Berkeley CSUA MOTD:Entry 48234
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2018/08/14 [General] UID:1000 Activity:popular
8/14    

2007/10/3-7 [Computer/Companies/Ebay] UID:48234 Activity:high
10/3    Paypal is paying 5.21% interest rate, much higher than my
        checking/savings/money market accounts. It's a little less than
        my CDs (Countrywide and Indymac at 5.50%), but it's very liquid
        and very convenient.  \_ Paypal also has an ichy trigger finger
        about locking down
           accounts for fraud, and gets around banking regulations by
           just saying "we aren't a bank".  If you trust a large chunk
           of money to paypal you are a fool.  \_ They have my bank
           account numbers. Am I screwed?
              \_ Probably not, but it does mean if someone does a
                 chargeback you may have the money yanked from your bank.
        \_ Paypal also has an ichy trigger finger about locking down
           accounts for fraud, and gets around banking regulations by
           just saying "we aren't a bank".  If you trust a large chunk
           of money to paypal you are a fool.
           \_ They have my bank account numbers. Am I screwed?
              \_ Probably not, but it does mean if someone does a
                 chargeback you may have the money yanked from your bank.
        \_ http://www.paypalsucks.com for other people's (a lot of them) anecdotal
           evidence on why you shouldn't trust paypal.
           \_ if you're too lazy to read http://paypalsucks.com, the basic summary
              is that PayPal can and will lock you out of your account for
              whatever reason they want and you can't do anything about it
              because they are not regulated like a bank. Your money would
              be safer if you shoved it under your matress.
        \_ http://www.paypalsucks.com for other people's (a lot of them)
        anecdotal
           evidence on why you shouldn't trust paypal.  \_ if you're
           too lazy to read http://paypalsucks.com, the basic summary
              is that PayPal can and will lock you out of your account
              for whatever reason they want and you can't do anything
              about it because they are not regulated like a bank. Your
              money would be safer if you shoved it under your matress.
        \_ you get the extra return for not being insured by the FDIC?
2018/08/14 [General] UID:1000 Activity:popular
8/14    

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www.paypalsucks.com -> www.paypalsucks.com/
PayPal Sucks is an anti paypal site to expose the nightmare of doing business the paypal way. Post your complaints, troubles, fraud stories, lawsuits, and other dissatisfaction in the forums . Read the links & faq pages for help in resolving your paypal troubles and complaints. Read the options page to find an alternative to paypal, perhaps even get yourself your own merchant account to access credit cards directly. According to PayPal accepting their ToS Terms of Service in effect means you waive your rights to credit card consumer protection laws, and that you may not issue a chargeback for unauthorized use of your credit card and PayPal account. Paypals fees for NON-credit card funding are the same as for credit cards! We understand Paypal charging a fee when you fund your account with a credit card. And we understand there is a lot of fraud with credit card funding. However, most of the money sent within the Paypal system no longer comes from credit card funding. However, money spent from PayPal account to PayPal account is subject to the exact same fees credit card purchases are! That is, there are no fees at all to Paypal, and there is almost no fraud at all with this money, but Paypal charges the SAME fees to transactions with NON-credit card funds! Thus every transaction makes PayPal money, but its nothing more than an entry in a computer database on their system. UPDATE: - We all get a win from PayPal: As a result of customer complaints, PayPal has also received inquiries regarding its restriction and disclosure practices from the Federal Trade Commission and the attorneys general of a number of states. If PayPals processes are found to violate federal or state law on consumer protection and unfair business practices, it could be subject to an enforcement action or fines. If PayPal loses the litigation described above or becomes subject to an enforcement action, it could be required to restructure its anti-fraud processes in ways that would harm its business, and to pay substantial damages or fines. This according to eBays annual report filed 3/8/2004 with the SEC. You, me, and all the others who have sent the letters, faxes and e-reports to the FTC and Attornies General. They were fined because they did not honor the consumer credit card protection laws. But in this CNN article PayPal says they will honor claims only filed within 30 days. I know my credit card has a 1 year policy for chargebacks and 