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Legend Hye

Delay On Cash Out

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9 days delay for me too, used to be 3 working days strict.

Made me worry, asked linden support if there is something wrong, if there was something i needed to do ect..

Answer was: Please wait

 

I thought while waiting to try another service, did try virwox and i realize there are unreal fees in 3 stages , big loss compared to LL process - No thank you, i will wait for LL :)

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When you sell for example 100.000 L$, from the Linden you get (after paying exchange fee)  to your account US$ 390.18

What amount do you get selling the same sum at Virwox?

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First of all, there is a big issue with exchange rate.
$257L per $1USD is currently the best exchange you can get. That's about 4.6% loss compared to current LL rate, which is $247L per $1USD

Then another 3.9% is applied for commission. 0.4% loss compared to LL

Last, there is an additional $1USD plus 2% fees for sending money to PayPal

Total extra loss 7%

That may not be much when cashing out small amounts but sure is a big loss when caching out large amounts

 

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So translated to money this means you only get about 363 usd for your 100.000 L$ on Virwox. And Virwox is taking 27 usd more to cash out then Linden Lab.

I knew there was a difference, but would not have thought it is so big.

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Thanks -- I have never used Virwox or anything but LL because I could not find what the fees and rates were to compare.  I would much rather wait for my money than get less money (tho I would prefer to do neither).

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So, just off the top of my head, basically LL takes around 3.5 percent, and Virwox takes close to 11 percent. The difference between the 2 being about 7.5 percent. More or less.

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I've been waiting since Jan 1st. I hadn't bothered checking anything until I noticed that's it's now the 10th and still now money has hit my PayPal account. Not like we can do anything about it ourselves, but good to see It's not just me.

 

sr_banner_promo.jpg

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So how long is this taking? 4 This used to be about 3 - 4 working days, if it's taking 8-9 fine but it would be nice to know that so I could time my cash outs better.

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=ᵔ ⫱ ᵔ= meow

Could this slowdown possibly signify that LL is running low on liquid cash, you know cash of that real USD type?

Ofices, servers & employees do cost money. The LL execs themselves also pocket vast sums continuously. We can all see the popularity of SL is diminishing. LL's revenue as a company therefore is shrinking. With this situation as the long term backdrop, at some point their profit/cost ratio reaches a pinch point with symptoms such as delayed payouts.  

:catsad:

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Giving the timing I think it is more likely that too many Lindens took vacation time over xmas and new year which resulted in a lot of requests that were not processed. That coinciding with the first of the month, which I assume is a trigger point for a lot of people to cash out has resulted in the backlog we are seeing. It's all supposition though, chances are we will never know, Backlog seems to be clearing now though.

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Yes, they still have not got their act together yet.

I also have a Cash Out on that date too, Friday the 1st Feb. I noticed that my Account History had changes to "Cashed Out" so normally when this changes I go to PayPal and the money is there. But I looked and it was not, so I gave it 6 hours and still nothing. I was worried so called LL Support on the phone and was told not to worry, it had not payed out yet, but it would soon. I was told they needed 5 business days so it would be there on Monday. Well, Monday, Tuesday and today Wednesday I called them again. I was told that there was a problem with PayPal (nothing to do with LL, YEAH, NEVER THEIR FAULT). I was told LL would contact PayPal for me and try to sort it out (they are so kind, as its got nothing to do with them, they are just being super helpful, RIGHT?).

So I am stil waiting, what a total mess.

 

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just saw this :

Scheduled PayPal Maintenance Thursday 11 PM Pacific

[Posted 12:20 PM PST, 06 February 2013] PayPal will be briefly unavailable for a quick round of scheduled maintenance tomorrow, 7 February, beginning at 11 PM PST.

During this time, Residents will be unable to add new PayPal agreements.

Any transactions entered at the start of the outage will be held and processed after the maintenance is complete. If you are caught mid-transaction by the outage, please do not resubmit it until after maintenance has concluded, and unless you’re notified that the transaction has failed.

Service should be restored within an hour. As always, if the scope or schedule of the work changes, we’ll update you here.

 

They dont talk about cash out delay but maybe...

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I recently had a payout request not go through.  I put in the request on the 29th, and 10 days later, I noticed that not only did I not get my money, but it no longer showed as "in progress".  Linden Lab's response to me was that Paypal rejected the payout for some reason... but also worth noting is that they told me that if a payout is rejected by paypal, it's not automatically returned to your account.

To quote them directly:

"Unfortunately, in cases where PayPal denies the payment and sends it back a little later, the process-credit history page does not update. Thank you for letting us know about the problem."

They also suggested that first I contact Paypal to find out what the issue was.  I did so, of course, and Paypal told me directly that the issues was on Linden Labs' end and that I should tell them to contact Paypal.  I did so, of course, via the ticket I originally filed..

I will note that LL did return my funds to my account promptly after I contacted them, and I put in another payout request.  Hopefully, it'll get sorted soon.

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