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-   -   Next paypal lawsuit will have to do with withdrawals (https://www.aspkin.com/forums/paypal-talk/95042-next-paypal-lawsuit-will-have-do-withdrawals.html)

sdot10 03-29-2016 01:03 PM

Next paypal lawsuit will have to do with withdrawals
 
I think the next paypal issue is going to involve the way Paypal transfers money. Just a shower thought I had today. No facts just intuition.

I just had a transfer go for a little over 48 hours (still pending) and then had a claim for non delivered filed. Turns out guy thought he had it sent to his home address but had it sent to his work and he was off for the week. :doh: The stuff we deal with.

Anyway it all got taken care of but noticed that the funds pending for 48 hours were able to swiftly be brought back into my paypal account as soon as the dispute was filed. Ive never seen something that can "pend" for so long and be cancelled mid pending the way paypal does. I had a car loan and bank account with the same bank. One time I accidentally paid twice and they had to wait until a transaction completed before they could refund my money back.

Pretty sure Paypal doesnt move your money when they say they do and I think that will be the next big paypal issue. Dont tell me you are moving my money Monday at noon when in fact you arent moving it until Thursday at noon.

mophie 03-29-2016 02:29 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
It could be, ACH only takes 3-5 days but According to NACHA Payment institutions should post your ACH in 1-2 business days when it hits your account.

PayPal can say they're fighting serious fraud and want to review every payment before sending it to the seller. I think the next big lawsuit will be over product and services, sending money has gotten so much difficult on PayPal and I think the FTC will take notice. People get all sorts of error messages, PayPal just doesn't trust new account owners, and they want to market their product to the youth. I think ApplePay will move to replace PayPal's huge gap and PayPal will start buying small startups to keep up with the competition.

FTC is always after to improve money transmitters and could possibly see something in the way PayPal Markets and advertises its products, or lack of transfer of electronic cash value from payor to payee can't bring significant problems for PayPal.

sdot10 03-29-2016 03:11 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
Quote:

Originally Posted by mophie (Post 758461)
It could be, ACH only takes 3-5 days but According to NACHA Payment institutions should post your ACH in 1-2 business days when it hits your account.

PayPal can say they're fighting serious fraud and want to review every payment before sending it to the seller. I think the next big lawsuit will be over product and services, sending money has gotten so much difficult on PayPal and I think the FTC will take notice. People get all sorts of error messages, PayPal just doesn't trust new account owners, and they want to market their product to the youth. I think ApplePay will move to replace PayPal's huge gap and PayPal will start buying small startups to keep up with the competition.

FTC is always after to improve money transmitters and could possibly see something in the way PayPal Markets and advertises its products, or lack of transfer of electronic cash value from payor to payee can't bring significant problems for PayPal.

the small startups has already happened. they own so many. Venmo, xoom, modest. They are pretty much in anything.

Paypal lives in this nice little pocket where they can classify themselves however they want mostly because they were first so there was no standard. Its why they got to go on so long with the limited accounts. You can only screw with peoples money so long because it becomes a problem. I hope we are finally seeing a tide change but I also think paypal may be too big for it to matter.

I think the withdrawal aspect is the next issue. They are clearly in control of your money for longer than they are letting on. Something pending for 2 days cant suddenly go back into the account unless it was never moved in the first place.

wtfebay 03-30-2016 09:47 AM

Re: Next paypal lawsuit will have to do with withdrawals
 
I thought it was common knowledge that when it says "pending", they havent done sh*t with your money. It is just sitting there...MOST times it takes 24 hours, but at least a dozen times I have had it take 72 hours. Doesnt matter if it was a new account or highly aged account. There is really no rhyme or reason to it, but when it is in the "pending" state, the money is INSTANTLY put "back" into your account if any dispute is filed. When it shows "completed", that is when they actually put the transfer through and at THAT point, it is up to your bank to process the ACH (which can be 1-2 days). Paypal can push the ACH through in 30 minutes IF THEY FELT LIKE IT. This is why you can get "instant" withdrawals. Those withdrawals only take 30 minutes to go from pending to complete.

sdot10 03-30-2016 02:04 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
this is the exact thing im talking about that will get them in hot water next IMO.

