Shoestring Theory

Currently documenting the house that is eating our lives, we will return to regularly scheduled programming in a couple of more months

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PayPal shortchanged money market accounts temporarily

February 12, 2008 at 11:11 am by thetheorist

PayPal logo

Apparently, lots of people reported that PayPal massively under-delivered January’s money market dividend payment. The correct dividends started to be deposited in the last few days. I had missed this until I saw it mentioned in passing in a CNN story last night. Full disclosure, I do have a PayPal money market account. But, I didn’t keep much money in PayPal during January, so I expected (and received) a very small dividend payment.

Mulitple threads in the eBay forums, one at Slickdeals, and another at the Auctionbytes forum can provide in-depth discussion on the issue.

This ties directly back into yesterday’s post regarding eBay’s glitches. eBay keeps hammering sellers with the message that they must help restore buyer trust in the marketplace. But, eBay and its subsidiaries undermine that message (and general trust in the company) each time a problem develops and they don’t effectively communicate with their members. Money market account holders should have been notified of the problem when it was discovered. Instead, hundreds (or more) had to contact PayPal and pester them until they received an explanation for the incorrect dividend.

To eBay and PayPal: Help build trust. Be forthright with your members.

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