Subject:
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Re: Pay Pal
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Newsgroups:
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lugnet.market.services
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Date:
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Thu, 29 Jan 2004 01:46:03 GMT
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Viewed:
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3098 times
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On Wed, 28 Jan 2004, Douglas Brod wrote:
> I've never had funds "locked", and move the funds out of my Paypal
> account into my bank account soon after receiving them...it takes a few
> days, but it's free to me. If Paypal makes their money to maintain and
> run the site by collecting interest on my money while it sits there or
> is in that 3-4 day transfer window, it seems easier to me than paying a
> fee outright every time I use their services.
I agree that that would be an obviously sensible business strategy; *a
lot* of money passes through PayPal's hands, and most of its users would
be happy to let PayPal collect interest on that money for a few days---it
is still faster than waiting for a check in the mail. That is not,
however, how PayPal does business. According to the PayPal User Agreement:
http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/ua/ua-outside
"If you do carry a U.S. Dollar balance in your PayPal account and do not
enroll in the PayPal Money Market Fund, PayPal will pool your funds
together with funds from other Users, and will place those funds in
accounts at one or more non-interest bearing FDIC-insured banks ("Pooled
Accounts")."
"You agree that you will not receive interest or other earnings on the
funds that PayPal handles as your agent. PayPal will also not receive
interest on those funds, but may receive a reduction in fees or expenses
charged for banking services by the banks that hold your funds."
To me, this seems unimaginably stupid.
But, this explains why PayPal is constantly trying to squeeze more money
from Premier accounts, cutting down on the usefulness of Personal
accounts, and pushing their tie-in products; they don't use the most
obvious method of making money from their business, so they have to rely
on every other method of which they can think.
--
TWS Garrison
http://www.morfydd.net/twsg/
Remove capital letters in address for direct reply.
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Message is in Reply To:
 | | Re: Pay Pal
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| (...) Which is why a number of Bricklink sellers have one of each account. When they invoice, they state two prices: one for cash/balance transfer, one for credit card. Either CC has an extra charge of about $0.30 +3% more, of the cash/balance price (...) (20 years ago, 28-Jan-04, to lugnet.market.services)
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