posted on October 13, 2000 05:21:04 PM new
Does anyone know how long you are allowed to keep your money in your PayDirect account? I know Payplace only allows 30 days or they send the money back to the sender. Anyone know what the rule is on PayDirect?
Thanks!
Valerie
____________________________________
The only place you'll find success before work is in the dictionary.
posted on October 13, 2000 08:58:06 PM new
I mean after I accept the money - if there is a time limit before I have to take the money out of my account. Or can I leave it in there as long as I want?
____________________________________
The only place you'll find success before work is in the dictionary.
posted on October 14, 2000 05:42:22 AM new
I can't understand why there would be a limit. Isn't this what these payment services want? To make money on your money while it is in their holding tank?
posted on October 15, 2000 03:34:15 PM new
This is all I could find in the PayDirect TOS:
"14. Canceling a Refused or Unclaimed Payment. If a Recipient decides not to accept a Payment, or if the Recipient does not instruct the Bank to credit the Payment to his or her PayDirect Account within thirty (30) days from the date notice of the Payment is sent or made available, the Payment will be canceled, and the funds will be returned to the PayDirect Account from which the Payment was originally drawn. The Sender will be notified by e-mail if a Payment is canceled. The Recipient will also be notified by e-mail if a Payment is canceled because of the Recipient's failure to instruct the Bank to credit the Payment to the Recipient’s PayDirect Account within the required time.
It appears that as long as you "accept" the payment, you can keep it in your account indefinitely within reason.
I know that there was a service that required that you remove your money within 30 days, but I think that was EnergyFlow.
Oh and by the way, PayDirect WILL charge back a seller's account.
"If a Sender makes a claim that a Payment credited to a Recipient's PayDirect Account was unauthorized or charges back, rejects or otherwise disputes a funding transaction, the proceeds of which were used to fund a Payment, the Bank may debit the Payment from the Recipient's PayDirect Account and/or hold the funds pending resolution of the claim. The Bank will notify the Recipient if it reverses a Payment credited to the Recipient's PayDirect Account or imposes a hold on the Recipient's Account"
posted on October 15, 2000 05:17:27 PM new
okay labbie - so what does this mean? If someone uses a bogus credit card to pay me with Paydirect and I accept and I ship - a week or two later Paydirect can remove the funds??
If this is what I am reading, I am going back to checks and MO's...
Criminy.
posted on October 15, 2000 05:28:50 PM new
Here is the no chargeback bit:
>>>>>>9. Limits on Disputes. Please note that the funding of your PayDirect Account is a
separate transaction from any Payment you decide to make, even if you fund your
PayDirect Account at the same time that you order a Payment. You may not dispute or
charge back a transaction used to fund your PayDirect Account on the basis of any
dispute you have with a Recipient over the amount owed, the quantity, quality and safety
of goods or services purchased, whether or not goods or services have been shipped,
received or performed, or any other aspect of your relationship with a Recipient. >>>>>>>>
posted on October 15, 2000 05:34:03 PM new
Okay, I am calming down.
I wrote Yahoo for clarification to be sure, but it seems to me that the rule labbie posted covers circumstances when a person sends someone money mistakenly and the person accepts/keeps it / won't return it.
It states very clearly in two places that a seller cannot be charged back because of a buyers dissatisfaction.
