PayPal Freezes $750K in MineCraft Dev's Account
- Thread starter discodave
- Start date
This is unfortunate. I heard a few people say it was his own fault for leaving that kind of money in there. That statement is pretty ignorant. You shoul dbe able to trust your payment processor, as they are making money all along off of everyone by deducting those high as fess from your payment.
Furthermore, if you read the first post, he said that they froze his account just as sales spiked, and that a lot of that money has been accumulating since the freeze, so it's definitely NOT his fault in any way.
I had my account frozen last month because some asshole hacker decided to buy one of my products with a stolen credit card number, and of course, Paypal decided that it was my fault.
I lost all kinds of money in lost sales and had several memberships cancel due to non-payment. I paid the ones I could manually by credit card, but wasn't able to get to some.
Paypal should have a fail safe in place that if they freeze your account, your subscriptions could still get paid from the credit card or bank account on file.
It's just further [proof that they don't give two shits about the consumer and are only out for themselves.
Unfortunately, they've managed to corner the market. Sure, there are other options, but it's just like alternate search engines to Google, only 10% of the populatiton uses them.
These companies like google and Paypal shoudln't be allowed to get so big that they can have everybody by the balls.
Furthermore, if you read the first post, he said that they froze his account just as sales spiked, and that a lot of that money has been accumulating since the freeze, so it's definitely NOT his fault in any way.
I had my account frozen last month because some asshole hacker decided to buy one of my products with a stolen credit card number, and of course, Paypal decided that it was my fault.
I lost all kinds of money in lost sales and had several memberships cancel due to non-payment. I paid the ones I could manually by credit card, but wasn't able to get to some.
Paypal should have a fail safe in place that if they freeze your account, your subscriptions could still get paid from the credit card or bank account on file.
It's just further [proof that they don't give two shits about the consumer and are only out for themselves.
Unfortunately, they've managed to corner the market. Sure, there are other options, but it's just like alternate search engines to Google, only 10% of the populatiton uses them.
These companies like google and Paypal shoudln't be allowed to get so big that they can have everybody by the balls.
GreenGoblin
BANNED
- Jul 17, 2008
- 1,492
- 2,418
Paypal will let that money sit in there interest baring account, for 6 months and make like 10-20% off of it then give it back, oldest hustle in the book.
SuperBlackHat
Power Member
- Feb 2, 2009
- 578
- 117
was there not some recent court ruling that said paypal was not a bank and hence not subject to banking laws, hence their ability to take your money without recourse?
http://news.cnet.com/2100-1017-858264.html
http://news.cnet.com/2100-1017-858264.html
GreenGoblin
BANNED
- Jul 17, 2008
- 1,492
- 2,418
huh? what are u talking there so many legitimate corps that make well over 1 mill a week, and there not shut down, ill give u the just of it
1. Paypal is not a Bank therefore there not regulated by USA banking laws
which means they don't have to follow the typical guide lines a normal bank does who offer merchant services through a domestic bank.
2. A normal domestic processor, (and i know because i deal with them everyday) through a domestic bank has a risk management department that deals with chargebacks that will call you and say "hey look u got a huge spike in your sales and depending on what your selling will dictate if the business is a high risk business which ultimately dictates the % of reserves that will be held back to cover un-forseen chargebacks.
3. If paypal was a normal bank they would have a lawsuit on there hands but because they have there own policy that does not conflict with USA banking laws they can do whatever they wish with anyones money, but it is also typical for a normal processor to terminate your account but only after you reach a certain number in % in chargebacks and yes after 6 months they do release the remaining balance to you if your chargebacks didn't go over whatever the balance was.
But just freezing peoples money, because the have a spike in sales is not good business practice. People get a merchant account stop being lazy and pay the 50 bucks a month to have a real processor, iv process 100k + on my merchant account 0 chargebacks and guess how many phone calls i had from risk management 0 i don't even know there names.
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djbankrupt
Regular Member
- Jun 10, 2010
- 228
- 43
Kinda makes me nervous when my sales are finally starting to make a dent on the bills.
Actually, PayPal IS a bank. It's just not in the United States, which is odd since it is headquartered in the United States and most of its transactions take place between two people (or businesses) within the U.S. Lets not forget that PayPal is the masters of loopholes.
Paypal freezes money to raise it's stock and to lend YOUR money to other people as credit. These bastards are communist and work for bigger fish. They definitely are ran by The Big Banks and disguise themselves as some "small" time service on the internet compared to Banks you know of like Chase etc.
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texstorm2442
Newbie
- Nov 21, 2009
- 20
- 3
Bingo.... Who lets that much money sit in paypal, I dont even let more then $1000USD sit in paypal let alone $750,000. Lol
tacopalypse
Senior Member
- Nov 30, 2009
- 935
- 2,533
now that is f'cked up. :\
currently got about 1.5k sitting in paypal; i'm thinking i should probably withdraw it before something retarded happens..
...aaand looks like i can only withdraw $500 per month
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RebelMaster
Junior Member
- Jan 31, 2008
- 172
- 95
You REALLY need to go back and read the post again where the guy says the money accumulated AFTER his account was limited. Even when your account is limited it can still have money coming into it ... just not OUT of it.
It sux either way, though.
RM
Webbers UX
Elite Member
- Apr 3, 2010
- 4,944
- 5,288
I have issues with paypal too, but wow , 600,000 euros stuck in it, that's worse than a nigthmare.
REALLY? And YOU do?
PLEASE next time you post a response do you think you just might want to actually know what you are saying.
First off I had my account limited years ago. GayPal had been collecting their fees on the transactions for months. We are talking about more trans actions per month then this $750k. They limited the account because of a $4.99 complaint. That was their reason. I was told that we would have to wait 6 months (180) days for pay out with NO INTEREST. I told the brainwashed crook on the other line that "I'll have my money before the day ends today" he laughed.
I then called directly to then CEO Peter Theil.
I told him to keep every single penny.
He said "Why"
I said "Because you will need every cent to stop me from putting a lien on your building today"
He told me to hold.
He came back and introduced me to my NEW REP at GayPal.
The money in my account was available again less then 20 mins after speaking with the idiot at customer support.
SO PLEASE don't post shit you have no idea of.
There are some of us who have put MaSSIVE amounts of $$$$'s through Gaypal.
No it is NOT Simple(s) ...
That statement is clearly from someone who has zero marketing experience. Why as a businessman would I want to be limited to a market of over 50 million legit BUYERS?????
I don't mean to knock you, but it gets real old watching and reading replies like yours to GayPal threads. Have a nice day and God forbid you do anything of matter on the Net that puts YOU in harm's way with GAyPal.