This is disgusting practice by Paypal, I thought they were a reputable company, but it seems “holding on to your money” to generate interest is now the norm for any online financial service. I’ve only been using Paypal for a couple of weeks, I’ve made many payments and had a lot of money paid into my account in euros, which Paypal have benefited from in fees and charges.
Now suddenly like many other people I’m staring at a “pending” message when I try to transfer MY hard earned money to my bank. It saddens me that a company chooses to run it’s business this way, but I understand…it’s all about profit and we are expendable collateral in the grand scheme of online banking. I work as a freelance designer on many websites with many forms of processing payments, so I am accustomed to the methods these “holding” systems choose to enforce on their user base. Paypal actually isn’t the worst, for example, Freelancer.com hold onto your money for 15 days for their own “internal security check” as an excuse to generate interest from my money, and they can at anytime request that you “verify your identity” which can take up to another 15 days to process.
I naively thought Paypal was different, but it seems greed is the driving force behind any and all of these “remote” services. I’ve just returned from a Friday night out after being embarrassed when my debit card was rejected when trying to pay for a round of drinks with friends, a great way to find out that a global service that you rely on can’t be trusted. So I don’t trust you anymore Mr Paypal, your just like all the rest, I now have to take into account your “up to 72 hours” when processing any payments. I now need a Paypal buffer, I will make sure in future I have enough money in my bank to survive and that any transactions from you will be treated the same way as it would had I borrowed money from a street corner loan shark.
Now I have to bypass Paypal and have money paid directly into my bank account, because you can’t be trusted. All my future earnings will be paid directly into my bank account because you can’t be trusted. When I shop at Amazon I will no longer use Paypal, because you can’t be trusted. I don’t know how long you’ve been practicing this way, judging by your forums this is a recent phenomenon, I hope you will reconsider, but I seriously doubt it.