After a lot of effort to list and sell a piece of equipment on eBay, and then waiting for payment from the buyer, I received an email from PayPal that they have a new policy of holding payment for 21 days.
Interestingly, a $20 item I received payment for went through without a hold. Yet this amount, almost $500, will be in their hands, held for 21 days.
I was counting on the money from the equipment sale to get me through the holidays and the remainder of December.in this economy, who does PayPal think they are helping with this new policy? I know the answer... Themselves.
Imagine the amount of money that accumulates in 24 hours in holds at PayPal. Now, with the cumulative amount, how much interest or investing will they benefit from? PayPal is cheating customers out of the float on their own funds.
I am angry, and will close my PayPal account as soon as my last transaction is completed.in the past, I had been an advocate for PayPal, but going forward I will be just the opposite.
In this economy, is it really smart to take money from customers they earned and hold it for 21 days?
PayPal stipulates that the hold can be released soon if one of two things happen? One is confirmation of delivery with a tracking delivery confirm, but my item is local pick-up, which is common for non-retail customers selling a major appliance, or vehicle, or furniture, etc. So that option is out for me. Second option is the buyer leaving positive feedback. So, if the person has circumstances that keep him/her from leaving feedback, or they are just forgetful, or don't feel like it, the seller is at the mercy of PayPal.
Unbelievable, unfair business practice. Please, someone help!
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