Hold on deposited funds

Project Lead:

abbood (0 credits)

 

Bounty:

US $1.59(Sponsor Project)
A protection measure against depositing funds from stolen credit cards: A hold on any newly deposited funds in FOSS Factory.
 
Note: You can propose changes using the forum below.
A protection measure against depositing funds from stolen credit cards: A hold on any newly deposited funds in FOSS Factory.

Any money that is newly injected into FOSS Factory must be on hold until we get a clearance on it from our money transmitter service (ie PayPal, AlertPay, TD Bank etc).   However, the money can be freely used throughout the site: people can pledge it as bounty on any project, split it amongst several subprojects, keep it in their reserve, even pay it out to successful submitters.   The only restriction is that no one can take that money out of the system (ie deposit it into their bank accounts or whatever) until the hold period is over.

The hold period would last either until we get final clearance from the money transmitter service, or until the maximum hold period has ended, whichever comes first.   The maximum hold period would be configurable to allow us to compromise between reducing our risk and maximizing convenience for our users.

If the money is found out to be fraudulent, or if the money is charged back, the money simply disappears from the system, it disappears from every where it got to.

Each project's Sponsors tab must show what portion of each sponsors' contribution is on hold.   The tab should also show the total amount cleared versus on hold.

Each member's reserve must show what portion of their reserve is on hold, with a break-down of when each held portion is expected to clear.

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once completed, this section must be added to the overview:

Uncleared funds
Money that has been put into FOSS Factory that has not been cleared yet by the financial institution can still flow freely through the site.   Users can pledge such funds into projects, distribute it amongst projects, keep it in their reserve, and even pay it out to the successful submitter.   However, such funds will be clearly marked as uncleared funds wherever they are used in the site, and cannot leave the system until they have been cleared by the financial institution.   Meaning, uncleared funds cannot be withdrawn out of FOSS Factory by successful developers, nor can they be refunded back to the person who has injected them into the system in the first place.

Change History:
[ACCEPTED] No subject by abbood on Thu, Nov 20, 2008 @ 14:07 EST
[ACCEPTED] Disclosure for the sake of fairness by jjgignac on Thu, Nov 20, 2008 @ 14:21 EST
[ACCEPTED] No subject by abbood on Thu, Nov 20, 2008 @ 17:09 EST
Chargebacks by jarnott on Thu, Nov 20, 2008 @ 17:14 EST (3 replies)
[ACCEPTED] No subject by abbood on Fri, Dec 19, 2008 @ 14:18 EST
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