RE: Held fund
Has anyone talked to you about this or has paypal resolved yet? We have been sellers for over 10 years also and recently paypal has decided to hold our funds for 3-4 weeks for "security reasons" this generally has them holding two to three thousand dollars ( money we need to pay our bills and to continue to serve our customers which is now made difficult and is damaging our customer service because of delays.). Do we know - is this is legal? According to everything I have read paypal is NOT a bank but is a "money transmitter" as such it means that holding someone's money for more than three days is a violation of state and federal banking laws. What I have read so far is that paypal's CEO has stated that this may "cause paypal to cease operations in the future" WTF? Would they rather go out of business due to litigation than simply comply with the law? Let me know what you know!