PayPal funds Instantly Finally by EU Law.

[hercheys]

Hello PayPal users,

I don't know if many of you heard the news for EU Users, I was told PayPal has been in breach since January by EU legislation; requires that funds enter the seller's bank within 24 hours. I heard from a friend in United Kingdom, as he works for a banking firm in EU. They said they going in heavy on PayPal and the Acquirer who is register as a bank institution in the EU, thus has decided to pay all sellers within 21 hours of receiving their monies on PayPal.

The company has been in breach for 9 months now, and before it required for UK users I believe, (correct me if I'm wrong) a £5 per overnight withdrawal, I guess there is a list they must submit of how many users pay this total and they are required by law to refund your account for all payments since January this year. For those eligiable ring PP and tell them you just been made adware of the faster payments EU legislation, that should had transition into effect since January. I think Amazon is next, as they take 6-9 days to release those sellers overthere but they are not an institution and thats the loop hole I think. Well I just thought I've let you know about this as I cannot find it anywhere.

Feel free to post your knowledge or personal opinion if you leave in Europe in General.

[BigCJ]

Yes, this has been mentioned in the subscribers section.

[Lheonard]

Originally Posted by hercheys

Hello PayPal users,

I don't know if many of you heard the news for EU Users, I was told PayPal has been in breach since January by EU legislation; requires that funds enter the seller's bank within 24 hours. I heard from a friend in United Kingdom, as he works for a banking firm in EU. They said they going in heavy on PayPal and the Acquirer who is register as a bank institution in the EU, thus has decided to pay all sellers within 21 hours of receiving their monies on PayPal.

The company has been in breach for 9 months now, and before it required for UK users I believe, (correct me if I'm wrong) a £5 per overnight withdrawal, I guess there is a list they must submit of how many users pay this total and they are required by law to refund your account for all payments since January this year. For those eligiable ring PP and tell them you just been made adware of the faster payments EU legislation, that should had transition into effect since January. I think Amazon is next, as they take 6-9 days to release those sellers overthere but they are not an institution and thats the loop hole I think. Well I just thought I've let you know about this as I cannot find it anywhere.

Feel free to post your knowledge or personal opinion if you leave in Europe in General.

It may be a curse in disguise.

It could lead to a reinforcement of their security checks and stealth detection methods to compensate for the faster payment imposed by the EU legislation.

[GrannyT]

Paypal have introduced a 'security review' on every withdrawal it seems.

It means they delay transfers for 24 hours.

I think time will prove that this is not legal and PP will have to fall into line with EU law - but only time will tell.

[mcjerjer]

:o! Moving to France next year... This could be interesting...


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[GreenBean]

http://www.aspkin.com/forums/everyth...nt-summer.html

It's in its infancy.

Some of the stuff you have said is not quite accurate. The £5 fee was always optional AND for some users meant a longer delay to get their own funds.
It depends on the bank in more cases than not if the funds come through quickly.

UK users are now facing some transactions being 'checked' before funds are released.

It's paypal. It leans to the dark side should this cause a stealth account to be lost.