Because they arent disclosing the truth. They arent sending the money when they say they are. Which will eventually lead to issues. The reason they can pull the money back so fast is because its not pending and its not actually sent. If this annoys enough people a class action lawsuit could happen.

wtfebay 03-30-2016 06:07 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
Quote:

Originally Posted by sdot10 (Post 758772)
this is the exact thing im talking about that will get them in hot water next IMO.

Because they arent disclosing the truth. They arent sending the money when they say they are. Which will eventually lead to issues. The reason they can pull the money back so fast is because its not pending and its not actually sent. If this annoys enough people a class action lawsuit could happen.

This has been the norm for YEARS though. It used to be 24 hours from pending to complete. Not it is up to 72 hours. If you get the "instant" withdrawal, it is 30 minutes. No rhyese or reason to most of this sh*t...I withdrew 2600 one day and it completed in 30 minutes. Two days later withdrew 80 and it didn't complete for 72 hours. :rant:

GreenBean 03-30-2016 06:49 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
Not so sure.

paypal might be aiming to be more "bank like".

Transactions with the banking vary in time taken to transfer.

Banks certainly justify the delays. paypal would too.

sdot10 03-30-2016 07:20 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
Quote:

Originally Posted by GreenBean (Post 758857)
Not so sure.

paypal might be aiming to be more "bank like".

Transactions with the banking vary in time taken to transfer.

Banks certainly justify the delays. paypal would too.

No i know they take time. My point is that they are essentially BSing customers.

Think of it like this. Your boss says I'm sending your check out Monday, it will be there Thursday. No big deal, I know the mail takes time. Now lets say Wed there is a problem and your boss is like oh we need to look over that check. I have it right here. Its like why do you still have the check? You sent it out Monday. How is it still in your possesion when you claimed it was sent.

Banks are a bit different. Ive done my fair share of sending funds with a bank. Do a wire transfer which may take 3 days. On day 2 call up the bank and tell them to stop the transfer. They will say sorry we cant do anything until it posts. Basically paypal's "pending" is nothing but BS for them to hold your money longer.

I just think thats going to be the next thing people take paypal to court over.

GreenBean 03-30-2016 07:36 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
Like you said, sdot10, this is your opinion.

I seriously have to wonder what grounds would need to be used for a class action suit.

:juggle:

rsot 03-30-2016 07:53 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
And to participate in a class action suit with stealth accounts? Hmm

hackteck 03-30-2016 08:02 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
Quote:

Originally Posted by rsot (Post 758874)
And to participate in a class action suit with stealth accounts? Hmm

http://i.istockimg.com/file_thumbvie...d-eyebrows.jpg

newjerseymax 03-30-2016 08:57 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
It depends on level of trust... I can withdraw 9pm at night and its in my account by morning... So yea they are holding it longer then the have to... Could be just a risk factor. One like you described. Giving them ability to quickly pull back if needed. Lowering potential losses...

Got to imagine how many burn and turn accounts are out there that cause this.

chicagoIL 03-30-2016 09:13 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
I thought it was kind of common knowledge that banks, etc. use our money. When they say they are transferring it, they put an arbitrary time frame on it because they can continue to use it while these transfers are pending. They make money with our money so it's to their benefit to hold on to it as long as possible before transferring it out of their system.

supernova 03-31-2016 11:14 AM

Re: Next paypal lawsuit will have to do with withdrawals
 
Ive been waiting on bank transfers to show "completed" for three days now. I cant believe PP can get away with this crap

exxomscp 03-31-2016 11:23 AM

Re: Next paypal lawsuit will have to do with withdrawals
 
It's hard to contest something like this since banks do it regularly; the layover time has been a standard practice in the industry from some time now.

