minermark Posted May 9, 2015 Share Posted May 9, 2015 The rumors last year about Ebay and paypal split as you can see were correct. Ebay at this time started pushing their "New" policy of sale(s) and return(s). Ebay now clearly states your customer has up to 6 mo to return an item. < WoW! The Ebay and Paypal split: Paypals new policy has now been emailed to all members and will be again. This policy states when someone returns an item you sold them using paypal, be it through ebay or anyone else, they WILL from your Bank Account place a hold on that money. You will receive from paypal an email they have done this <suprise! , of course you will be out to dinner with your family or at starbucks in the morning and find your bank card refused if your funding happens to be a little on the low side, bank acct frozen! So ladies and gents, this is the Doom i saw coming last year, 6 months return policy! who in the hell does that? Paypal coming into YOUR bank account and holding all money they think they deserve untill you hash through the fiasco with the returnee, meanwile your funding IS frozen. I have not sold on the Bay since last year and never will again, will be using Paypal as i have on this forum giving money to people in need and buying items. 1 Quote Link to comment Share on other sites More sharing options...
Chris A Posted May 9, 2015 Share Posted May 9, 2015 (edited) I can see why they've changed the policy as they have: abuse by sellers. I don't like to use ebay any more because of sellers shipping the wrong or a damaged product. I usually buy used CDs/SACDs/DVD-As that even Amazon Marketplace sellers don't want back because of their low sales price and higher ship back price that gets deducted from the sellers account. In some instances, I bought amplifiers and active crossovers worth a great deal more than used digital discs, but I could still see abuse in those instances, too. People complaining about sellers who dump defective goods, wait for the buyer to complain - deny culpability - and demand that the product be returned before they refund - and it's a slow boat to China which returns your money. So what ebay is doing is actually half of what Amazon Marketplace has apparently done all along: protect the buyers from seller fraud and seller bait-and-switch practices. The buyer is king at Amazon, and that policy is strictly enforced by Amazon. I use Amazon as much as possible because of these past abuses and ebay's unwillingness to do anything about it--I've sent ebay messages about the abuse, last year. Ebay is only used by me when I can find no other course of action. YMMV. Chris Edited May 9, 2015 by Chris A 1 Quote Link to comment Share on other sites More sharing options...
Guest Steven1963 Posted May 9, 2015 Share Posted May 9, 2015 (edited) "they WILL from your Bank Account place a hold on that money." "Paypal coming into YOUR bank account and holding all money they think they deserve." I could be mistaken, but I think a change in banking regulations made it so that the money in 'your' bank account DOES NOT belong to you. It belongs to the bank you deposited it with. Edited May 9, 2015 by Steven1963 1 Quote Link to comment Share on other sites More sharing options...
Moderators Travis In Austin Posted May 9, 2015 Moderators Share Posted May 9, 2015 "they WILL from your Bank Account place a hold on that money." "Paypal coming into YOUR bank account and holding all money they think they deserve." I could be mistaken, but I think a change in banking regulations made it so that the money in 'your' bank account DOES NOT belong to you. It belongs to the bank you deposited it with. It most certainly belongs to you, no banking regs have changed this. It you do a number of paypal transactions set up a seperate account for this, just like you should do for IRS 941 deposits. 3 Quote Link to comment Share on other sites More sharing options...
Guest Steven1963 Posted May 9, 2015 Share Posted May 9, 2015 (edited) If a bank finds itself in financial chaos during times of trouble akin to 2007 and it decides to reach into your account to help make itself solvent what is your recourse to recover your property? I contend that BofA and all the other 'too big to fails' will do whatever is necessary to survive, depositor be damned. I'm talking about bankruptcy and 'creditors' who must get in line to recover losses from said bankruptcy, and viewing depositors (you and me) as creditors. Yes, I may in fact hire a lawyer type to recover what is rightfully mine and I may in fact spend as much money in fees/court costs recovering it as they 'borrowed' from me. Possession is still 99% of the law, is it not? I'm pretty sure legislation has not been enacted to hand your deposits over to the bank in an event of a financial collapse, but I'm pretty sure Congress would drag its feet in any effort to 'make right' the wrong. Especially if the bank shows it would have not survived otherwise. I guess I should have taken more time explaining my thought process before just saying 'it isn't your money anyway.' Edited May 9, 2015 by Steven1963 1 Quote Link to comment Share on other sites More sharing options...
