PayPal: 'Aggressive changes' coming to frozen funds policy

Who are their competitors?

Interesting articles thanks for the link.. sounds alarming

"aggressive" is probably not the best choice of word

Great post thanks man.

Good, its about time. Ive heard countless horror stories of Paypal freezing large amounts of legit funds for nearly 6 months,hopefully all this can come to an end.

I've used Paypal off and on for 12 years now... and I'm using them less and
less these days. I've been using Square in most instances, and also Dwolla
in some cases.

I'm a direct response copywriter and was hired a few years ago by a
well known breast surgeon out in LA.

I know, I know... tough job :-)

He paid $10,000 for me to rewrite his sales letter and
do his marketing... and he paid with his American Express
and I used Paypal's virtual terminal.

And needless to say, they froze the $10,000 for months.

Not sure why, I had been online and well known since
2001, and my client was a VERY successful surgeon.

It just didn't add up, their reasoning for the freeze.

So, ever since that time a few years ago, I try my
best to avoid Paypal.

Like any other big business... they can do things
the way they want (Google?) because there's
no competition.

But that will change with these other competitors
coming on board. I think Square will be the one
that has the best chance of battling paypal.

As someone who was on the receiving end of my own pay-pal nightmare back in 95, which caused me to go out of business, get my car repo'd, and lose my house.. all I can say it's shameful..

shameful the way they could care less about about people, shameful that it takes someone famous to get them off their butts, shameful that they didn't give a crap until they felt the heat of competition..

I want to ask you guys, will paypal also freeze small money like $1000 Only. and will it also going to freeze small payments like $5-$100,

actually I too face this problem few months back when they called me up for verifying an amount in paypal account, but they release it immediately after talking to me. that was only $700

Is there any specific amount they want to freeze or will they freeze even tiny payments also.

Thanks

Best comment on the article is this one:
"He can't go into details about the transparency lol."

Classic paypal

"We want to be clear about how people can get out of the [frozen funds] situation," he said. "We need to get better about helping people, or explaining why actions are being taken."

Well WTF took so long??!!!

Seriously, these guys have been sitting on people's money (AKA their LIVES) for a LOOOOOOONG time. These "changes" better make this nearly a non-issue in the future. But we'll see. We've all been taught to be fearful and plan ahead for such issues. Better keep doing that for a good while at least.