Credit Card Companies Now charging CASH ADVANCE Transaction Fees on F&F Payments? ! Options

[euro911]

Well, apparently the CC company I have associated with my paypal account has decided to charge CASH ADVANCE transaction fees when sending funds to 'Friends & Family' via paypal (IMG:style_emoticons/default/blink.gif)

In reviewing my current statement. I noticed they charged me a $10. transaction fee on a $31. purchase from another local World member (IMG:style_emoticons/default/screwy.gif)

From now on, I'll add in the 3% fee the seller bears when accepting a paypal payment (up to a break-even point), instead of the using the 'F&F' method.

[euro911]

Well, I called the CC company (BofA) to find out what the fuch was going on. Apparently, some folks (commercial vendors and plain old regular folks) take the paypal payments as cash (how that's done is sort of interesting ... how do they get CASH out of a digital fund transfer ???)

In any event, BofA told me that the minimum 'cash transaction fee' is $10. - so it came out to over 30% on the $31. 'F&F' purchase from the World member.

Came to find out that they also charged me a $10. 'cash transaction fee' on an ebay purchase of $18.17 (for a previously-owned windshield washer reservoir for my Vanagon) - which came out to be a 52% fee (IMG:style_emoticons/default/screwy.gif)


Needless to say, the BofA card will not be used any longer ... in fact, I will close the account as soon as possible. There's no way for a buyer to know if a vendor or other recipient takes the PP payment as cash (which still isn't exactly clear on how that works) - so buyer beware (IMG:style_emoticons/default/shades.gif)