posted on January 22, 2001 06:46:45 PM new
On January 14th I won an auction for the amount of $255.00. I decided to use Pay Pal's "preferred method" of transferring funds from my bank. A hold for the same amount was placed on one of my credit cards. I figured this was fine as Pay Pal needed to verify the funds came through. On January 16th, the $255.00 was taken out of my checking account. Later that week I received my item and the seller and I exchanged feedback. The hold still remained on my credit card.
This might be Pay Pal's policy, but when I wrote to ask a few days ago, I have yet to receive any response. I'll tell ya' what though, this method is definitely not the way I "prefer" to make a payment! For my $255.00 item, I've tied up $510.00! Here it is now January 22nd and the $255.00 from my bank has long since been transferred. I'm sitting here waiting for an answer on the policy for my other $255.00 that I can't use for shipping, eBay fees or anything else! I REALLY hope nothing else hits tonight, tomorrow, next week? Could someone please clue me in to exactly how long my money will be tied up on my CC? Never, NEVER again will I use Pay Pal's "preferred method" of payment. Thanks for any help in advance.
From what you have said it sounds like you used instant ACH. This will place a hold on the funds for a period of 7 to 30 days (it generally falls on the lower end) depending upon the issuing bank.
posted on January 23, 2001 05:14:17 PM new
Hello and thanks for the reply. The funds cleared this morning. So, it turned out to be a total of around 9 real days and 7 working days. Had I known there was a chance of my money being tied up for 30 days, I would have never chanced it. After all if it never had a chance of happening then the 30 day limit wouldn't be the rule. I need to read a bit more carefully next time. I'm the one who did not do my homework and I'm glad it was not 30 days of detention.
I wonder though how many that use that service actually know that they may not have access to their funds for 30 days? I mean if there is going to be a hold on my credit card anyway, I can pay by CC, and then transfer the funds to them to cover it. Most of my CC's don't even charge. I won't pay a convenience fee for their convenience of getting my money faster. For those that do charge a fee, I would send a check. It would still be under the possible 30 days.
I just don't understand the incentive for using this service for a bidder. I mean the "best possible scenario" here is that everything works out okay. I have a feeling that those who blindly use this service are like myself. They really don't take the time to read and figure if it's the "preffered" way to send funds, then it must be the fastest too. The thing is that I know better than not to read everything fully. I've been on the Internet a long time. I just got lazy and could have gotten stung. I'm lucky this time.
The other thing that came to mind was if one of my bidders used this option, they might think that I placed the hold on thier card. Does it really matter what the true reason is? There is nothing to detour them from believing it was the seller. No road sign sayin' "Pal Pal's rules". Ask any seller if they have not had a bidder ask a question far more strange than them thinking the sellers placed the hold on their CC and I think you'll get "story time" for about a week or two. There are some straaaaaaange people out there and you wouldn't believe how many of them are bidding! Ask eBay how many checks it gets a week from bidders paying them!..LOL..Get my point?
I'm sure this is probably one of those features that is billed as "for your safety" or "it's our policy". Most of the time cover phrases for "easier for us" and "we'll do what we please".
No mas for me senior.....I like Pay Pal's cheaper % for auctions both international and domestic. This kind of thing though bugs me. Almost as much as inserting "for personal accounts" after "Pay Pal will always be free".
Thank you for the prompt reply though damon. I do appreciate that someone is on the case. You do a great job on the boards with all the cr*p. I hope you get some hazard pay and some profit share.
Riz
(If there are typos I'm sorry spell checker took a dump tonight)
[ edited by Riz23 on Jan 23, 2001 05:23 PM ]
