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Friday, March 31, 2017

LL Changes Rules for Cashing Out of Second Life

Warning!  This is a bit of a rant.

This week, Linden Lab imposed a new financial limit.  There have always been limits on how many Linden Dollars you could buy or sell within a 24 hour or a 30 day period.  These limits are generous, and I have never even come close to hitting them.  The only time they bother most people is during the first week or so that someone wants to begin buying or selling $L.  During those early days, the limits are quite low, as a fraud prevention measure.

Last Monday, LL imposed limits on the amount of money you can take out of SL via a Process Credit transaction.  In this type of transaction, you transfer money from your $USD balance on your Second Life account to your PayPal or Skrill account.

Unfortunately, the limit they set for this is fairly low.  In my case it was set at $999 USD.  (That's LOW?  Come on, Lindal!)  Yes, it is low.  I have considerably more than $1,000 invested in SL, in the form of land and $L accumulated from renting it out to tenants.  If I decide today to sell my land and cash out, it would now take me well over a month to do so.  What's more, I would have to pay fairly hefty transaction fees on several Process Credit transactions.

It's those transaction fees that annoy me.  Only a few months ago, LL increased the amounts they collect on Process Credit transactions.  Now it appears they are trying to increase their revenue in this area, by forcing residents to break up large transactions into smaller ones, and collecting several fees in the process.

For LL's unctuous blog post on this development, see this link: https://community.secondlife.com/blogs/entry/2136-new-adjustments-to-monthly-process-credit-limits/

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