posted on May 20, 2002 09:02:40 AM newYou know I'm tired of dealing with your hard head. It's in their TOS period.
It is most probably that attitude that led to your current problems and loss of the arbitration. I look forward to reading an offical transcript. Or do you plan to selectively edit that also?
posted on May 20, 2002 10:46:58 AM new
The Legal Relationship between You and PayPal
By registering for the Service, you appoint PayPal as your agent to process payments on your behalf in accordance with your instructions, subject to the terms and restrictions of this Agreement. PayPal will at all times hold your funds separate from its corporate funds, will not use your funds for its operating expenses or any other corporate purposes, and will not voluntarily make funds available to its creditors in the event of bankruptcy or for any other purpose. You acknowledge that (i) PayPal is not a bank and the Service is a payment processing service rather than a banking service, and (ii) PayPal is not acting as a trustee, fiduciary or escrow with respect to your funds, but is acting only as an agent and custodian.
You are not required to keep funds in the PayPal system (i.e., carry a balance in your PayPal agency account) in order to use the Service. If you do carry a balance in your PayPal account and do not enroll in the PayPal Money Market Fund, PayPal will pool your funds together with funds from other Users, and will place those funds in accounts at one or more FDIC-insured banks ("Pooled Accounts". You agree that any earnings on the Pooled Accounts will be the property of PayPal, and you will not receive interest or other earnings on the funds that PayPal handles as your agent.
If you enroll in the Money Market Fund, PayPal's subsidiary PayPal Asset Management Inc. will act as your agent to transfer any balance in your PayPal account on a daily basis to purchase shares in the Money Market Fund. Thereafter, payments that you send through PayPal will be funded by a redemption of your shares in the Money Market Fund. For more information on the Money Market Fund, please review prospectus.
By initiating and sending payments through the Service or adding funds to your balance, you appoint PayPal as your agent to obtain the funds on your behalf and to transfer the funds to the recipient that you designate or to a Pooled Account, subject to the terms and restrictions of this Agreement. PayPal will obtain the funds first by debiting your funds in the Pooled Accounts or redeeming your shares in the Money Market Fund, if any. If this is not sufficient to fund your payment fully, PayPal will obtain the remaining funds per your instructions by debiting a bank account that you designate or charging your credit card. When you send a payment, until that payment is accepted by the recipient (which may occur instantly), you remain the owner of those funds and PayPal holds those funds as your agent, but you will not be able to withdraw those funds or send the funds to any other recipient unless the initial transaction is cancelled.
By receiving payments through the Service, you appoint PayPal as your agent to cause the funds to be deposited on your behalf in the Pooled Accounts until you further instruct PayPal with respect to the transmission of your funds. Through the PayPal website, you may provide instructions to withdraw the funds, enroll in an automatic sweep of the funds into the PayPal Money Market Fund or transfer the funds to a third party, in each case subject to the terms and restrictions of this Agreement. If you receive a notice that a payment has been sent to you through PayPal but you have not registered for the Service, PayPal will not become your agent and you will have no claim to those funds unless and until you register for the Service and indicate your acceptance of the payment.
Is this non-selective where does it say paypal does not earn money on your pooled funds
Yes there are to sides to a story and I have paypals side. When I publish it it will not be edited except for names or personal info of the accounts.
As far as hearing from paypal. In their final brief they stated that I received "excellent" customer service. Does that give you any indication as to their lies.
[ edited by club1man on May 20, 2002 11:05 AM ]
posted on May 20, 2002 11:45:09 AM newstopwhiningi dont think we will hear from paypal
Of course not. If you were a business would you argue a dispute in a public forum? Much less a dispute that had been settled?
The dispute was ruled in PayPal's favor, and while club1man wants to claim the arbitrator "was in bed with PayPal." He's made a lot of other remarks on this message board that don't hold water, and has hurt his case with his own words.
In real life this would be over, but the internet provides an effortless outlet to issue "call to arms" and "lets band together" and other rallying cries.
Accepting credit card payments and depositing funds in a numbered offshore account (e-gold) isn't exactly the typical PayPal transaction. That is up there with the woman that was accepting PayPal payments for the Romanian and then sending them Western Union money orders and keeping a percentage. Then she was agast at being held responsible for a lot of stolen credit card transactions.