Fjd Posted May 9, 2015 Share Posted May 9, 2015 (edited) If a bank finds itself in financial chaos during times of trouble akin to 2007 and it decides to reach into your account to help make itself solvent what is your recourse to recover your property? I contend that BofA and all the other 'too big to fails' will do whatever is necessary to survive, depositor be damned. I'm talking about bankruptcy and 'creditors' who must get in line to recover losses from said bankruptcy, and viewing depositors (you and me) as creditors. Yes, I may in fact hire a lawyer type to recover what is rightfully mine and I may in fact spend as much money in fees/court costs recovering it as they 'borrowed' from me. Possession is still 99% of the law, is it not? I'm pretty sure legislation has not been enacted to hand your deposits over to the bank in an event of a financial collapse, but I'm pretty sure Congress would drag its feet in any effort to 'make right' the wrong. Especially if the bank shows it would have not survived otherwise. I guess I should have taken more time explaining my thought process before just saying 'it isn't your money anyway.' Currently your situation will not necessarily happen as long as the Federal Deposit Insurance Corporation (FDIC) is still in place and you are using a FDIC insured depository institution. Note that the FDIC is currently a key aspect of the depository institution / banking infrastructure. Essentially, the FDIC issues insurance policies which all regulated banks are required to purchase and covers all of the bank’s depositors against default of the bank up to certain limits. If a covered bank fails, the individual depositors are still able to get their money back through the insurance policy. Recently the FDIC raised the insurance limit from $100,000 to $250,000 for individual accounts at the “depositor” level. Therefore, if a person has funds up to the $250,000 limit, they will be able to recover everything they have been saving. A key aspect to understand is that it is not uncommon for people to get the impression that if they have $250,000 in a savings account and $250,000 in a checking account at the same bank, they will be fully covered. However, this is not how the insurance works as the $250,000 amount applies to all the accounts an individual has at one bank. The work around is for an individual to have $250,000 at Bank A and $250,000 at Bank B and by using this approach the depositor is fully covered. The link to the FDIC below provides additional detail. https://www.fdic.gov/deposit%2Fdeposits/brochures/your_insured_deposits-english.html Edited May 9, 2015 by Fjd 2 Quote Link to comment Share on other sites More sharing options...
Guest Steven1963 Posted May 9, 2015 Share Posted May 9, 2015 (edited) Consider me a skeptic. John Corzine 'lost' over $1 Billion and couldn't tell anyone where it went. Poof. Gone. Oh well! Last I understand he's not in prison (nobody is) and the collective owners of that money didn't get it back. Yes, I know Corzine wasn't running a bank. But banks and .gov and the whole rotten lot of them are all connected at their corrupt roots. I don't trust them with money anymore than I would trust any other crook with my money. And they are crooks, make no mistake. Do you entrust your money with crooks? I get what you linked. It's in writing. But even what they write now-a-days doesn't seem to carry much weight with them when it suits them. Edited May 9, 2015 by Steven1963 1 Quote Link to comment Share on other sites More sharing options...
minermark Posted May 9, 2015 Author Share Posted May 9, 2015 "they WILL from your Bank Account place a hold on that money." "Paypal coming into YOUR bank account and holding all money they think they deserve." I could be mistaken, but I think a change in banking regulations made it so that the money in 'your' bank account DOES NOT belong to you. It belongs to the bank you deposited it with. It most certainly belongs to you, no banking regs have changed this. It you do a number of paypal transactions set up a seperate account for this, just like you should do for IRS 941 deposits. That would be the thing to do as a seller, hummm, great idea. Im pretty content being a buyer, and selling items on the CL as of late. Quote Link to comment Share on other sites More sharing options...
