SUBMITTED: Sunday, April 05, 2009
POSTED: Sunday, April 05, 2009
Hello there....
It's a fact that stories like this regarding PayPal are rife. There are, in fact, a few internet sites that are filled to the brim with nothing but, specializing solely in PayPal rip offs, poor customer service and even outright disdain or abuse from customer service representatives (if you can even reach them, that is).
It's VERY important for people to understand and spread the word on this point regarding PayPal: PayPal is NOT a bona fide "financial institution" by any stretch of the imagination. They are not bound by the same laws that regulate and oversee places like banks or credit unions, there is no FDIC to protect the consumer from loss or fraud.
PayPal is in business to *make money*, and make it from YOU. The longer they tie up your funds in whatever manner they deem fit, the better for them. They are, after all, making interest off of your holdings. Thing is, that even if an "error" is decided in your favour and you manage to wrangle a refund out of them, they'll return the base amount, but you'll never see a dime of that interest.
Add to this that their "verification" process to prove your identity in the event of a dispute is not only tedious and painstakingly long, but opens you up for potential identity theft if their security isn't up to snuff, as they require you to release to them all manner of sensitive info, including bank statements, copies of drivers licenses and so forth.
PayPal is the primary reason I refuse to use eBay anymore, which is a shame, given that it was a great palce once to find some decent bargains. this is no longer the case, sadly. If it makes you feel any better, you're FAR from alone in your dissatisfaction.