that's not the half of it.
Re: Paypal's "Rolling Reserve" Is anyone dealing with this new unethical act?
some posts
Well i finally got a call from paypal today. They want 50 grand or 10% from every tranaction until we hit 50 grand in the rolling reserve. I forked out 50 grand. I dont make more then 2% on a transaction. Odly enough they claimed that their research shows i am a high risk account. I asked the rep to look up the amount of chargebacks lost in the last 10 years i have been with them. She would have found a total of 2 chargebacks lost totaling 1900$. That is far below .0001% of our 10 year gross. in 5 years the 50 grand will be worth half due to inflation. i had to empty out my day trading account to fund this. worst news i got in 10 years.
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Today I just logged into my paypal to discover a new crooked act they have enacted. It is called Rolling Reserve. Basically what they are doing is taking 10% of our daily sales and holding it in their rolling reserve?!?!? This is unbelievable! I called and sat on the phone with paypal for 2 long hours this evening to try and find a reason why this is happening to us? Paypal stated they are planning to target every ebay seller with this new policy. Keep in mind we have received NO correspondence via mail, phone, or email regarding this new crooked act they are doing. Paypal told us the reason they are doing it is to minimize chargebacks. We have only had maybe 5 - 10 charge backs in a 1 year period. We always have had the money in our account to cover such losses if and when they happen. Paypal said they hold onto the money for 60 - 90 days. I called a few other power sellers I know and this has not happened to them yet. Is their anyone out their where this has happened to you? I would love to get some feedback on this. My gosh! We already give them thousands a year in fees just to accept money from buyers. Now this? It is time to re-think how all of us do business here on ebay!
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I am a 100% Powerseller myself with no negs in the last 2 years,1 chargeback which I won and a sprinkle of 3 neutrals in over 2000 feedbacks last year,yet Paypal slapped me with the dreaded 6% reserves.Not only that,they ILLEGALLY withdrew £1500 from my account and held it for 12 days over Christmas.It was only returned when my solicitor sent them a letter.That crowd is nothing but legalised MONEY LAUNDERERS.
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Users have been told it is a "lifetime" reserve. ..like forever. They are unable to close their accounts."Lifetime" seems to supersede the previous 180 day program to get funds returned after being held for any "problems" that may arise due to having a PayPal account in general with regards to reversals or chargebacks, even if the account does not have any sale activity that might indicate there would be a problem.
Heil PayPal? A new episode in the PayPal Kafka mini-series. You could, but you can't, unless you do, but you aren't allowed, but you can wait, but it won't help, because you can't. We are sorry for the problems this has caused, but since there are no problems, we cannot help you.
to sum it up ebay and paypal are doing whatever they can to use our money as their own as long as possible.