Chris A Posted May 9, 2015 Share Posted May 9, 2015 (edited) ...So ladies and gents, this is the Doom i saw coming last year, 6 months return policy! who in the hell does that? ...I have not sold on the Bay since last year and never will again, will be using PayPal as i have on this forum giving money to people in need and buying items. So as to keep the thread on track...I'd add one thing to my response above: If ebay doesn't focus on the sellers and protecting their rights in this independent seller-buyer marketplace, they will continue to lose ground to craigslist and Amazon: one marketplace being basically uncontrolled and the other highly controlled. I wouldn't focus on ebay unless you own stock in them. They have a market and they must respond to it. If they don't, they're going to continue to get smaller in comparison to the other two marketplaces. The change that you see really affects those sellers that are currently abusing their customers. Chris Edited May 9, 2015 by Chris A 1 Quote Link to comment Share on other sites More sharing options...
Paducah Home Theater Posted May 9, 2015 Share Posted May 9, 2015 (edited) My only problem with ebay is that there is no way to weed out people with zero feedback who click "buy it now". I set my stuff up so that I require a $200 deposit which stopped most of it but it still happened last night. Some guy from Connecticut clicked buy it now on a trailer, confirmed, even put a deposit down on it, then started frantically emailing me saying he doesn't want it, probably after realizing how far away it was and that I can't FedEx a 1,700 pound trailer. Says that he put his phone in his pocket and apparently butt dialed a trailer, deposit and all. Just ridiculous. Yeah I can request to cancel the bid and get my final value fees back, BUT, I am still out the $20 in insertion fees, and more importantly, I am screwed out of the last half of the auction's time left, which is the best exposure by far. Edited May 9, 2015 by MetropolisLakeOutfitters 2 Quote Link to comment Share on other sites More sharing options...
minermark Posted May 9, 2015 Author Share Posted May 9, 2015 My only problem with ebay is that there is no way to weed out people with zero feedback who click "buy it now". I set my stuff up so that I require a $200 deposit which stopped most of it but it still happened last night. Some guy from Connecticut clicked buy it now on a trailer, confirmed, even put a deposit down on it, then started frantically emailing me saying he doesn't want it, probably after realizing how far away it was and that I can't FedEx a 1,700 pound trailer. Says that he put his phone in his pocket and apparently butt dialed a trailer, deposit and all. Just ridiculous. Yeah I can request to cancel the bid and get my final value fees back, BUT, I am still out the $20 in insertion fees, and more importantly, I am screwed out of the last half of the auction's time left, which is the best exposure by far. Yeah that was my first Bi-otch with the Bay early last year, THE FEE'S suck. I will continue to shop the Bay, Amazon, and the CL pretty much can get everything im looking for between those three. Quote Link to comment Share on other sites More sharing options...
Paducah Home Theater Posted May 9, 2015 Share Posted May 9, 2015 (edited) Yeah that was my first Bi-otch with the Bay early last year, THE FEE'S suck. Between eBay and PayPal I had over $12,000 in fees one year, about $5,000 eBay and $7,000 PayPal. People are actually stupid enough to ask why I insist on cash. Edited May 9, 2015 by MetropolisLakeOutfitters Quote Link to comment Share on other sites More sharing options...
