jared_k
Member

Why the Six Day "Security" Period?

I just completed my first fixed-price job here on Upwork and was anxious to withdraw the funds, but then learned there is a six day "security " period before the funds are released, which doesn't include the two or three days it will take to clear with my bank - Merry Christmas to me!

 

I'm sure this has been asked countless times now by the plethora of former Elance freelancers who have come to this platform, but you'll now hear it once more: what's up with the "security" hold? If the payment has been verified why do you have to hold our money for nearly a week?

 

Is there any chance you guys will change this and adapt a payment system that is more like Elance's?

21 REPLIES 21
dzadza
Member

Well, Elance introduced 5 days security period - I had to wait for $90 paid by my regular client, so I doubt Upwork will change anything....unfortunately...

regarding hourly jobs - by the time the money is in my upwork account, I have no idea who is it from, lol - it can sometimes take more than 2 weeks (if the job is completed on Monday) 

Please see this post. If I recall correctly, Garnor said that they are exploring ways to help reduce the security period.

jessicasimko
Member

If it makes you feel any better, when I withdraw money from here earlier in the day, it shows up in my bank very early the next morning. Since you are in the U.S. that may be the case for you too although I can't remember if the very first withdrawal took longer or not....


@Jessica S wrote:

If it makes you feel any better, when I withdraw money from here earlier in the day, it shows up in my bank very early the next morning. Since you are in the U.S. that may be the case for you too although I can't remember if the very first withdrawal took longer or not....


 

 

I'm in the U.S. also and I still have to wait the 6 day security period before I can withdraw.

I still have to wait the 6 days... But he said after that, it will take 3 days to clear and show up at his bank. I was referring to those days... 

Ah, I misunderstood then. I apologize.

 

I can't really comment about that since I have my withdraws sent to my Paypal instead of my bank. That has been instantaneous once I request the withdraw. Maybe that's an option for the OP?

Wow, I didn't know that. Maybe I should switch to PayPal... 

Yeah, when I was new to freelancing, and to oDesk for that matter, I didn't feel comfortable with providing my bank account information to the site. Honestly, I was a little uneasy about giving the "powers that be" at oDesk my SSN number also lol. But since the site was recommended to me by a good friend who also used oDesk, I looked past my uneasy feelings, but stuck with them on my banking information. Hense, using Paypal. I'm not overly thrilled about getting charged $1 to withdraw my money to Paypal, but in the grand scheme of things, its the least of my concerns. Now, I just withdraw it once a week so I'm only paying $1 per week to withdraw instead of some who withdraw as soon as money is available to withdraw and suffer multiple fees.

Ahh... Gotcha. It's free to withdrawal to my bank and I withdrawal when it's available so it's probably best for me to stick with my bank and wait the extra day.... 🙂

Yeah, I personally don't mind the $1 withdraw fee too much when I'm only withdrawing once a week. I just view it as another expense lol.

jared_k
Member

So no one knows why they hold our money so long?

I'm not entirely sure why they do. All I know is that's pretty much been the norm since I started on oDesk in 2012.

 


@Jared K wrote:

So no one knows why they hold our money so long?


 Security and fraud prevention. It's only 5ish days. It's not as if you have to wait weeks and/or months....

scottcrg
Member

The holding period makes absolutely no sense whatsoever. We never has this issue with Elance so wh;y now? Frankly I am not liking this Upwork thing. "Why fix something that was nevr broke?" The theme may be 'green' however the grass is definately not greener on the Upwork side of things.

I felt the impact of the "security period" on my first payment because it took me a month to complete my work.  But after that, I got to mentally adjust to system realities.  I remember my professor before.  I was doing something at the lab and then he asked, "Do you like what you're doing?" I was silent for a while and then he continued, "because if you don't like what you're doing then why do you keep on doing it?"

 

acceptance2.jpg

God grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.

 

Reinhold Niebuhr




@Craig-F S wrote:

God grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.

 

Reinhold Niebuhr




They have said they are working at changing it so I'm not sure what more you want them to do? 

3 years later: nothing has changed. The "security period" I believe is just another way for them to let the money sit in their accounts and accrue interest. "Security and fraud prevention" makes NO sense when the money is already deducted & cleared from the client. 


@Mikos J wrote:

1) The "security period" I believe is just another way for them to let the money sit in their accounts and accrue interest.

2) "Security and fraud prevention" makes NO sense when the money is already deducted & cleared from the client. 


 1) That old chestnut has been debunked years ago.

2) You are new, so you can't be expected to be aware of all the situations where it's not as simple as all that.


Do you really need your $ 4 so urgently?

 

Thanks for your reply -- just seeing this years later while stumbling upon this thread. Yes I'm replying years later(sue me! 🙂). You mention "situations where it's not as simple as all that", yet you believed I was disappointed not receiving $4 from the trial job I completed. It served its purpose -- if it took forever to get $4, I couldn't imagine waiting for $4,000. I realize not explaining that in my original reply made it somewhat difficult to understand. I also thank you for pointing out the chestnut that was debunked. You're so helpful and a true rockstar! 😀

I don't think of this as anything all that bad or unexpected. I wouldn't necessarily expect immediate payment if I were working off the platform, for example. My one long-term client from many years ago (before I was on Elance or UW) has always been Net 15. And when I worked on-site I either got paid at the end of the week, at the end of two weeks, or twice a month (15th and 30th).