Learning How The Percentage Rules

September 16, 2009 at 1:23 am 2 comments

A few days ago I put an item for auction on eBay that ended up selling for about $125.00. After paying a “listing fee” of about $4.50 to post the auction, and then paying a few more dollars as a percentage of the “final sales price”, eBay’s wholly owned subsidiary known as “Paypal” which eBay coerces you to use to protect you, took out yet another bite for a few more dollars out of the amount that was to be paid to me by the auction’s winner.

eBay cash

Are you with me so far?

Here’s where the “add insult to injury” part starts:

“Your Request is Being Processed”

“Your request to withdraw funds to your bank account by electronic funds transfer has been received and is in process.”

“It usually takes 3-4 business days to transfer funds from your PayPal account to your bank account, depending on your bank’s policies.”

Perhaps someone, somewhere could explain to me exactly what constitutes a computer’s “business days”?.

I always have felt that if computers don’t get overtime or have days off (or health insurance either), and since they are working 24/7 grinding out the electrons, then on which planet is it that a wire transfer of funds will take at least 4 “business” days? And trust me that even though they say that it “usually takes 3-4 business days”, it’s never going to be 3 days or less, the “usually” part is just there for laughs. Their laughs.

I selected to have the money transferred to my account on September 15th, and a few seconds later I received an email confirming the transfer with these words:

“We estimate that these funds will be deposited in your bank account by Sep. 19, 2009.”

Out of which ass did they pull that “estimate”, and why was there to be an added delay?

So, WTF?

The obvious answer is that they rake in some serious big money in interest from the money held by their bank on the float of those funds every day, which is to say that every day my money is kept in their account earning interest, and combined with the millions that they make each day on all of these transactions, it’s in their (sorry) interest to stall the process and keep that money in play. 

And please note that the woman shown below….meg_whitman_….. is the same one that ran eBay, a one time great place to visit and do things, directly into the ground. She now wants to prove that she’s perfect for the roll of being the final Terminator, i.e., being elected to be the next governor of California.

I can hardly wait, but I think I’ll be watching from Nevada…

So, in closing I recommend you pay a visit to:

Screwpaypal_logo_x501_gif

N.B., The ownership of any and all photos, opinions, and/ or quotes above (including those of mine) belong to the material’s creator(s). Credit is given when it’s known, but because success usually has a million parents and failure is an orphan, blame will not be so attributed. 

Feel free to ignore any ads that are shown below, I don’t choose them and (sadly) I don’t make a penny off any of them.

P.S., check back for occasional updates and rewrites….

FAIR USE NOTICE: THIS SITE CONTAINS COPYRIGHTED MATERIAL THE USE OF WHICH HAS NOT ALWAYS BEEN SPECIFICALLY AUTHORIZED BY THE COPYRIGHT OWNER. I AM MAKING SUCH MATERIAL AVAILABLE IN MY EFFORT TO ADVANCE UNDERSTANDING OF ENVIRONMENTAL, POLITICAL, HUMAN RIGHTS, ECONOMIC, DEMOCRACY, SCIENTIFIC, AND SOCIAL JUSTICE ISSUES, ETC. I BELIEVE THIS CONSTITUTES A ‘FAIR USE’ OF ANY SUCH COPYRIGHTED MATERIAL AS PROVIDED FOR IN SECTION 107 OF THE US COPYRIGHT LAW. IN ACCORDANCE WITH TITLE 17 U.S.C. SECTION 107, THE MATERIAL ON THIS SITE IS DISTRIBUTED WITHOUT PROFIT TO THOSE WHO HAVE EXPRESSED A PRIOR INTEREST IN RECEIVING THE INCLUDED INFORMATION FOR RESEARCH AND EDUCATIONAL PURPOSES. FOR MORE INFORMATION GO TO: HTTP://WWW.LAW.CORNELL.EDU/USCODE/17/107.SHTML.  IF YOU WISH TO USE COPYRIGHTED MATERIAL FROM THIS SITE FOR PURPOSES OF YOUR OWN THAT GO BEYOND ‘FAIR USE’, YOU MUST OBTAIN PERMISSION FROM THE COPYRIGHT OWNER.  

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When You Change The Name, You Change The Game 4 Easy Steps To A Single Payer System

2 Comments Add your own

  • 1. Jeff Bowles  |  September 16, 2009 at 12:35 pm

    I think that there are two or three things in play.

    First, paypal makes money off that “float”. No surprise there. It would be stupid of them, if they didn’t. (Making that “float” a longer period of time, I agree, is crummy behavior.)

    Second, they might set that time period based on guarantees from their own bank processing mechanism. Perhaps some situations “take a couple of days to appear in the account” based on how deposits are made, or more specifically how they are received and processed by the banks. It would be easier to have a single, consistent policy than a different one for each bank situation.

    Lastly, there are multiple ways to get money to a bank. The interbank transfers to process checks, are one way; a real, honest-to-god wire transfer (you see them for large transactions, but you pay decent money for the humans involved) is fairly rare; paper-processing. There are certainly others.

    Paypal might be evil, but this particular behavior wouldn’t be enough (for me) to define it that way. (Permitting anonymous processing of funds, which can create a de facto money laundering service – that’s evil. Bitch about that.)

    Reply
  • 2. Arby  |  September 28, 2009 at 3:02 am

    Meg Whitman will be the next governor of California.

    Unless those that oppose her
    1. Vote against her and
    2. Donate $$$ to her opponents.

    You don’t like her opponents? It’s the lesser of two evils, unless you choose to run. It ain’t perfect, but it’s the best system we’ve got.

    She won’t get my vote. Nor will Carly Fiorina. Neither of whom felt it their duty to vote over the past few (20?) years, but would like to be put in charge of California.

    Reply

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