Fjd Posted May 9, 2015 Share Posted May 9, 2015 Consider me a skeptic. John Corzine 'lost' over $1 Billion and couldn't tell anyone where it went. Poof. Gone. Oh well! Last I understand he's not in prison (nobody is) and the collective owners of that money didn't get it back. Yes, I know Corzine wasn't running a bank. But banks and .gov and the whole rotten lot of them are all connected at their corrupt roots. I don't trust them with money anymore than I would trust any other crook with my money. And they are crooks, make no mistake. Do you entrust your money with crooks? I get what you linked. It's in writing. But even what they write now-a-days doesn't seem to carry much weight with them when it suits them. Agreed, the Corzine fiasco is not really relevant for a PayPal account and a bank account underneath and if I ever qualify as an accredited investor, I sure have learned a lesson from that fiasco. With MF Global and Corzine, we are not even out of the credit crisis and you have a guy that was never really a “Wall Street star” take over MF Global that was already a financially struggling commodities broker from the crisis and primarily traded pork bellies for farmers and currencies for hedge funds. MF Global made its money from interest on customer deposits and commissions on trades. So what does Corzine (thinking he is a Wall Street heavy hitter) do? He tries to make MF Global into a Wall Street investment bank focused on the extremely risky proprietary trading business model. The experienced hedge funds already knew that European sovereign debt was toxic due to the credit crisis; however, he proceeds to take positions in some of the most toxic areas such as Ireland, Italy and Spain. I guess he had some sense to stay away from Greece. ...So ladies and gents, this is the Doom i saw coming last year, 6 months return policy! who in the hell does that? ...I have not sold on the Bay since last year and never will again, will be using PayPal as i have on this forum giving money to people in need and buying items. [/quote So as to keep the thread on track...I'd add one thing to my response above: If ebay doesn't focus on the sellers and protecting their rights in this independent seller-buyer marketplace, they will continue to lose ground to craigslist and Amazon: one marketplace being basically uncontrolled and the other highly controlled. I wouldn't focus on ebay unless you own stock in them. They have a market and they must respond to it. If they don't, they're going to continue to get smaller in comparison to the other two marketplaces. The change that you see really affects those sellers that are currently abusing their customers. Chris From the stockholder perspective it will be interesting to see how eBay performs as a stand-alone company once the spin of PayPal is complete. Carl Icahn, a significant shareholder in the eBay combined company has been pushing this spin for a while now and eBay finally relented. I’m reading more and more where analysts are looking at Apple Pay and are trying to predict how the new mobile payments platform will revolutionize retail. Therefore, it would seem that both companies need the flexibility that separate companies can provide to better focus on their respective changing markets. The ultimate shake-out is anybody's guess. However, in public earnings releases, eBay has reported better than expected first quarter earnings that were attributed to its growing payments business. I believe that reports show that sales in EBay’s marketplace business fell ~ 4% to $2 billion while the PayPal section of the business had revenue growth of 14% to $2.1 billion. I’ve read various articles where eBay may be a target for acquisition with the most likely suitors interested in acquiring eBay being Google, Alibaba (recent IPO trading on the NYSE that can be somewhat classified as a China version of eBay) and possibly Amazon.com. Google loves to devour many startups each year, although many are not material enough to glean much about the impact from the public reporting. In addition, Google’s cash reserves are certainly large enough along with their ability to raise additional capital to make a huge acquisition if it fits their strategies. On the flip side, I suspect that Alibaba would salivate at the prospect of expanding their platform. Quote Link to comment Share on other sites More sharing options...
minermark Posted May 9, 2015 Author Share Posted May 9, 2015 I was planning on a retirement hobby of selling on the Bay, but UPS, Fedex, and USPS have doubled their rates in the last couple of years. With those three pulling that rate increase, and then the Bay revamp on the Fee's i was out of business. This comes to mind also: The last three items i sold on the Bay cost me for the buyer to own it! i called shipping roughly $18 bucks, it comes in at $34+ but you know if you place realistic shipping rates, you will draw a complaint and/or likely not sell the item. Im guessing the Bay will not look the same in a few years, it sure is not public friendly now. Quote Link to comment Share on other sites More sharing options...
Paducah Home Theater Posted May 9, 2015 Share Posted May 9, 2015 (edited) I was planning on a retirement hobby of selling on the Bay, but UPS, Fedex, and USPS have doubled their rates in the last couple of years. With those three pulling that rate increase, and then the Bay revamp on the Fee's i was out of business. This comes to mind also: The last three items i sold on the Bay cost me for the buyer to own it! i called shipping roughly $18 bucks, it comes in at $34+ but you know if you place realistic shipping rates, you will draw a complaint and/or likely not sell the item. Im guessing the Bay will not look the same in a few years, it sure is not public friendly now. The problem isn't so much as the fees themselves, but the fact that the shipping companies give big discounts to high volume sellers. That makes it tough for little guys to compete. Manufacturers do this as well, buy-ins are ridiculous and if you aren't a big dog, then your wholesale prices are higher than the big dogs are selling to the general public for. Unless a company has a VERY strict MAP policy, it is virtually impossible for little guys to make any money. Even then, the big dogs find a way around the policies, much to my dismay. Warn winches comes to mind, in the early 2000's they had a $100,000 buy in, and the guys who couldn't do that got sent to a distributor, whose prices were more than big places openly sold them for, and WAY more than not so popular guys were selling them for. It was silliness. I've encountered this with game camera companies, lift kits, all kinds of stuff. People are internet saavy nowadays and some policies and/or lack of enforcement on existing ones combined with extremely large bulk discounts make small sellers struggle. Edited May 9, 2015 by MetropolisLakeOutfitters 1 Quote Link to comment Share on other sites More sharing options...