90 days for billing disputes. So you still dont get equivalent consumer protection when using PayPal. One important note: First time PayPal openly tells you they will debit your bank accounts for amounts owed. Theyve stated this in previous ToS, but always hidden behind the wording. Paypal lawsuit moves forward The lawfirm Girard Gibbs & De Bartolomeo has asked for the status of your problems with Paypal. If your account is still frozen or paypal has taken money from your accounts without your authorization, they want to hear from you . Dont understand why you have to submit to this new terms of service? Ken Dreifach Chief, Internet Bureau NY Attorney General Scams abound with PayPal! If you are looking for the link to the class action lawsuits, click on links and its there. Heres how PayPal/X thinks of you: As for the PayPal users on eBay complaints, Sollitto said the company reads them, but takes them with a grain of salt, believing many of the complaints to come from a vocal minority of squeaky wheels. Note to Sollitto: It was a vocal minority of squeaky wheels that founded this country! Some numbers to consider: PayPal does $16million per day in transactions. Multiple that by their average of 29 and you see they are making $464,000 A DAY, or about $14Million a month. One would think they could hire some real customer service people to handle customers issues. Note: this information is about a year old and just before eBay bought Paypal. Since doing so, we have been unable to find current transaction numbers, but we are sure they are higher now. Disclaimer: Some of the language in the forums can get a little colorful. We do not condone such language, but we also realize people are angry over what PayPal has done to them.
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paypalsucks.com
FAQs page and it's right at the top, plus their toll free numbers as well. No place do they openly tell potential members that their money is 100% at risk. That PayPal can, will, and has in the past, completely cleaned out customers' accounts, (including your checking or savings account) with no appeals process available. "Telling your side" of what happened, in most cases seems to be irrelevant. They also refuse to provide you with the details of their investigation and withhold documents they relied upon to make their decisions. Your only contact will be an email that says: Thank you for contacting PayPal. We apologize for the delay in respondingto your service request. After review, the decision has been made to keep your account locked. If you have any further questions, please reply to this email. You can email back, but you'll just get more of the same. If a customer "disputes" the charge, same thing happens. At one time, PayPal was the cheapest way to send money, but they are now one of the most expensive, plus you totally at their mercy in regards to chargebacks. We understand Paypal charging a fee when you fund your account with a credit card. After all, they are being charged by Visa/Mastercard, etc. And we understand there is a lot of fraud with credit card funding. However, most of the money sent within the Paypal system no longer comes from credit card funding. However, money spent from PayPal account to PayPal account is subject to the exact same fees credit card purchases are! This money has been in the system for years and is "clean." That is, there are no fees at all to Paypal, and there is almost no fraud at all with this money, but Paypal charges the SAME fees to transactions with NON-credit card funds! Thus every transaction makes PayPal money, but it's nothing more than an entry in a computer database on their system. No money has actually moved, and there are no costs to Paypal. UPDATE: - We all get a win from PayPal: "As a result of customer complaints, PayPal has also received inquiries regarding its restriction and disclosure practices from the Federal Trade Commission and the attorneys general of a number of states. If PayPals processes are found to violate federal or state law on consumer protection and unfair business practices, it could be subject to an enforcement action or fines. If PayPal loses the litigation described above or becomes subject to an enforcement action, it could be required to restructure its anti-fraud processes in ways that would harm its business, and to pay substantial damages or fines. Note to Sollitto: It was a "vocal minority of squeaky wheels" that founded this country! So, if you are scammed and PayPal doesn't even offer a phone number to talk to you about it, if your account is frozen for reasons completely out of your control (or even knowledge) and want to know why, or when you can get your money, or if you can't get the site to take your credit card or bank account, you are just a "vocal minority of squeaky wheels." Multiple that by their "average" of 29% and you see they are making $464,000 A DAY, or about $14Million a month. One would think they could hire some real customer service people to handle customers' issues.