Minimum Process Credit Fee.. Or just a way to deter the little guy from cashing out?

[Aileen Aiten]

This may just be me, and i could be off on a rant here, but it seems that LL has changed the way they process credits. Now, instead of a flat percentage rate, they have added a minimum fee.. For those cashing out large sums, i'm sure it's not that big of a deal, but for those who wish to cash out a little here and there, it can be quite perterbing.

The second part to this, is the announcement (if you can call a small blog post in the missle of freaking nowhere) states the changes are due to the insurmountable ammount of red tape they must navigate to make sure there's no money laundering going on, and to get payments to different countries..

I highly doubt those two claims are nearly as significant as they make them out to be, as most banks, and payment services just require the transfer to be from a legitimate source (i.e. LL's accounting offices, or bank etc)

As for the money laundering claim, while technically pheasable, unless LL watched every L sent, recieved, and source of injection into the accounts of each person (which they probably do anyway) It's reasonable to think that tracking laundering would begin at the deposit, not the export section of the transaction.. And really, how would one know money is being laundered, unless it comes from a known source.. i.e. a known cartel bank or something random. 

There is also a claim, that these changes would expedite transfers. Instead of taking 7 business days, they should take on average 2..

I'm not sure about anyone else, but i have NEVER had a cretid process take less than 2 weeks. Not once. So the 7 day claim must be for special, or preferential people. As for the 2 days claim.. Yea, we all know that's not happening.

So what is the reality behind the changes? Could it be LL simply wants to snatch a bit more from the little guy, while trying to maintain favor whith those to cash out more? I mean, really, it seems like a tax on those who are trying to pull out the leaste, while capping the rate, allows those who cash out more, to keep more of it.

I don't know. And this could all be in my head, but i've seen too many business use creativly worded ToS updates to basically pilfer from those who they deem lesser prone to action.

[Griffin Ceawlin]

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Aileen Aiten wrote:

This may just be me, and i could be off on a rant here, but it seems that LL has changed the way they process credits.

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Yeah, seems that way. So... Guess it's not just you, then.

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The second part to this, is the announcement (if you can call a small blog post in the missle of freaking nowhere) ...

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Here it is in big bold letters for you:

Faster Credit Processing & Upcoming Changes to Fees

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... states the changes are due to the insurmountable ammount of red tape they must navigate to make sure there's no money laundering going on, and to get payments to different countries.

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You didn't finish reading the blog post, did you? It does not say that is the reason.

In addition to taking time, processing credit and paying real money to users’ PayPal and Skrill accounts incurs costs to Linden Lab. Each transaction actually costs us more than the $1 (USD) fee we have been charging. To address that and in light of the significant investments we’ve made to improve the related systems and processes, ...

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As for the money laundering claim, while technically pheasable, unless LL watched every L sent, recieved, and source of injection into the accounts of each person (which they probably do anyway) It's reasonable to think that tracking laundering would begin at the deposit, not the export section of the transaction.. And really, how would one know money is being laundered, unless it comes from a known source.. i.e. a known cartel bank or something random.

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Wow, you really have a handle on the whole money laundering process, don't you? How is it you're not the Attorney General?

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There is also a claim, that these changes would expedite transfers. Instead of taking 7 business days, they should take on average 2..

I'm not sure about anyone else, but i have NEVER had a cretid process take less than 2 weeks. Not once. So the 7 day claim must be for special, or preferential people. As for the 2 days claim.. Yea, we all know that's not happening.

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I guess I must be special. I don't think it's ever taken two weeks for me.

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I don't know. And this could all be in my head, ...

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Yep.

[Polymath Snuggler]

Ebbe Linden ( CEO of Linden Labs ) has publically stated ~ multiple times~~  that they are lowering land tier and taxing market transactions slightly higher in an attempt to offset the fact that land owners basically fund the majority of SL's user experiences.  It's not some wild conspiracy theory~ it's a publically stated, well thought out action to distribute the costs of running SL a little more evenly among the population.

[Pamela Galli]

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polysail wrote:

Ebbe Linden ( CEO of Linden Labs ) has publically stated ~ multiple times~~  that they are lowering land tier and taxing market transactions slightly higher in an attempt to offset the fact that land owners basically fund the majority of SL's user experiences.  It's not some wild conspiracy theory~ it's a publically stated, well thought out action to distribute the costs of running SL a little more evenly among the population.

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I missed the announcement that market transactions would be taxed higher.

[Codex Alpha]

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Aileen Aiten wrote:

This may just be me, and i could be off on a rant here, but it seems that LL has changed the way they process credits. Now, instead of a flat percentage rate, they have added a minimum fee.. For those cashing out large sums, i'm sure it's not that big of a deal, but for those who wish to cash out a little here and there, it can be quite perterbing.

 

The second part to this, is the announcement (if you can call a small blog post in the missle of freaking nowhere) states the changes are due to the insurmountable ammount of red tape they must navigate to make sure there's no money laundering going on, and to get payments to different countries..

 

I highly doubt those two claims are nearly as significant as they make them out to be, as most banks, and payment services just require the transfer to be from a legitimate source (i.e. LL's accounting offices, or bank etc)

 

As for the money laundering claim, while technically pheasable, unless LL watched every L sent, recieved, and source of injection into the accounts of each person (which they probably do anyway) It's reasonable to think that tracking laundering would begin at the deposit, not the export section of the transaction.. And really, how would one know money is being laundered, unless it comes from a known source.. i.e. a known cartel bank or something random. 

 

There is also a claim, that these changes would expedite transfers. Instead of taking 7 business days, they should take on average 2..

 

I'm not sure about anyone else, but i have NEVER had a cretid process take less than 2 weeks. Not once. So the 7 day claim must be for special, or preferential people. As for the 2 days claim.. Yea, we all know that's not happening.

 

So what is the reality behind the changes? Could it be LL simply wants to snatch a bit more from the little guy, while trying to maintain favor whith those to cash out more? I mean, really, it seems like a tax on those who are trying to pull out the leaste, while capping the rate, allows those who cash out more, to keep more of it.

 

I don't know. And this could all be in my head, but i've seen too many business use creativly worded ToS updates to basically pilfer from those who they deem lesser prone to action.

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Regardless of their intent, the end result is that yes, it does deter the little guy from cashing out as often. I'm one of the 'little guys' who uses the meagre Lindens I do make at this point to re-invest into learning/making new products, and funding uploads and such into SL.

Currently I cannot afford or warrant renting land at current prices, and putting higher tax on selling products to fund such an endevour is only going to delay that.

Yes, the extra charges always hit the little guy first, as the 'cash-out' power at thousands of lindens is much lower than 100's of thousands - we each must withdraw as we need, though I'm not against minimums or even monthly restrictions.

The charges and subsequent levies, and current price of $L means you net about  $3 or less per 1000L you cashout now.

My credit processes usually take about a week still, I have never seen 2 days.

[IvanBenjammin]

My latest cashout earlier this week was less than 36 hours. It takes another 48 hours to get from paypal to my bank account, but the shorter processing times mean I get it within the same week instead of 8-10 days.

[Pamela Galli]

On the 22nd I started my second process credit after the New Improved process was initiated. I still don't have my money.  I have been cashing out similar amounts for years, what is the hold up LL?

Gosh sometimes I wonder if LL can get anything, EVER, right.