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Noticed the Patriot Act's effects on PayPal?

I work with PCs and use PayPal to conduct my financial transactions. I recently sold some hardware for $800 and tried to transfer the money into my bank account only to be told I can only move $500 a month due to the Patriot Act. After fuming over this for an hour, I realized the ramifications of my true hobby...high end audio. So now, if I sell my amp, preamp, voltage regulator, etc... in an effort to upgrade my system, I will be affected by The Patriot Act. Has anyone else noticed this? I can only question how much more control we will allow our government into our daily lives before we say enough. I'm still pi$$ed that I can now be pulled over for not wearing my seatbelt...when the seatbelt law was passed, we were told we would NOT get pulled over for this violation. I ask you, what value is there in wearing my seatbelt as I drive to the gas station to buy a carton of cigarettes? I’m not some bleeding heart liberal, but am close to my fill of crap I can take from my government. Am I alone? Will I be investigated for this post?
mdomnick
jdcrox
119 posts
 
Paypal amazes me. If I transfer from paypal to my bank account, it takes 4 days to clear. But if I buy something and transfer from bank acct to paypal, amazingly enough, it goes RIGHT through! The 4 days is nothing more than a way for them to make some interest on your money.
david_coppell
23 posts
 
Your absolutley right, they have your money in an account for the period of time - they have aleady extracted their fee. Frankly I consider using Paypal a learning experience, will never use them again. I also have this uncomfortable feeling that giving them bank account number, etc., leaves one open for further privacy risk. I wonder if they are guilty of some compliance issues.
darkmoebius
900 posts
 
Does anybody remember the standard 7 day hold on all bank deposited checks back in the 80's?

Congress finally busted them for the practice called "float". Banks would process your deposit that night, then collect the interest on the money in short term accounts until finally making your funds available to you.

In a concession, the banks then went to 3 day holds. Finally, they had no excuse and had to make the deposits same day except in certain circumstances, like not enough money in the account to cover the check in case of NSF or fraud.

Looks like PayPal (and their owner eBay!) have brought back "float" as a way of making short term profits and force everyone to upgrade to a paying account. Killing two birds with one stone.

And it's all legal since PayPal is not a bank and probably not beholden to the "float" regulations.
chadnliz
3,736 posts
 
Hey if your not Right your Wrong!
garyk
30 posts
 
Not to be too unkind, but a lot of these posts make me think of "tinfoil hats."

Paypal transfers are nothing more than ACH (Automated Clearing House) transmissions between financial institutions. Here's a bit of background:

http://www.nacha.org/About/what_is_ach_.htm

As to the $500 limit, that's just a way of migrating people toward the Premier Account, where Paypal can make more money.
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