PayPal *****
Posted by: Edot on 29 February 2008
I used to think PayPal was great until about two weeks ago. If you use it to only pay for things then it probably is great BUT the first time you sell something and mail the item after the funds show up in your account and they burn you with a hold or reversal, you will have to deal with their incredible ineptness. Frustration will ensue as you waste hours dealing with them and still remain in the dark. You will get different stories depending on who you talk to and in the end you will probably loose your money. Your opinion, like mine, will change. They can reverse a transaction as late as 180 days! I no longer take PayPal payments because PayPal sucks.
Apparently a few other people think so too:
http://www.paypalsucks.com/http://www.paypalsucks.org/http://www.aboutpaypal.org/paypal_sucksPosted on: 29 February 2008 by djftw
That's interesting. Presumably whoever paid you then defaulted when paypal tried to take the funs from their bank.
Posted on: 29 February 2008 by garyi
This could happen with any bank mate, get a grip.
Posted on: 29 February 2008 by djftw
Very true, under most countries' laws a bank can reverse a credit for a cheque for up to 6 months. Don't Paypal offer some sort of cover for that sort of thing anyway?
Posted on: 29 February 2008 by Edot
Garyi,
Paypal and the service they provide is not like an ordinary bank. The protection that is available to those that use the service is not even close. Maybe you will have the pleasure of feeling their "grip" one of these days!
Posted on: 29 February 2008 by garyi
I have had two altercations with PayPal, however I have traded many thousands of pounds through it allowing me to deal with people from all around the world, and people on my doorstep.
For me it has been one of the singlemost useful things on the web.
Yes things go wrong, but its not usually paypal its usually issues between buyer and seller.
Posted on: 01 March 2008 by JonR
I've been a reluctant recent joiner to Paypal having held back for so long because of issues like this cropping up every so often. Having said that, it did make paying for something I had won on eBay quite easy, so as munch said above perhaps I'll just use it for purchases and not for sales.
Posted on: 01 March 2008 by Willy
quote:
Originally posted by djftw:
Very true, under most countries' laws a bank can reverse a credit for a cheque for up to 6 months.
My understanding is that in the UK now after the cheque has been in your account for 6 days they cannot reverse it. (If this isn't in place yet then it's due soon).
Willy.
Posted on: 01 March 2008 by u5227470736789439
I would not guarantee that. I was told 28 days some time ago by the Nat West, and I never really trust one off cheques before that period as a result.
George
Posted on: 01 March 2008 by Jim Lawson
quote:
Originally posted by Edot:
Garyi,
Paypal and the service they provide is not like an ordinary bank.
Why would one assume it was like an ordinary bank?
Posted on: 01 March 2008 by djftw
quote:
Originally posted by GFFJ:
I would not guarantee that. I was told 28 days some time ago by the Nat West, and I never really trust one off cheques before that period as a result.
George
I'm not sure where Willy got 6 days from. George is generally right about 28 days in the UK, but I believe this is part of a voluntary code of practice, and they can make exceptions where they suspect that you cashed a check knowing that the funds might not be available, or if the cheque was fraudulent. The law still I believe stands at 6 months in the UK and I believe many other countries.
Regards,
Dom
Posted on: 03 March 2008 by Willy
I suspect I picked it up from Radio 4 (the font of all knowledge?). IIRC they talked about moving to a system where once the funds had been in your account for 6 days that was it. I also seem to recall that it was to happen within a reasonable timeframe. Of course when you get to my age the concentration goes and it could have been 4 days on Radio 6.
Willy.
Posted on: 03 March 2008 by Bob McC
Some of you do not seem to be aware of the new banking rules regarding cheques that came in in December 2007. After 6 days if the cheque isn't challenged its guaranteed whatever happens later.
See here
http://www.gotelee.com/news_det.asp?id=3055