Page 1 of 3 123 LastLast
Results 1 to 10 of 22

Thread: How is it legal what PayPal does?

  1. #1

    Default How is it legal what PayPal does?

    I have been doing a Google search to learn more about why PayPal is putting a hold on thousands of dollars for an Ebay sale I just made even though the item was received, my Feedback is 100% and I've been a Verified customer for many years. Apparently, they will hold my funds for about 3 weeks, so I'm thinking that they must make a fortune off the interest they earn on people's money. Why is this legal???

  2. #2

    Default

    I think this is just a standard way of protecting themselves. It sounds like this was a pretty big transaction. They hold your funds just to fully ensure everything goes smoothly and there is no fraud on either end. They do this to protect themselves first of all, and other PayPal users like yourself. I know it is frustrating, but that's the way it is when you use an existing framework to buy and sell your goods. It's all written in the fine print.

  3. #3
    Join Date
    Jan 2014
    Posts
    22

    Default

    Here's the sad thing about it: It's completely legal. They outlined their abuse of power in their ToS (you know, that long thing with technical and legal words that nobody reads), so they're able to do whatever they want. Just by using their service, you agree to the crap they laid out, stating that they could freeze your funds and take your funds at any time if they suspect anything wrong. And that's based solely on hearsay, not on any evidence of you actually doing anything wrong.

  4. #4

    Default

    Personally I do not know why they hold your money for that long. I think they need to understand that people who sell their items need that money from the sale to use it somewhere else.
    Professional Article Writing services at affordable prices [URL="http://www.contentneed.com"]contentneed.com[/URL]

  5. #5
    Join Date
    Jan 2014
    Location
    eastern North Carolina
    Posts
    151

    Default

    Yup, basically, as long as they outline it in the ToS, they're golden. You have to agree to the ToS to use the site.

  6. #6
    Join Date
    Jan 2014
    Posts
    280

    Default

    What's illegal about it?

    You said it yourself that it is a large sum of money and they have a right to make sure it is LEGIT.

    It doesn't matter if you've been a member for 1 or 10 years. Large amounts of money are flagged on their system to be investigated.
    Youtube views: Quick, easy and free!
    [url]http://downloadsafe.org/file/04c8d7[/url]

  7. #7
    Join Date
    Mar 2014
    Posts
    178

    Default

    Quote Originally Posted by idlecuriosities View Post
    I think this is just a standard way of protecting themselves. It sounds like this was a pretty big transaction. They hold your funds just to fully ensure everything goes smoothly and there is no fraud on either end. They do this to protect themselves first of all, and other PayPal users like yourself. I know it is frustrating, but that's the way it is when you use an existing framework to buy and sell your goods. It's all written in the fine print.
    Exactly what idlecuriosities said. It sucks having to wait but it's necessary to make sure nothing fraudulent is going on with your money.

  8. #8

    Default

    It's legal because of the Terms Of Service and because no one regulates them properly. There are no good laws governing online transactions and since they're not regulated as a bank either, look what happens. Honestly, I'm not sure this lengthy wait time it's because of the interest they earn. They simply process things at a snail pace or lack the man power needed for a quicker response.

  9. #9
    Join Date
    Jan 2014
    Posts
    313

    Default

    I agree and its nto fair what tjhey do. Theoretically there are ALOT of bad things that can happen to you if you are unable to access your money.

  10. #10

    Default

    I am sure they cover all the legal stuff in their terms of service. unfortunately most of us (myself included) didn't read it hahah. I know why they do what they do, but I feel like they take it to the extreme at times.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •