue streams"

http://forums.ebay.co.uk/thread.jspa?threadID=1100201950&tstart=0&mod=1224286328089

(you'll need to look at the google cach as ebay has removed the thread)

RFW

Brooker_Dave wrote: »

"Any funds PayPal holds for dispersal are automatically deposited in a corporate bank account, which earns interest, according to Paypal representative Amanda Pires. The money is kept there until it's ready for distribution. PayPal, which processes payments for eBay auctions as well as e-commerce transactions from elsewhere on the Internet, counts interest payments on those funds as one of its revenue streams"

http://forums.ebay.co.uk/thread.jspa?threadID=1100201950&tstart=0&mod=1224286328089

(you'll need to look at the google cach as ebay has removed the thread)

That refers to the US.

Brooker_Dave

RFW wrote: »

That refers to the US.

But why would it's European operation based in a tax haven do anything differently???

TBeckett100

i refunded a penny and got the funds released, brilliant!