To be annoyed that Paypal are holding MY money

[crazyfoolme]

I have sold an expensive item this week (£850) and apparently the payment won't be released until 22nd and then I will have to wait for it to go into my bank which will take even longer. How can they hold my money! I wondered what would happen if I close the account?

Have you phoned them up about it?

Have you posted the item? If you add a tracking number to paypal it quickens it.

Is your account all verified? We had this happen to us because it was a large amount if the other party choose to dispute the arrangement the money is still there to 'refund'

If you scan and email to them proof of postage, and proof of delivery it speeds things up a lot. Also if you sold the item on ebay try and get the buyer to leave positive feedback as soon as they've received the item.

YANBU Paypal are (IMHO) scum. Unfortunately I had to get account so I could buy stuff from eBay sellers who don't trust stuff like, er money.

For sellers they seem to be a total nightmare.

I havent phoned them but I have added a tracking number 2 days ago

Phone them. No use complaining here. Go and be proactive.

The funds are held in a reserve account to give the buyer time to inspect and return the item to you, should they require a refund (distance selling rules etc).

Paypal User Agreement - Sections 10.4 and 10.5 have a more detailed explanation. Apparently they can hold the money for up to 180 days!

If you're not a regular seller, this is how it works - it's part of the ts and cs that no-one reads but you sign up to when you have an account: give them a ring, tell them the tracking shows delivered (which presumably it does?) and they will usually release the funds then and there. Their call centre is really helpful too.

As for transferring it to your account - it's usually instant, but can take up to two hours (faster payments) unless your account isn't linked and/or verified. If that's the case, it's usually a couple of working days.

Yabvu

It's money due to you, yes. But if it turns out you were scamming some poor sod out if £850 then they need to be able to refund the person that got scammed, this is hugely important buyer protection!

Ask the buyer to confirm they've received and are happy with the item(s) and then PayPal will release the funds.

When I sold s few things s couple of years ago, this was all made very clear, not sure why you're finding it such s surprise.

I hear "but it's MY MONEY" too many times a day at work from people like you that don't understand companies protecting themselves and their customers with due diligence