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Paypal is a Racket.
 

Hi all, About 4 months ago I sold an item on EBAY. The item i sold was about $6000. The seller paid and was happy with the item, and everything was great.
About a few days later Paypal decided that they wanted a piece of my action, so they stopped me from transferring the full amount to my bank account, and took 50% of my $6000. They call it "a reserve" Another word for Theft. They claim it's for insurance reasons, in case of a chargeback. So now they can hold it indefinitely..
They use terms in their policy to legitimize their corruptive actions.
No one reads these terms and conditions to really understand what you'er getting yourself into. Paypal takes advantage of people by NOT being regulated, like a real bank, but they get all the perks of a real bank, and with an extra bonus in stealing moneys that doesn't belong to them.

If any is going through a similar issue, let me know #lawsuit.

Re: Paypal is a Racket.
 

That is pretty standard on such high value issues

Usually they will release it in a month or so time

Re: Paypal is a Racket.
 

Personally I would never accept Paypal for that amount of money because its just too risky. Aside from paypal deciding to retain 50% for an unspecified period, the buyer could also raise a complaint anytime within 180 days and get their money back for whatever reason they choose. Always bank transfer or cash for that amount of money unless you enjoy 180 days of sleepless nights!

Re: Paypal is a Racket.
 

I totally agree!

Re: Paypal is a Racket.
 

If you think this is bad, never sell on amazon or open a retail store and accept credit cards.

Paypal is great in comparison.

You should not accept paypal for a sale like that. A car dealer certainly would not take a credit card and not expect 90 day or 180 day reserves. Hotels dont get their money for 180 days typically.