I have to wait 7 days for a failed transaction before the money is returned to my account. I want the interest they are going to earn from my $2,000 for 7 days. This must happen to many thousands of people. Is this a valid reason to file a class-action lawsuit? What are the chances of success? How do I find a hungry lawyer who will take this on for a share of the judgment against PayPal?
If you invested $2,000 for 7 days earning interest of 1.9%, after 30 days, your $2,000 would only be $2,000.74.
(For 30 days, your $2,000 would be a mere $2,003.17, using an interest rate of 1.9% .)
Savings interest rates are extremely low in the USA (in fact in some countries banks charge you to hold your savings), especially on small amounts of money.
These days to bankers, $2,000 is small money.
If you had $2,000,000 to invest, you could negotiate a much higher interest for 7 days.
On $2,000, you're lucky to receive 1.9% interest.
Discover Bank & Ally Bank offer interest rates of about 3% an any money you save.
Again, 3% interest on $2,000 still won't yield you that much over a 7 day, or even 30 day span.
No lawyer would be interested in pursuing a class action lawsuit against anyone for the limited amount of money involved UNLESS you pay the lawyer a retainer of at least $25,000 (higher in more populous urban areas).
