Elimintating the default Monday deposit
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I do believe the default payment day of Monday does confuse many people and really should be eliminated. It would stop the confusion and allow people to deposit any day funds were clear as well as allow others to let the money accumulate and make even less deposits. Possibly monthly as not everyone is in need of daily cash. This would make easier book keeping with one deposit per month, and possibly make etsy a little more money if they receive any interest while the money sits.
So how about elimintating the default deposit?? If you want it, you can schedule it, and if you don't, your money will accumualte.
Posted at 9:39 am Sep 16, 2012 EDT
I think this is a fair suggestion, but one thing I'll say here is that we don't want to be in the business of holding funds indefinitely. There's a reason we schedule deposits, and that's because if a seller stops logging in, or disappears, or otherwise has actions taken on their account that have nothing to do with money, we want the money to be deposited automatically because we are not a bank, and these funds belong to the sellers, not us. There are also some legal liabilities associated with holding funds indefinitely - and these apply to letting the funds be used for many other purposes as well. Cassandra is right when she mentions the banking regulations - we have really intended, in our first pass, to be strictly an intermediate pass through for your funds.
I do understand the sentiment though, and I appreciate some people mentioning they want to money to accumulate (since the majority of people are bursting at the seams with wanting more money sooner, faster, ASAP, etc). When we're done with the bare bones of DC, across most countries, as well as removing the shipping requirements, etc - we're going to explore more creative ways of managing your money on your own terms.
Posted at 7:49 pm Sep 17, 2012 EDT
Thanks for listening Camilla,
There are a few good reasons for wanting to keep money in the account, but I can certainly see your reasons for wanting to keep it out of our accounts.
There is so much criticizm from those who say that you are holding our money to make millions of dollars on the interest you receive. If this were the case, you would certainly welcome those that wanted to keep it there forever.
Posted at 7:51 am Sep 18, 2012 EDT