longbillduck
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posted on June 6, 2001 08:42:12 AM new
Here's another way they're getting more of our money. They are charging $1.50 for each withdrawl. This stinks
It used to be FREE
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joedptro
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posted on June 6, 2001 10:59:41 AM new
I suppose Money Orders are free, and checking accounts have no charges... $1.50 ain't too shabby if you ask me
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paypaldamon
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posted on June 6, 2001 11:48:09 AM new
Hi longbillduck,
Thank you for your comments.
Checks are fairly costly to process and we would like users to withdraw via bank account whenever possible (the process is faster, more accurate, and more reliable for both parties).
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mrpotatoheadd
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posted on June 6, 2001 12:15:02 PM new
...more accurate
Why would the method of withdrawl affect the accuracy of that withdrawl?
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paypaldamon
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posted on June 6, 2001 03:03:06 PM new
Hi mrpotatohead,
I was referencing the fact that if there were a problem, such as a check not getting there, that the bank deposit method is faster and more accurate because it is directed electronically (not delivered via mail, which means it can't get delivered to the wrong address or lost).
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djcalc
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posted on June 20, 2001 02:38:55 AM new
Hi to all - and !!!PayPay!!!
NOT ONLY $1.50 BUT........
I am in the UK, I have just been to withdraw from PayPal $290.00 into my UK Bank Account
The actual Live Exchange Rate was 0.713743 taken from the Web at http://www.oanda.com/convert/classic PayPal's Rate of Exchange was 0.6717, which results in a loss to me of £12.00 on top of their $1.50 transaction fee. Why is there such a high discrepancy in the exchange rates?
The reply I received from PayPal is as follows:
-----------------------------------------
Please note that the conversion rate is a variable rate, and is updated on PayPal daily.The global currency markets fluctuate daily, and the rate PayPal presents to users includes a small risk factor as well as a currency conversion fee in order to compensate for these fluctuations and costs associated with executing these transactions. The rate is a competitive exchange in comparison to retail conversion rates received at banks and currency exchanges. It is important to note that retail rates presented to consumers and displayed and used for your International Withdraw will differ from the rates you may see in the newspaper, on the internet, or on television. Published foreign exchange rates are often interbank rates, which banks charge each other for transactions valued at U.S. $1,000,000.00 or more.
---------------------------------
What a rip off. Comments please. Cheers to all - Dave
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purplehaze1967
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posted on June 20, 2001 05:01:55 AM new
Just another way PayPal shows its customers how much they appreciate them...
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paintpower
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posted on June 29, 2001 10:26:57 AM new
I'd gladly pay for checks if they would mail them to me! They won't mail to a PO Box address.
Hey Damon! Can I re-sign up using my physical address and then request my checks be delivered by FedEx? I don't get mail at my house but FedEx knows where I live!!
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paypaldamon
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posted on June 29, 2001 01:32:06 PM new
Hi paintpower,
There is an exception process for users that want to receive a check, but don't want to verify a bank account or add a credit card (or those with the PO box issue), and it does require faxing documentation to support the address.
I would recommend, however, using the electronic options over check withdrawal. It is faster and it doesn't cost anything.
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pyth00n
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posted on June 30, 2001 06:12:18 AM new
Dear Pay Pal,
I regret to inform you that the Snake requirement for electronic access to my account has long consisted of the financial entity being granted such information and access being at a minimum FDIC insured and having a top BBB rating.
As soon as Pay Pal meets these requirements I shall be glad to reconsider your repeated applications for this information.
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ghallgren
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posted on June 30, 2001 09:25:19 AM new
I think a buck-and-a-half is ludicrous, but I just payed it - - - because it's the last time I'll ever sell anything with PayPal!!! My bank lost a check that was deposited in the ATM. What makes an electronic transfer better? I used to program ACH systems and you don't want me to go off on that rant.
Everyone leaving on the 13th? Why what a wonderful way to express yourselves . . . .
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chum
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posted on July 1, 2001 05:31:55 PM new
BBB Customer Experience Record
Custom Report
PayPal acts as a third party between the recipient and the sender of an online money transaction. Our file experience shows that PayPal has an unsatisfactory record with the Bureau due to a pattern of complaints alleging that the company requires too much personal information in order to withdraw funds and that the consumer is unable to reach a customer service representative. The company responds to all complaints brought to its attention by the Bureau.
http://www.bbbsilicon.org
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