PayPal Steals Interest On Payments For 3-4 Days
Posted by ppc on March 7, 2010 under Fees | 
Complaint:
Bought a 35 dollar item. MY CC that I had never used anyhow as a backup form of payment had expired. I do not do business with the CC companies any longer. 35 is not much I agree unless there are hundreds or thousands of people doing the same tonight. How many transactions do they process a day? The PayPal computer contacts my banks computer and the money is transfered out of my account today. By tomorrow AM the 35 is out of my bank account and not accessible by me any longer. The seller meantime does not get paid for 3 or 4 days. PayPal agrees they can see that the funds have left my checking account! PayPal Claims that they do not have the funds to pay the seller since they will not receive my money for 3 days. I say this is simply BS. They are collecting funds from me and then getting paid interest on my (and everyone else’s) for 3 days. That money does not just disappear into limbo, someone has control over and earns interest on those funds every minute they stay in someone else’s account. PayPal gets paid a lot of money to transfer funds Now they prevent access and do not pay for the item I paid for so basically we are all giving PayPal interest free loans. I am filing a complaint tomorrow to my governor/Senator/Congressman and the Federal Banking Commission. Everyone else should complain also. If anyone knows of a class action over this one please let me know!
Submitted By Tattersall2002