There are big PayPal changes coming, and it sounds like these are going to be beneficial to the system’s users. The changes are not yet specified, but are said to be in relation to the service’s “frozen funds” policy. CNN Moneyshared the information available so far on Jan. 21.
Many customers have been frustrated over the years by PayPal’s aggressive process in freezing funds. While the goal is to prevent fraud, the system also tends to put users in a tight spot when they can’t access funds that are legitimately theirs. Now, the eBay-owned service is making changes to ensure more transparency.
The senior director of communications, Anuj Nayar, won’t spell out the big PayPal changes that are coming. However, he says that 2013 will be the year they take a look at the frozen fund policies and make things work better for the users put in tight spots unnecessarily. He admits the current system has a “guilty until proven innocent bias to it,” and he acknowledges it’s time for things to change.
Users have long shared stories of having their funds frozen out of nowhere, and it can be a nightmare to resolve. The current system typically freezes funds for 21 days if PayPal suspects fraud, but they can extend it for up to 180 days. Getting the funds unfrozen is an arduous task that many users cannot easily wade through. While the big PayPal changes may remain mysterious for a bit, users burned by frozen funds in the past are hopeful the company is serious about making a substantial shift in how it addresses fraud concerns and the process of checking into the concerns. (examiner.com)
