PayPal holding payment from customers

Brooker_Dave

RFW wrote: »

Much as you'd like everyone to believe this it still isn't true, even in the US where they are allowed to earn interest on held funds they distribute it back to customers who have been affected.

So they have a special account where they keep possibly tens of million of pounds and they ensure that it does not pay interest?

You've fallen for their propaganda, innit.

Brooker_Dave

RFW wrote: »

Much as you'd like everyone to believe this it still isn't true

A 30 second google reveals:

"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://money.cnn.com/2008/02/26/smbusiness/paypal_float.fsb/)

So there you have it, *your* frozen money is used by paypal as a "revenue stream".

RFW

Brooker_Dave wrote: »

A 30 second google reveals:

"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://money.cnn.com/2008/02/26/smbusiness/paypal_float.fsb/)

So there you have it, *your* frozen money is used by paypal as a "revenue stream".

That is within the US, it doesn't refer to frozen funds, but to all funds. As I said the interest earnt on held funds in the US is redistributed to those affected, so to say that the reason they withhold funds is to earn interest is not valid. There are plenty of other reasons but the interest theory isn't one of them.

RFW

Brooker_Dave wrote: »

So they have a special account where they keep possibly tens of million of pounds and they ensure that it does not pay interest?

You've fallen for their propaganda, innit.

In the UK anyone holding funds the way Paypal do are not allowed to earn interest on it whether they want to or not, and please don't bring up about them being in Luxembourg, etc, as they are still regulated by the FSA.
Anyway it would be quite easy to check if they earnt interest as it would be in their accounts, they would hardly be issuing propaganda when it is in the public record. Anyway we've been here before, since you've been spouting this in the last 3 years I'd have thought you'd have some facts to back it up by now.

BTW your next response would be to ask if I work for Paypal/Ebay, I don't. There that saved a couple of posts:p

soolin

rayal wrote: »

I just hate being dictated to, of course I will send and have sent the products but it doesn't stop me being peeved, I served my country for 20 years and have run a successful small business for 20 years since and I get wound up when treated like a fool, I thank you all for your comments and answers but they can take Financial Ombudsman and periodic update of the rules etc and do as monkeys do with them. I will not be accepting PayPal payments in the future and I will do my level best warn people of there big brother antics.

I know I will get little success in my venture and it will be insignificant to organisations like PayPal but it will give me satisfaction in standing up and making a statement, after its the old saying ...... "if it wasn't for us they wouldn't be where they are".

I don't accept that it safeguards sellers and buyers, and lets not be naive to think it prevents scammers getting there hands on our money, it just seems to me its a way for PayPal to make a bundle in interest........

..... and yes 'magpiecottage' my turnover is less than a million ............. just

The problem is that by not using paypal you can't use ebay of course. That means less chance of selling anything at all, but I suppose it does at least mean you don't have to worry about paying postage out of your own pocket anymore.

Brooker_Dave

RFW wrote: »

That is within the US, it doesn't refer to frozen funds, but to all funds.

Follow the link, read the article, eat humble pie.

Brooker_Dave

RFW wrote: »

Anyway it would be quite easy to check if they earnt interest as it would be in their accounts, they would hardly be issuing propaganda when it is in the public record. Anyway we've been here before, since you've been spouting this in the last 3 years I'd have thought you'd have some facts to back it up by now.

Is not a direct quote from a named source from Paypal admitting that they earn interest from frozen and held funds enough for you??

Your blanket loyalty to your employer is touching, but disputing the undisputable is taking it a bit too far, don't you think?

cyberbob

Brooker_Dave wrote: »

Is not a direct quote from a named source from Paypal admitting that they earn interest from frozen and held funds enough for you??/

As has been stated this is in the uS where they are legally allowed to. You just have this inability to take that little bit of information in. No where in your quoted article does it state it's in the UK

Brooker_Dave wrote: »

Your blanket loyalty to your employer is touching, but disputing the undisputable is taking it a bit too far, don't you think?

Are you going to accuse them of being a Nazi next?:rotfl::rotfl::rotfl::T:T:T:T

So you know your next step

Losing an argument on the internet Cliches

1/ Accusing them of working for the company

2/ Calling them a Nazi

3/ Calling them a Troll

4/ Start Ranting and Swearing.

RFW

Brooker_Dave wrote: »

Is not a direct quote from a named source from Paypal admitting that they earn interest from frozen and held funds enough for you??

Your blanket loyalty to your employer is touching, but disputing the undisputable is taking it a bit too far, don't you think?

Yes indeed, although I'm sure Ebay/Paypal employees would be above arguing the toss with you, given that providing you with facts never seems to affect your knowledge.

I did read the article and have read it before, it only refers to the US and confirms all I have said in this thread. The system is different with regards Paypal within the UK, but never let the facts get in the way of your anti Ebay propaganda.

RFW

Brooker_Dave wrote: »

Follow the link, read the article, eat humble pie.

So you must have missed this bit (again this only refers to the US)

PayPal's Pires said accountholders should be aware that they have the power to collect interest for their own use on delayed funds. It's as simple as enrolling in the company's PayPal Money Market Fund, Pires said.

which is what I referred to earlier, thanks for helping me confirm it.