Is This Paypal BS For Real?
My business partner recently received this email from a so called Paypal rep. They claim that due to tough economic times, and the amount of fraud, that they are going to be deducting 10% off every transaction. They will then hold it for 60 days, and then release the funds. Here is the email.
"Just wanted to tell you about a change were introducing to make PayPal
safer in these tough economic times. Like a lot of financial companies,
were going to start holding a small percentage of the total payments
you receive a reserve.
In a nutshell, a reserve is a percentage of the money you take in thats
held in your account temporarily to help make sure you can cover
transaction liabilities like reversals or chargebacks.
Your reserve percentage will be 10%, and well hold it on a rolling
60-day schedule. That means 10% of the money you take in each day will
get held, and then released 60 days later. And while we know this is a
significant change, tough economic times mean that we, too, have to be
more prudent.
Well start holding your reserves 30 days from the date of this email.
If youre a PayPal Money Market Fund customer, youll still earn a
return while your money is in reserve.
For more information or to learn more about how reserves work, visit the
PayPal Help Center. If you require additional assistance please contact
us at 1-877-729-7252.
Sincerely,
Risk Operations
PayPal, an eBay Company"
Any thoughts?
John
"Just wanted to tell you about a change were introducing to make PayPal
safer in these tough economic times. Like a lot of financial companies,
were going to start holding a small percentage of the total payments
you receive a reserve.
In a nutshell, a reserve is a percentage of the money you take in thats
held in your account temporarily to help make sure you can cover
transaction liabilities like reversals or chargebacks.
Your reserve percentage will be 10%, and well hold it on a rolling
60-day schedule. That means 10% of the money you take in each day will
get held, and then released 60 days later. And while we know this is a
significant change, tough economic times mean that we, too, have to be
more prudent.
Well start holding your reserves 30 days from the date of this email.
If youre a PayPal Money Market Fund customer, youll still earn a
return while your money is in reserve.
For more information or to learn more about how reserves work, visit the
PayPal Help Center. If you require additional assistance please contact
us at 1-877-729-7252.
Sincerely,
Risk Operations
PayPal, an eBay Company"
Any thoughts?
John
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