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05-07-2013
| Subscribed [VIP] | | Join Date: May 2013
Posts: 23
Thanks: 2
Thanked 3 Times in 3 Posts
Activity: 0% Longevity: 63% | | Banned for life, but Paypal still on my side??
I'm gobsmacked (sorry, couldn't find an appropiate smilie)
I was suspended indefinitely on 22/12/2012 and today I get an email from Paypal saying that they have successfully disputed a chargeback case made against me. Cheeky buggers have put about 10 quid in my account that they won't allow my withdraw from until 22/06/2013!
That makes it just under £2000 of my money they've had for 180 days and they seem to want to keep adding more money to it.
It beggers belief, it really does.
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The complete step-by-step guide to get back to selling today!
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05-07-2013
| | Executive [VIP] | | Join Date: Apr 2011
Posts: 2,782
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Thanked 1,021 Times in 709 Posts
Activity: 0% Longevity: 75% | |
Its all about making the buck for PP.
The more money in your account the more interest that they can collect on the funds just sitting there. This is how pp makes their bank.
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05-07-2013
| | Executive [VIP] | | Join Date: Dec 2009
Posts: 76,043
Thanks: 5,943
Thanked 8,927 Times in 8,218 Posts
Activity: 100% Longevity: 83% | |
In spite of documenting that they dont make interest off of held money cjmixers...but then again they are not a bank and not subject to similar legislations...
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05-07-2013
| | Executive [VIP] | | Join Date: Apr 2013
Posts: 20,092
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Thanked 5,198 Times in 3,996 Posts
Activity: 28% Longevity: 63% | |
I think in some countries they do make interest on held fund, but they say that they then donate any interest to charities.
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05-11-2013
| Banned | | Join Date: Apr 2009
Posts: 8,605
Thanks: 1,580
Thanked 2,029 Times in 1,356 Posts
Activity: 0% Longevity: 87% | | Quote:
Originally Posted by rsot In spite of documenting that they dont make interest off of held money cjmixers...but then again they are not a bank and not subject to similar legislations... | The judge told them they cannot make money off the money being held in their 180 trust fund.
What they are doing is moving the monies around into other interest bearing accounts and when your time comes to be paid the money is being paid from the trust fund which is funded by the newer holds members.
There is a rumor that the same judge is going to force them to release all funds in 45 days. Whether it happens or not we will see.
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05-30-2013
| | Executive [VIP] | | Join Date: Dec 2009
Posts: 76,043
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Yes a legit-sort of ponzi scheme at the expense of the members - ugh
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07-04-2013
| Banned | | Join Date: Apr 2009
Posts: 8,605
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Activity: 0% Longevity: 87% | |
I am hoping the back log of court cases get done and he will reduce the time paypal can hold funds to 45 days.
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07-04-2013
| | Executive [VIP] | | Join Date: Dec 2009
Posts: 76,043
Thanks: 5,943
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Activity: 100% Longevity: 83% | |
While we can hope, I wont hold my breath - 45 days isnt enough to protect PP (ugh) from the ability of chargebacks and such (justifiably so)
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07-04-2013
| | Executive [VIP] | | Join Date: Mar 2010
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Activity: 0% Longevity: 81% | |
Yes, this is a case of being careful what you wish for. If PayPal is forced to do that, they may tighten up requirements for all new accounts. They could require an SSN, a credit report, or whatever.
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07-04-2013
| | Executive [VIP] | | Join Date: Apr 2013
Posts: 20,092
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If I can live without the money for 45 days then generally I can live without it for 180. As it stands making a PP stealth is pretty simple, so I am not keep for anything to upset that balance.
I do wonder if it would change across the rest of the world as well, or just the US... Time will tell
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07-04-2013
| | Executive [VIP] | | Join Date: Mar 2010
Posts: 7,217
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Activity: 0% Longevity: 81% | | Quote:
Originally Posted by JamesNorth101 If I can live without the money for 45 days then generally I can live without it for 180. As it stands making a PP stealth is pretty simple, so I am not keep for anything to upset that balance.
I do wonder if it would change across the rest of the world as well, or just the US... Time will tell | It would probably apply in the US only at first. Then it would roll out to other countries that adopted similar laws. Or, if their new system reduced fraud significantly and was cost-effective, then it would likely roll out worldwide. Of course, that would take some time. Any medium-sized or larger business will do a LOT of testing before making such changes. And that can take awhile.
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07-06-2013
| | Executive [VIP] | | Join Date: Dec 2009
Posts: 76,043
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The issue remains with the chargeback potential.
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07-06-2013
| | Executive [VIP] | | Join Date: Sep 2007
Posts: 42,343
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Activity: 0% Longevity: 96% | |
Changes take time
Preferable if they are for good reasons |
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