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What good is Paypal if a personal check is faster??? Alternatives please!

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What good is Paypal if a personal check is faster??? Alternatives please!

Old 02-13-15, 09:41 AM
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garage sale GT
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What good is Paypal if a personal check is faster??? Alternatives please!

I have an above average seller rating on eBay and paypal still ties up my funds for 21 days!

Waiting for a personal check to clear may actually be several times faster.

What are some viable alternatives?
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Old 02-13-15, 09:49 AM
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USPS money orders.
Use Paypal debit card to withdraw or make payments.
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Old 02-13-15, 09:58 AM
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I had the same problem and fired off a few mails expressing my frustration, then it magically cleared up!

I move the funds the second they hit PayPal - they earn enough on the Tx to use my money for earning interest.

Good news, there will be a move in the next few years to easier electonic funds transfer, bad news is it will be rejected by all parties vested in the current insecure and inefficient system.
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Old 02-13-15, 10:04 AM
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Originally Posted by oddjob2 View Post
USPS money orders.
Use Paypal debit card to withdraw or make payments.
Can you use the "held" funds through the PP debit card?
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Old 02-13-15, 10:08 AM
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I have been a Paypal participant since Al Gore invented the Internet so it hasn't been an issue.
Also I have helped a friend with a brand new ebay/Paypal experience and there have been no holds on the funds.
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Old 02-13-15, 10:13 AM
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In my case they seem to hold them even after the transaction is complete, the buyer hits "item received" and leaves a positive feedback.
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Old 02-13-15, 10:40 AM
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Originally Posted by american psycho View Post
I had the same problem and fired off a few mails expressing my frustration, then it magically cleared up!

I move the funds the second they hit PayPal - they earn enough on the Tx to use my money for earning interest.

Good news, there will be a move in the next few years to easier electonic funds transfer, bad news is it will be rejected by all parties vested in the current insecure and inefficient system.
Which likely means the EU will have it for several years before it hits the US.
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Old 02-13-15, 11:02 AM
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Originally Posted by garage sale GT View Post
I have an above average seller rating on eBay and paypal still ties up my funds for 21 days!

Waiting for a personal check to clear may actually be several times faster.

What are some viable alternatives?
Its because you are not selling routinely on eBay. Seller rating means nothing. Actively selling matters.

Personal check, cash, apple pay, choices are endless.

My funds are never held, but I sell every week. Interest rates are so low right now I do not worry about 0.5% annual rate at best that I would receive on my money if I got it immediately. I guess if I was dealing in millions, it might matter. The fact that paypal makes money on holding my funds doesn't bother me so much.

Anyone out there have an escrow account on their mortgage? If so, your mortgage provider is holding quite a bit of your $$ and paying you zero interest on it. Or do you have any mutual fund investments? Check the management fees, 12b fees, etc., these are all charges for holding your money.

Last edited by wrk101; 02-13-15 at 11:09 AM.
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Old 02-13-15, 11:25 AM
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Interest rates? Refinance your home mortgage now, fixed rate, no fee, last week:

15 yr 2.875
30 yr 3.625
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Old 02-13-15, 11:26 AM
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Originally Posted by garage sale GT View Post
I have an above average seller rating on eBay and paypal still ties up my funds for 21 days!

Waiting for a personal check to clear may actually be several times faster.

What are some viable alternatives?
I'm pretty sure I was able to use my "held" funds within the system (used them to buy other things on eBay long before the hold ended).
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Old 02-13-15, 11:34 AM
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Originally Posted by wrk101 View Post
Anyone out there have an escrow account on their mortgage? If so, your mortgage provider is holding quite a bit of your $$ and paying you zero interest on it.
Not to go too far off on a tangent, but it's mandatory for escrow accounts to pay interest in some states.
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Old 02-13-15, 01:18 PM
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First of all, send a personal check to me and nothing will happen. I do not accept personal checks, no matter how quickly they arrive. PayPal is convenient only, but so is direct bank transfer and the transfer costs a tiny fraction of what PayPal will charge you. International Postal Money Orders in US funds are also acceptable to me. Western Union transfers - not a single chance in Hades! I won't deal with that company again.
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Old 02-13-15, 06:03 PM
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Get over it.
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Old 02-13-15, 07:05 PM
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Realize paypal is convenient for the buyer as well. Most other methods are more hassle for the buyer = lower price. You decide.
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Old 02-13-15, 07:15 PM
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I've never had my funds held and I don't sell very regularly, so that can't be the reason. I wonder what is.
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Old 02-13-15, 07:34 PM
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Originally Posted by whatwolf View Post
I've never had my funds held and I don't sell very regularly, so that can't be the reason. I wonder what is.
From Paypal's web site:

Here are a few simple steps you can take to make sure that your money is available sooner and that future payments aren't delayed:
  • Process orders right away and ship quickly using a service that provides tracking and delivery confirmation.
  • Upload or save tracking information or Delivery Confirmation numbers.
  • Communicate early and often with your buyers.
  • Confirm the address and phone numbers associated with your PayPal account, and keep them up to date.
  • Verify your account and keep your financial information (like bank account and credit card numbers) up to date.
  • Avoid buyer disputes, claims, and chargebacks.
  • If you have a buyer dispute, resolve it quickly.
  • If you sell on eBay, improve your Detailed Seller Ratings (DSRs) scores.


NY Times article on this subject:

https://www.nytimes.com/2012/03/11/yo...ming.html?_r=0
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Old 02-14-15, 01:20 AM
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Some friends of mine use an app called Venmo, I believe it allows for instantaneous transactions between two users. I dont use it personally because Im wary of yet another app/company having access to my bank account, but said friends use it regularly and it seems to be really convenient.
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