First National Bank abusing the Paypal relationship

FirstRipoffBank

New Member
Joined
May 31, 2017
Messages
1
I've always thought that FNB's exclusive relationship with Paypal was not kosher.

I'm an FNB client, and currently using Paypal with them for over 7 years for receiving and paying.

Anyway, I understand that Paypal wants to reconsider the exclusivity agreement it has with FNB and work directly with other banks as well, so we won't have to suffer in the coming years.

At the moment however, FNB is not paying clients funds withdrawn over the last 12-14 days. In fact, the FNB Paypal line this week just keeps you on hold for hours. I was supposdd to receive funds yesterday 30 May 2017, and this was confirmed by them last week with my reference number. Today, 31May 2017, funds are still not received.

I laid a complaint, but the girl on the FNB complaints line laughed at my complaint, and said it's month end therefore they are busy and cannot process the payments. Does this make any sense?? Instead of giving me a response on my funds which were to be received on 30 May and processed well over a week ago, I get a laughed at.

How do I get my money? I can't even get through to FNB PAYPAL telephone support....
 

Sinbad

Honorary Master
Joined
Jun 5, 2006
Messages
72,410
I did a withdrawal on the 21st, it came through on about the 27th
 

bratwurst

Expert Member
Joined
Oct 15, 2008
Messages
4,235
Advertise your dollars on carbonite. Lots of peeps looking to buy. I sell 80-90% of my monthly dollars on carbonite. I sell at exchange rate - 1.5%. Still better than what fnb pays out and you don't have to wait for days.
 

Thor

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Joined
Jun 5, 2014
Messages
40,012
Also have endless issues with FNB and PayPal including funds not being released.
 

Thor

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Joined
Jun 5, 2014
Messages
40,012
Advertise your dollars on carbonite. Lots of peeps looking to buy. I sell 80-90% of my monthly dollars on carbonite. I sell at exchange rate - 1.5%. Still better than what fnb pays out and you don't have to wait for days.
Is that legal? (genuine question)
 

RedViking

Nord of the South
Joined
Feb 23, 2012
Messages
29,734
As a Freelancer dealing mostly with PayPal, I hate the fact that I HAVE TO USE FNB. Why the hell make it such a mission to withdraw and add funds to PayPal. Just linking a flippen bank account is already such a mission yet something that should be extremely simple.

Why do they have an exclusive agreement? or is it one of those decisions the government/ZARS gave them, use this or leave....
 

C4Cat

Honorary Master
Joined
Nov 9, 2015
Messages
10,016
Is that legal? (genuine question)
Depends how your money got into your PayPal account. If it was payment received from outside the country you have to withdraw it into a bank account by law before using it. So it's illegal to use PayPal to pay someone using funds received into your account without first putting into a bank account.

It's not legal to sell below the official exchange rate, as far as I know, or to even privately sell your currency (I'm not sure on that one) this would be considered black market currency trading
 

BeerIsNotGood...

Executive Member
Joined
Aug 27, 2015
Messages
6,362
As a Freelancer dealing mostly with PayPal, I hate the fact that I HAVE TO USE FNB. Why the hell make it such a mission to withdraw and add funds to PayPal. Just linking a flippen bank account is already such a mission yet something that should be extremely simple.

Why do they have an exclusive agreement? or is it one of those decisions the government/ZARS gave them, use this or leave....
Any info on this would be appreciated...
 

RedViking

Nord of the South
Joined
Feb 23, 2012
Messages
29,734
Any info on this would be appreciated...
Not sure. But can only withdraw money from PayPal via FNB. Have been using it for some years now. PayPal will also require Proof of Address and ID and if it is a business account, Proof of Business Tax forms and business address.
 

C4Cat

Honorary Master
Joined
Nov 9, 2015
Messages
10,016
Any info on this would be appreciated...
It's an agreement between PayPal and FNB - I doubt the government has anything to do with this. FNB just got there first and made the agreement, which included exclusivity.
 

Lew Skannen

Expert Member
Joined
Jun 20, 2012
Messages
2,903
Nothing wrong with Paypal and FNB.

The past month or so I can withdraw my funds much faster. Sometimes I get it in my account in 1 business day, most of the time in 2 days. The time of waiting 7-10 business days are gone with FNB.
 
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