In any case, they'll try to justify it claiming they're following industry practices. They're in the business of blending the line inbetween; I try to compensate for the time required to lower risk.

Although, there are other things that Paypal is doing that have a higher risk factor. The ironic reality is that Paypal's entire business model is based on risk period, with promises of a guarantee.

jak 03-31-2016 11:27 AM

Re: Next paypal lawsuit will have to do with withdrawals
 
Quote:

Originally Posted by supernova (Post 759044)
Ive been waiting on bank transfers to show "completed" for three days now. I cant believe PP can get away with this crap

They hire powerful lawyers and use terms as legal fraud and lobby governments, they can do whatever they want to do.

MM78 03-31-2016 11:36 AM

Re: Next paypal lawsuit will have to do with withdrawals
 
For those that bitch that PayPal takes a "long" time, you can either go find a new payment processor for ebay sales or suck it up and deal with it. The last thing we need is PayPal requiring SSN or other forms of identification to sign up. Seems like now a days everyone wants everything "NOW" and that includes newbies to this forum, people don't get a freaking answer in 2 secs, they start crying.

mophie 03-31-2016 12:43 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
money transfers from your bank account to your PayPal account typically takes 3 days in total even more.

But with Money from PayPal to your bank, there are no rules against holds, if PayPal deems a transfer to be suspicious:spy:, a hold may be placed until is reviewed, mostly awaiting disputes or charge-backs.

Payment transfers are not as serious as PayPal-to-PayPal Transfers, like I said, if a lawsuit happens PayPal may owe the individuals answers, the FTC can remind them of their obligations, if they receive enough complaints, they could be fined.

sdot10 03-31-2016 01:02 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
How is this bitching? It was just an opinion. And for those saying how can a lawsuit happen, you realize paypal JUST settled one for limiting accounts and holding funds right? I mean its a step in the right direction. I have recently got 3 accounts off permanent limitation.

Again this is just my opinion but I think paypal is clearly not honest about when they send funds and if enough people complain its going to either end up changing policy or end in a lawsuit.

NadlesKVs 03-31-2016 03:04 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
Same stuff happens to me. I withdrew from 3 accounts on a Sunday night. 2 of them had the money Monday morning. Really fast, the other didn't and they decided to flag a transaction for reversal because the buyer was limited most likely with a negative balance. So they figured they would just steal it from me. Cool, whatever if was only $4. But, that bank transfer was, "Pending" for almost 3 days.

Typically I withdrawal from my accounts in the same day. Some of the accounts in particular always complete withdrawals noticeably quicker then others.

Nyco 04-01-2016 02:48 AM

Re: Next paypal lawsuit will have to do with withdrawals
 
Quote:

Originally Posted by MM78 (Post 759061)
For those that bitch that PayPal takes a "long" time, you can either go find a new payment processor for ebay sales or suck it up and deal with it. The last thing we need is PayPal requiring SSN or other forms of identification to sign up. Seems like now a days everyone wants everything "NOW" and that includes newbies to this forum, people don't get a freaking answer in 2 secs, they start crying.

HaHaHa MM78 you hit it DEad ON.. SAY it AGAIN PLZ!!!!:lol::lol::lol:
Quote:

Seems like now a days everyone wants everything "NOW" and that includes newbies to this forum, people don't get a freaking answer in 2 secs, they start crying

last3379 04-03-2016 03:18 PM

Re: Next paypal lawsuit will have to do with withdrawals
 
Quote:

Originally Posted by sdot10 (Post 758772)
this is the exact thing im talking about that will get them in hot water next IMO.

Because they arent disclosing the truth. They arent sending the money when they say they are. Which will eventually lead to issues. The reason they can pull the money back so fast is because its not pending and its not actually sent. If this annoys enough people a class action lawsuit could happen.

Pending doesn't mean sent! This is common sense.
Completed means sent.


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