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post #1 of 15 Old 04-26-2006, 10:01 AM Thread Starter
 
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F-ing PayPal

Yeah, another one of "those" threads...

So I'm working on getting some decals from an "unnamed" source. I send money via PayPal and he immediately refunded it as he doesn't want me to pay until I'm happy with the product. So I go in to my PayPal account as there was something else I wanted to use that money for. There's an f-ing hold on the funds! That was Sunday. It's still there. Seems PayPal's refund policy is to place a hold on funds that are refunded until it clears the bank. Two problems with this. One, the buyer didn't have to wait to receive funds so why should I have a hold getting my money back? And two, the bank posted the transaction Monday!

I really do think the Feds need to step in and start regulating companies like PayPal. They skirt around the banking laws by claiming they're "different". But they're not. And although that argument may hold legal water, the lack of oversight if affecting many people (I would guess millions). So how about changing some laws so the feds have oversight over these little ****ers too?

[/rant]
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post #2 of 15 Old 04-26-2006, 10:22 AM
 
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Re: F-ing PayPal

How about you read and understand Paypal's policy before you subscribe to its service?
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post #3 of 15 Old 04-26-2006, 10:34 AM
 
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Re: F-ing PayPal

Get a bit more slop in your budget

Must obey the sheep dog
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post #4 of 15 Old 04-26-2006, 10:48 AM Thread Starter
 
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Re: F-ing PayPal

Quote:
Originally Posted by Pete
How about you read and understand Paypal's policy before you subscribe to its service?
I have been using PayPal for several (5+) years and can guarantee that wasn't in their "Terms of Service" when I signed up. Hell, I'm not even sure they were doing direct bank transfers when I signed up. Or are you referring to "you" in the collective form? And I don't care what's in the policies if they're illegal...

Quote:
Originally Posted by Sheepofblue
Get a bit more slop in your budget
Plenty of slop! More of a principal deal... Don't feel like transferring $500 more into my account when there should be money there for me to use anyways...
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post #5 of 15 Old 04-26-2006, 12:13 PM
 
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Re: F-ing PayPal

When you sent money, it was not an instant transfer, it was based on "good faith" and backed up with your credit card. When he sent the money back, he may not have a valid credit card to back up that money. I don't think its unreasonable for a bank to wait for funds to clear before handing you the cash.
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post #6 of 15 Old 04-26-2006, 12:41 PM
 
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Re: F-ing PayPal

Keep in mind that I use Paypal when reading this:

www.paypalsucks.com
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post #7 of 15 Old 04-26-2006, 1:19 PM Thread Starter
 
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Re: F-ing PayPal

Quote:
Originally Posted by G-Force Junkie
When you sent money, it was not an instant transfer, it was based on "good faith" and backed up with your credit card. When he sent the money back, he may not have a valid credit card to back up that money. I don't think its unreasonable for a bank to wait for funds to clear before handing you the cash.
I can see that argument, but the funds have cleared. My bank posted it two days ago. Guess that's my beef. And why have good faith on a purchase, but not a refund? I understand what you're saying. Just miffed...
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post #8 of 15 Old 04-26-2006, 1:44 PM
 
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Re: F-ing PayPal

yeh i had the complete opposite happen to me... .i got a payment, went to ship the item and noticed it had a rip in it, so i immediately sent a refund... well instead of taking the refund out of my account balance paypal sent an echeck to the guy, which had to wait 7-10 days to actually clear... atleast the guy was understanding enough to put up with it... and i kept in contact with him.
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post #9 of 15 Old 04-26-2006, 1:50 PM
 
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Re: F-ing PayPal

Well, it's no different than using a check card to purchase something and then returning it... something I have been doing the last couple of days. Retailers will immediately take the money out of your account when you purchase the item, but have up to 30 days to give it back to you.

Does it suck? Absolutely. Is it illegal? I doubt it. This is with federally regulated banks, BTW.
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post #10 of 15 Old 04-26-2006, 1:54 PM Thread Starter
 
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Re: F-ing PayPal

Any time I return something purchased with my check card, they hand me cash.
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post #11 of 15 Old 04-26-2006, 2:03 PM
 
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Re: F-ing PayPal

I use my check/debit card as a credit card. More protection and cash back bonuses when used that way.
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post #12 of 15 Old 04-26-2006, 3:06 PM
 
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Wirelessly posted (SonyEricsson s710a: BlackBerry8700/4.1.0 Profile/MIDP-2.0 Configuration/CLDC-1.1 VendorID/102)

Right, as do I, but then you have the delay issue.
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post #13 of 15 Old 04-26-2006, 4:47 PM
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Re: F-ing PayPal

Quote:
Originally Posted by BDA116
I use my check/debit card as a credit card. More protection and cash back bonuses when used that way.
Protection?
post #14 of 15 Old 04-26-2006, 5:11 PM
 
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Re: F-ing PayPal

Quote:
Originally Posted by SPEED
Protection?
Most banks will refund your money if your card is used as a credit card fraudulently. Since using it as a debit card requires your PIN, some are much more leery about refunding your cash.
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post #15 of 15 Old 04-26-2006, 5:13 PM
 
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Re: F-ing PayPal

Yeah, fraud protections, extra warranties, etc.
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