PayPal
Held My $270 Transfer for India Purchase for Seven Days
- 09-06-2009
- 43
I told Paypal they could withdraw $270 from my business checking account, and I assumed I could forward that money to India for a purchase. After the transfer was completed, I found out that Paypal would keep my money until 7 days later. So when the recipient finally gets paid, Paypal will have earned interest on my money while delaying the transaction, to no one's benefit except Paypal.
In the previous week, I received money from France into my Paypal account and was not informed by Paypal that the customer had paid.
Congress should regulate the monopoly that Paypal has, especially as they also own Ebay. Consumers should sue Paypal for using their money, which is supposedly the consumer's property. In these days of electronic transfer of money, Paypal has no excuse to say that they do not yet have the money up to a week later. I know that Paypal got the money almost instantly because my bank said it was TRANSFERRED, which means in English that they received my money from my bank.
Company: PayPal
Country: USA
Site: www.paypal.com