Cheques (checks) bite the dust

Actually, I thought that in the UK PayPal _were_ regulated under the Banking Code?

In any case, even a bank can decline to have you as a customer, as long as you get your money back.

I've no idea. I'm only going by what I've read in the past.

Oh, ugh. Looking at their page, they're registered as a "credit institution" in Luxembourg - but have argued that since they only do transactions in "E-Money" that they don't have to offer deposit protection. Gee, strange that they are so keen to get people to pay tax on their E-Money, though.

Even stranger is how the e-money that people deposit is magically transformed into real money in PayPal's bank account. Or maybe, as long as it's only numbers in their bank account, it's actually virtual money and not real money at all.

I've never had a fee for withdrawing from Paypal to my bank account. But then, I'm in the US and so is my bank

Same here, Raudf.

I'm in the US, and so is my bank; I've never been charged by PayPal for any reason. Last I checked (and I'm too sleepy to do so now) PayPal starts requiring a Premier acct for any sum total of outgoing (i.e. to the bank) transactions over USD 500. Since I've never approached that limit, I've never been charged. I'm probably wrong on that sum, or maybe it had something to do with 5 incoming transactions (from LL) but in that case you could just limit it yourself.

Dunno. Anyway, I prefer PayPal over checks any day. It can't get lost in the mail.

PayPal as the sole option sounds like a really bad idea. It can work fine so long as you're content with the fees and PayPal doesn't suspect you of fraud (it doesn't take much). If they detect what they think are irregularities in your account they can and will freeze the account and all assets associated with it, and many folks have lost thousands of dollars as a result.

I personally haven't had problems with it, but so far I've really only used it for making large purchases, not for receiving funds.

What about a fee when LL pays into your PayPal account?

If you cash out more than $500 a month and you are a Lindex user you will be hit by at least three fees:
- 3.5% Lindex fee
- $1 USD process credit fee
- 2.9% Paypal fee (for any transactions smaller than $3,000 USD)

If you are outside USA, I believe there's an additional fee. So, at a minimum %6.4 and $1 USD.

If you cash out less than $500 a month you can get by with a personal PayPal account, so long as you only use it for Second Life. Then you'd only pay the LL fees, plus exchange rate fees if you're international.

I've always found that the exchange rate that Paypal use to change my USD into GBP is allways worse than the standard exchange rate that the rest of the world is using. When I cash out I generally account for about a 5% loss, thats about 1.5% transaction fee and up to 3.5% stitch up on the rate of exchange rate.

And LL customer service just keeps getting better and better

They do seem to love screwing over the customers as much as possible

Another thing you might want to look at also, Phil, is PayPal's debit card. I know absolutely nothing about it, but if it's a way to actually spend your PP balance without having to pay any fees for it, that may work out better than what LL charged you for the checks.

And oh, btw, did I mention I'm jealous of all you people making that kind of money in SL??

That would be ok if I actually spent it, but I don't :/

I don't believe you did, but you have now

Doesn't it just. According to the letter, it's because "Checks take longer to process, and are a burden on on both Linden Lab and our residents." Yeah, right.

In my limited experience it takes a tiny amount of time to run off a bunch of cheques, put them in envelopes and post them. Entering the data for them may take a little time, but so does entering it for sending to PayPal accounts.

In my RL UK based business I have not taken a cheque for over 2 years.I have had a " no cheque" policy for 1 Year.

This was largely in response to my lovely historic fishing village losing 3 Banks.Now the Post office is under threat.We have also lost our greengrocers and butcher.The baker remains and survives, knocking out lattes to the emmets.This is fast becoming one very plastic place.The foods wrapped in plastic and so is the money.

Paypal is also probably cheaper for LL here in Holland checks are almost part of history, electronic banking home and business is the way to go and theoretically quicker. Paypal we use as one payment method for our RL business and they have been good for us or is it because your income from SL now may become subject to scrutiny from the UK Tax Office Phil

hehe. No, it's not that. Money can't be hidden anyway - it's in UK banks, and I don't see any difference in the methods of receiving it. It's just that PayPal turns out to be so darned expensive compared to LL's $15 for a cheque. I'm still waiting to find out what the cost of a wire transfer will be.

Well i hope that it will be cheaper than paypal for you and BTW i am Iain Sullivan in the forums as well and copped the suspension for mentioning other grids to answer your question in another thread hehe and yes i agree i deserved it, however my bone was that others doing it far longer directly and continuing to do so didn't get slapped but im sure thats about to change soon and they allowed me to continue to use my alt But i have spoken with Katt and all is settled on both sides to my satisfaction and i assume theirs as well. Just wanted to let you know

I did know that - I almost said welcome back in a thread today (maybe this one).

I didn't know who Iain was when I posted that it was deserved, but I realised it when you signed an Iain post as Lord Sullivan. I didn't know what you wrote than got you the suspension or ban, so it was a reply to me, eh? hehe. Anyway, all's well that ends well.

Welcome back!

I guess they're trying to throw business towards people like Anshe Chung and the website formerly known as SLexchange?

Is it even legal for a company to hold your money and refuse to issue you a check?

I've cashed out a fair bit of dosh and never been charged any fee by PayPal for money from SL. I am going to hazard a guess that SL has an agreement with PayPal and that's what the Process Credit $1 transaction fee is for.

The one and only time I requested a cheque/check when cashing out money from SL, it never arrived. After weeks of waiting, I cancelled the cheque via SL, and had them send it to PayPal.

I got an email from SL several months later saying that the letter had been returned - opened, but resealed with Royal Mail tape.

The Royal Mail is managed by the Incompent and filled with thieves. I have packages that go missing all the time (I've learnt never to order online for delivery anywhere in the UK except by DHL, UPS, FedEx, etc). Seven packages (that I know of) have gone missing or been returned in the 3 years I've been exiled here. My last package had all the candy, one necklace and 2 of the 3 staplers removed. (WHY take my effing stapler?!?)

Thus ends my tirade against the <censored> Royal Mail, may they all rot in hell. Noel, noel, noel, noel.

LOL well i did break the rules so got my punishment and im not cross about that and what i was cross about i have now resolved with them and thanks for the WB

Maybe not, but if I were to push it, they could send a cheque and end my account.

Skye. May I ask what sort of money levels you've cashed out via PayPal? If you are willing to say, and prefer not to post it, please PM me. Cheers.