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PayPal: 'Aggressive changes' coming to frozen funds policy
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PayPal: 'Aggressive changes' coming to frozen funds policy

SpiritSpirit Member
edited January 2013 in General

PayPal has announced some major changes regarding frozen funds policy in the coming months. Linked articles could be interesting also for some people here and LEB hosting industry in general.

Nayar said he can't go into specifics about what will change, but transparency is a major focus. "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."
"There's a guilty until proven innocent bias to it, and that needs to change," he said.

http://money.cnn.com/2013/01/21/technology/paypal-frozen-funds/index.html

http://techcrunch.com/2013/01/11/paypal-jay-lake-apology/

Comments

  • Shocking, but they did remove the limit a few hours later and added to his fundraiser.

  • Last time some idiot opened a dispute and PayPal froze my funds... I had to send them my driver's license and passport for proof... Does this mean I'm safe or paypal the snake can still bite me?

  • I think it's a better approach as people don't get their own way = charge-back. Don't get me wrong I'm sure there are legitimate cases.

  • MaouniqueMaounique Host Rep, Veteran

    It depends against whom will be the aggression. From the interview looks like paypal reconsidered the stealing policy, maybe they lost too many cases.

  • OliverOliver Member, Host Rep

    I've never been burnt but I deliberately keep very low amounts of money in my PayPal account at all times so that they can't steal too much if something does go wrong...

  • .. Or it could be just another PR stunt.

  • "Shocking, but they did remove the limit a few hours later and added to his fundraiser."

    Not shocking at all. He's a high profile individual with high profile friends like TechCrunch. PayPal's only motivation for removing the limit on his account was to save themselves from a public relations disaster.

    Shocking would be if they removed the limit on your average Tom, Dick, or Harry's account within a few hours.

  • Well I don't know if it's true but processors like Google Wallet are getting more popular and with the terrible PP stories all over they are loosing customers whilst competitors gaining at the masses.

  • MaouniqueMaounique Host Rep, Veteran

    @Voss said: Hmmm, I'd rather get screwed over by Paypal instead of allowing Google to compile further info on me

    What makes you believe Google doesnt have your data already ?

  • @Voss said: Hmmm, I'd rather get screwed over by Paypal instead of allowing Google to compile further info on me

    i dont mind google doing such things so they can display relevant ads

    not like they literally spy on me or keep sensitive info

    tinfoilhat

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