I don't think club1man will ever accept he made a really, really, poor business decision, other than to blame his woes on doing business with PayPal. With the volume he claims to have been doing why didn't he just switch to using Yahoo PayDirect, or C2it? Why not continue the high risk operation accepting credit cards though a merchant account?
posted on May 20, 2002 11:55:12 AM new
your right Damon OH I mean uaru Investing in gold or another payment service is not for them. They would rather deal with pedophiles that use paypal to support their fetishes.
The porn business is more to their liking.
[ edited by club1man on May 20, 2002 12:09 PM ]
posted on May 20, 2002 12:07:06 PM new
Coonr, Mrfoxy76, & stopwhining;
I believe that Stoney has said many times that it is PayPal that has a protective order against releasing the details of this case (which would include court transcripts).
That alone should tell you who has something to hide. If they didn't have anything to hide, then they'd release the protective order.
I personally feel that for one thing, Stoney did endure this horrible situation trying to 'do the right thing', having faith in the justice system (which, unfortunatley, worked against him in this case), and is trying to let others know "hey, it happend to me, it could happen to you". Even with coonr being as rude to him as can be, Stoney still tells him "...I sincerely hope they never hurt you like they have tens of thousands of others."
Maybe if they (PayPal) ever allow the details to be released, and you see it in black and white for yourselves - you'll believe Stoney, too.
posted on May 20, 2002 12:30:44 PM new
c2it and yahoo paydirect are like paypal,third party payment system and are not as popular as paypal.
a merchant account is what club1man should have applied instead of using paypal and asking them to change the preference.
paypal is good for small sellers who sell small ticket items to end users,something the customers take them home and place on their bookshelf ,living room or whereever.
it is the job of the merchant (seller) to know his customers,especially if he is selling high ticket items or speculative items.
just because the real time credit card authorisation spit out all the codes which said authorisation okay,status okay,address okay,credit limit okay does not mean you are home free.
posted on May 20, 2002 12:30:55 PM newclub1manyour right Damon OH I mean uaru Investing in gold or another payment service is not for them. They would rather deal with phedofiles that use paypal to support their fetishes.
I thought Coonr was Damon. Why can't I be Peter Thiel?
Yeah, I know a little about investing in gold. Here's a tip, if you want to invest in gold one way I wouldn't go about it would be to send a money order or cashier's check to someone so they could purchase shares of gold stock from a company on a tiny island in the Caribbean.
Yes, I've read your statements. PayPal support phediophiles, PayPal has offices in India, 95% of PayPal's accounts are either dormant or frozen, PayPal is controlling the media on not reporting about your case, the arbitrator was in bed with PayPal, PayPal's IPO filings are under investigation by the SEC, PayPal was seen on the grassy knoll, etc.. Lot of sky falling there.
Seems like you've stumbled on to a helluva conspiracy that has fooled eBay sellers, Wall Street, and many banks in foriegn countries (Austraila, New Zealand, Japan, Hong Kong, German, France, United Kingdom, Netherlands, Sweden, Norway, Denmark, etc.)
I particularly enjoyed the:
ARE THEY SCARED OF THIS OLD,OVERWEIGHT TEXAN?
While that tactic might work outside a bar in Arkansas it will carry little weight in a dispute with a business (even over the internet.) In time I think AW will ask you to take your crusade elsewhere. They slapped you on the wrist once before and removed some posts on an earlier crusade didn't they?
re: "I don't think we will hear from paypal". And your response: "Of course not. If you were a business would you argue a dispute in a public forum? Much less a dispute that had been settled?"
I don't think anyone's asking them to argue the dispute here... just allow us to see the court transcripts, so we can judge for ourselves. But they've placed a protective order against it, because they know that if and when the truth gets out, public perception will NOT be in their favor. Normally, court documents are public record. What are they afraid of?
If I were a business and I had done nothing wrong, I wouldn't place a protective order on a case that would normally be public record.
Re your comment: "With the volume he claims to have been doing why didn't he just switch to using Yahoo PayDirect, or C2it? Why not continue the high risk operation accepting credit cards though a merchant account?"
You may have missed the part where Club1man has said that he was providing a CONVENIENCE for his CUSTOMERS. I realize that this concept is probably too much for yourself, paypal, and the rest of the paypal apologists to grasp, but maybe when you grow up and realize that 'other people matter, too', you'll understand.
(I tried to sound as condescending as you normally do in that last paragraph, how'd I do?) uaru: Your response is not requested, required, or welcome (i.e., it was a rhetorical question).
. You agree that any earnings on the Pooled Accounts will be the property of PayPal, and you will not receive interest or other earnings on the funds that PayPal handles as your agent.