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How to get your money out of a locked paypal account

Discussion in 'PayPal' started by Nickower, Jan 23, 2007.

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  1. #1
    Most people think onces there account is locked, and they cant withdraw there money is gone forever, However this is not the case.

    Paypal puts a 180 day lock, and then you are able to withdraw whatever funds you have left. This is a evil thing they do so they can make money off the thousands, possibly millions accounts they have locked and make lots of interest.

    So dont just forget about your account! and check it in 180 days:)
     
    Nickower, Jan 23, 2007 IP
  2. CountryBoy

    CountryBoy Prominent Member

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    #2
    Interesting information but legally dicey for PayPal to be doing this. Let's put it this way - if I have $100 of MY money in MY PayPal account I might want to access it immediately. If PayPal say "Sorry, you'll have to wait 180 days to get it" I think that would be a good case for legal action.
     
    CountryBoy, Jan 24, 2007 IP
  3. Nickower

    Nickower Banned

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    #3
    Yep which i think alot of us have considered taking, but taking on Paypal is like taking on Google.. Not going to happen. Unless maybe a class action law suit?
     
    Nickower, Jan 24, 2007 IP
  4. jestep

    jestep Prominent Member

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    #4
    Just to give you some info on why 180 days...

    A business and the credit card processor that processes a credit card is liable for that transaction for 180 days from the settlement date of that transaction. This means at any time up to 180 days after the transaction date, a consumer can theoretically dispute the transaction or the bank can reverse the transaction. Paypal puts a hold on accounts if there are enough risk factors for them to think that the transactions may be returned.

    I do agree with you that it sucks, especially since paypal has over $5,000 of mine held in an account that I wont get until late June. Paypal is very often too eager to put a hold on an account when there is no major risk factor involved. But, there isn't anything that you, me or any lawsuit can do since these regulations are passed down from the credit card companies. Also, when you sign up with paypal or any other payment processor /merchant account / 3rd party processor etc, you agree that they can hold your money . The only way for paypal to stop these holds is if card companies reduce the time that businesses are liable for a transaction. Since card companies give less than a s--t about businesses that accept their cards, I don't think it will change any time soon.
     
    jestep, Jan 24, 2007 IP