Gilbert Posted May 9, 2015 Share Posted May 9, 2015 (edited) Thanks for the info,.... and this could be good news, as my last order of OldTimer hot sauce will be out in maybe a month, at which time I will file a complaint about the flavor, and get a full refund. Edited May 9, 2015 by Gilbert 2 Quote Link to comment Share on other sites More sharing options...
teaman Posted May 9, 2015 Share Posted May 9, 2015 ****Remember also that the Gov't has ruled recently that it can access your bank account at any time if it feels the funds are not being used, or have been forgotten about.... 1 Quote Link to comment Share on other sites More sharing options...
Fjd Posted May 9, 2015 Share Posted May 9, 2015 (edited) ****Remember also that the Gov't has ruled recently that it can access your bank account at any time if it feels the funds are not being used, or have been forgotten about.... Do you have a link to this legislation or possibly an article? The reason I ask and the reason that I've taken the time to clarify points in this thread is that most of the regulation that impacts depository institutions covered by the FDIC insurance does come across my desk where I have a level of familiarity that others may not and I have not seen this. Of course there may be something in our office of general counsel that I'm not aware of yet. There is probably in excess of $30 billion in unclaimed money from old payroll checks, utility refunds, trust distributions, stocks, bank accounts, checking accounts, certificates of deposit, among other types of financial assets. Essentially, the money is considered abandoned if there has been no activity on it for more than three years and when this timeframe is reached, the money is turned over to the state of your last known address. The state then holds the money until you or your heirs claim it and as I understand it, there is no time limit to claim most abandoned property. Pensions are another big one where people forget to claim and the Pension Benefit Guaranty Corporation (PBGC) (the federal pension insurance program) has indicated that there are approximately 32,000 people that may have unclaimed pension amounts. Of course we have a generation that may not be familiar with the term "pension." If a company goes out of business the PBGC will take over the pension plan; and if a company cannot locate a person that quit, the PBGC will try to track them down. Or, could you by chance thinking of the Office of Foreign Assets Control (OFAC) where there is specific legislation to impose controls on transactions and freeze assets under US jurisdiction? Here is a link to the FDIC information regarding unclaimed funds for the failed banks that has been updated through 5/8/2015 and does not reference this legislation where people can check for money. https://www2.fdic.gov/funds/ Here is a link to FAQs for the OFAC. http://www.treasury.gov/resource-center/faqs/Sanctions/Pages/answer.aspx Edited May 9, 2015 by Fjd Quote Link to comment Share on other sites More sharing options...
minermark Posted May 9, 2015 Author Share Posted May 9, 2015 ****Remember also that the Gov't has ruled recently that it can access your bank account at any time if it feels the funds are not being used, or have been forgotten about.... Likely the only thing life iv no worry of,"Unused Funds" Quote Link to comment Share on other sites More sharing options...
teaman Posted May 9, 2015 Share Posted May 9, 2015 (edited) https://www.sec.gov/answers/escheat.htm Here is a quick Google search. I have seen quite a few other links where the money has been dormant for only months when it was confiscated. Another... http://www.theblaze.com/stories/2014/06/17/this-is-such-a-dangerous-thing-you-might-be-shocked-to-learn-what-the-government-can-do-with-so-called-inactive-bank-accounts/ Edited May 9, 2015 by teaman Quote Link to comment Share on other sites More sharing options...
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