Yeah just at this exact same moment I got my 6/23 funds.
Maybe the person who releases these was on vacation. 16 days - wow, just wow.
Anyone Ever Buy and/or Sell on Tradesy?
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Maybe the person who releases these was on vacation. 16 days - wow, just wow.
This has been bugging me for a while. It strikes me as illegal (at worst) and unethical (at best) for Tradesy to be denying its sellers access to their own money for such extended periods.
In holding and keeping control of your money and disallowing you access to it for however long Tradesy deems "appropriate," I'm sure that the department that regulates banks would consider Tradesy to be acting as a bank.
When Congress passed the Expedited Funds Availability Act (PDF) in 1987, they put limitations on the amount of time banks can hold funds from their account holders as well as requiring that some of those funds be immediately available.
And in 2003 when they passed the Check Clearing for the 21st Century Act (PDF), there were requirements set by which funds needed to be released.
I suspect that Tradesy wouldn't want to pi$$ off the Federal Reserve in the event Tradesy is violating the law so some of you who've had your funds held for way too long might consider banding together to inquire of the government whether Tradesy is in violation.
For the small amounts of money involved, Tradesy is not appropriate in holding these small amounts from so many sellers.
In fact, perhaps contacting Tradesy to let them know you're considering filing a complaint might get the release of your money expedited. MHO.
https://www.federalreserve.gov/paymentsystems/regcc-about.htm
In holding and keeping control of your money and disallowing you access to it for however long Tradesy deems "appropriate," I'm sure that the department that regulates banks would consider Tradesy to be acting as a bank.
When Congress passed the Expedited Funds Availability Act (PDF) in 1987, they put limitations on the amount of time banks can hold funds from their account holders as well as requiring that some of those funds be immediately available.
And in 2003 when they passed the Check Clearing for the 21st Century Act (PDF), there were requirements set by which funds needed to be released.
I suspect that Tradesy wouldn't want to pi$$ off the Federal Reserve in the event Tradesy is violating the law so some of you who've had your funds held for way too long might consider banding together to inquire of the government whether Tradesy is in violation.
For the small amounts of money involved, Tradesy is not appropriate in holding these small amounts from so many sellers.
In fact, perhaps contacting Tradesy to let them know you're considering filing a complaint might get the release of your money expedited. MHO.
https://www.federalreserve.gov/paymentsystems/regcc-about.htm
Unfortunately I don't think the federal reserve rules apply because your seller's account at tradesy is not a demand deposit account.
Sellers are leaving the site or restricting what they are listing due to the length of time it takes to get paid. I no longer list any items over $1,000 on the site.I am waiting on a transfer of over two weeksTradesy seems to be in trouble. Even their merchandise isn’t what it used to be, I used to love shopping on Tradesy and now the quality products seem to be few and far between.
Well, I recieved an "identity verification" letter from the IRS this year, which delayed my tax refund by 3 mos, so I think there are systemic loopholes in identify verification that companies can use to delay your funds, legally (unfortunately).
I realize that but my point is that a website can't put unreasonable TOS in its policies and expect that just because it's there, it's legal. I don't believe this would be legal; at least not for the amount of time Tradesy is holding the money.
My day job is as a lawyer and I've wracked my brain, trust me. If there were a good lawsuit here it would have already been picked up the plaintiffs class action lawyers. Amazon holds some sellers' funds up to 90 days. There's no law preventing it as long as terms are disclosed up front. If there are any other lawyers out there with ideas on this, feel free to chime in.
I guess the starting point would be where a firm differentiation is between a bank and Tradesy behaving like one? Do they make interest on funds that are held?
I can't say I blame you. I turned to Tradesy for some of my sales because I have no feedback on Ebay and hated that I lost so much on consignment. I thought it would be less of a hassle....I haven't had any major issues as of yet (knock on wood) but I hope that they are quicker with payouts in the future and can somehow attract their old sellers back so that the site has quality offerings again.
Well the defining term on the Fed Reserve info BeenBurned posted is "demand deposit account." So that is like a checking account or paypal where you can put money in and then get it back out at your request. It's not the same as Tradesy. You're not putting your money in; money is coming in from sales and then you can withdraw when the sale is "cleared" Tradesy is more like an escrow account.
ETA I have heard of some people reporting tradesy to state attorney generals for unfair trade practices, but I don't know that I have heard of any state attorney general taking any official action against tradesy.
While I have no evidence, I have little doubt they make whatever the "low" interest is. And with the amount of money they're holding, it'd be more than a few dollars they're earning by profiting on the float.
That seems to me like illegal profiteering on their part when they already take a percentage of sales and charge for the bank transfers.
What a scam.
Just some prospective (I’m testing out new selling venues):
I recently tested out StockX. It’s still pretty new and I didn’t expect to sell something so soon (buyer market seems almost non-existent). I sold a limited edition Neverfull on July 4th. Shipped on the 6th, received by the company today (7/9). Item was checked in at 1:50 pm. Payment was released at 1:58pm. Payment hit my PayPal at 2:00pm. So yeah, this security thing Tradesy is claiming is boogus.
I recently tested out StockX. It’s still pretty new and I didn’t expect to sell something so soon (buyer market seems almost non-existent). I sold a limited edition Neverfull on July 4th. Shipped on the 6th, received by the company today (7/9). Item was checked in at 1:50 pm. Payment was released at 1:58pm. Payment hit my PayPal at 2:00pm. So yeah, this security thing Tradesy is claiming is boogus.
it's unethical paying practices and false advertising about transfer times, they can be held accountable for that. because what they say in TOU is a blatant lie. up 21 days waiting for funds for verified sellers? 7 days for transfer depending on your bank? give me a break. and they keep pushing boundaries, it's over a month now since shipping.
It is 21 days to have your funds released for transfer after the buyer receives the item, not from when you ship. Then is is "7 or more business days" from when you request transfer for the funds to hit your account. So total 28 "or more" business days from buyer receipt. They have covered their butts with the time description.