Is Paypal a ripoff?

[talltigeguy]

So I bought my digital camera, made payment on November 7. My bank statement shows the money left my account the very next day.

Paypal still shows that the money has not yet cleared. So of course, the seller has not even sent my camera that I won 6 days ago, even though the payment was made the moment I bought it.

Suppose you were to create a business that transfers millions of dollars every day, you charge a small fee and you just delay the transfer of money for 5 days on every transaction, thus building an account of millions of dollars, that you can invest and just get interest on. That is what paypal is doing. The same happened with my tower speakers.

I think that paypal is scamming people by intentionally delaying payment to the seller. All the while, I am still waiting for my speakers and camera.

Just a vent

[da.bell]

Welcome to democracy!!!!!!!!!!!!!!!!!

[chpthril]

Thats strange, I use PayPal all the time. When I do a payment, Pay Pal shows a credit to my PP account where they drafted from my bank, and a debit where they withdrew it from my PP account and paid the seller. Basically a wash. Did you pay from the link in the auction, or the "pay now" button in your "my ebay" or go through Pay Pay to pay? Did you get a recite from Pay Pal showing you paid the seller? The seller should have gotten a recite also as soon as you paid and shipped it. Not your fault that it is in limbo at PayPal.

Again, really strange. I have been using Pay Pal for years, both as a buyer and seller.

[Domsz06]

If you do not keep money in your paypal they take up to a week to clear it from your bank, even though in your bank it's gone. They do this so they can make more money. Same way they charge you up to 5% to use credit cards when you accept them. I still have a personal account and I REFUSE to take credit cards due to the amount of money they take from you.

It's part of doing business. If you choose to allow credit cards you should eat that price. Paypal won't, even though they are making money on interest and investments.

I used to use it alot, but now that eBay runs it I hardly use it. Unless I have to.

[talltigeguy]

Yes, I received a payment confirmation immediately from Paypal.

The money was gone from my bank the next day.

I log in to paypal today and look up my history...the payment is listed as 'uncleared'.

The same occurred with my tower speakers. I discovered this when I emailed with the guy and he said he would ship them as soon as he had the payment. I couldn't understand since I delivered the payment immediately. Sure enough, I log into paypal, and my payment is listed as 'uncleared' for 4 days after I had confirmation.

[Domsz06]

I have noticed it too, it will immidiatly be gone from my bank, but paypal will take a week to clear it.

[talltigeguy]

If you do not keep money in your paypal they take up to a week to clear it from your bank, even though in your bank it's gone. They do this so they can make more money. Same way they charge you up to 5% to use credit cards when you accept them. I still have a personal account and I REFUSE to take credit cards due to the amount of money they take from you.

Maybe that is it. I have some money in my account, but it isn't much, it is just the T-shirt money from the reunion. They haven't touched that to pay for the higher priced items I have been buying lately. So I bet an amount smaller than my current balance would clear instantly?

[chpthril]

Hell, my bank does that when I make an online payment to "thier" credit card (MBNA's really) it's gone right now, but does not post to my Credit card account for 4-5 days. dont know who is holding but somebody is Like Dom said, it is what it is

Tall, are "varified" dont know why/if that would make a diff.

[Domsz06]

tall,

When you pay you can choose to pay different ways. Just select from your paypal balance, or a credit card and it's immediate. the bank will take up to a week.