- Report: #178491
Complaint Review: PayPal - Internet
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PayPal
Internet, U.S.A.
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PayPal How does PayPal Freeze $9,147.03 Illegally NO ACCOUNT ACCESS INDEFINITELY! Cyberspace Internet
Our PayPal Experience!In December, 2005 PayPal froze our accounts for no legitimate reason and with no explanation. We no longer are allowed access to these accounts. To date they are holding $9,147.03 of our funds! Illegally! We have communicated with their various accounts & security departments over 60 times by phone, fax and email. We still have no explaination for the seizure of our money. No refund date has been given. However, they encourage us to continue using their logos on our website!
*How Does PayPal Make Money With My Money? According to the San Francisco Chronicle, there are approx. 100,000 complaints outstanding at PayPal. In many instances disputes can run on for months leaving people frustrated and out of funds as they are unable to access their accounts. So what happens to the millions of dollars tied up in frozen accounts and disputes? Well, here is a clip from the San Francisco Chronicle that basically sums it up:
"U.S. District Judge Jeremy Fogel of San Jose refused to dismiss a lawsuit that seeks class-action status on behalf of thousands of PayPal customers nationwide. A common allegation is that the company brushes off or stalls customer grievances for months and meanwhile freezes the customer's account and pockets the interest."
Brian
Parkland, Florida
U.S.A.
*How Does PayPal Make Money With My Money? According to the San Francisco Chronicle, there are approx. 100,000 complaints outstanding at PayPal. In many instances disputes can run on for months leaving people frustrated and out of funds as they are unable to access their accounts. So what happens to the millions of dollars tied up in frozen accounts and disputes? Well, here is a clip from the San Francisco Chronicle that basically sums it up:
"U.S. District Judge Jeremy Fogel of San Jose refused to dismiss a lawsuit that seeks class-action status on behalf of thousands of PayPal customers nationwide. A common allegation is that the company brushes off or stalls customer grievances for months and meanwhile freezes the customer's account and pockets the interest."
Brian
Parkland, Florida
U.S.A.
3 Updates & Rebuttals
Steve
Bradenton,Florida,
U.S.A.
Here's how PayPal gets away with it.
#2Consumer Suggestion
Mon, March 06, 2006
PayPal is NOT a bank, therefore they are NOT bound by Federal Banking Regulations. They are NOT FDIC insured, AND they are not legally responsible for the safety or loss of your money! PayPal is owned by EBay. Ebay sucks too. Neither one has any level of customer service. The only thing you can do when they freeze your funds, is file a theft complaint. Go to your District Attorney. Depending on the amount, this can be a felony charge. If you can put ebay in the mix as responsible, you could get them under RICO. Conspiracy to defraud.
Gaurav
Metuchen,New Jersey,
U.S.A.
Paypal Sucks ..No company can hold your funds without giving you proper notice
#3Consumer Comment
Mon, March 06, 2006
My Dear Paypal Users, Accordint to Electronic Funds Transfer Act (Reg E) and Funds Availability Act, No company can hold your funds without giving you proper notice, nor can they take money from your account without intimating you in writing atleast 7 business days in advance. Paypal is exploiting these Laws and the Government is sitting and watching everything yet not protecting the users. www.paypalsucks.com this website gives a comprehensive detail of paypal rip offs. Just because paypal has a monopoly its simply going to far in freezing accounts. It blocked my account which had $500, in there and i have been in a battle with them for over 3 Months now and nothing is coming out of this. I am truly fed up and i want this company to be shut down. I would like all you friends to please help me to make this safer and stop the unlawful exploitation by PAYPAL, Thank You
Steve
Bradenton,Florida,
U.S.A.
Never keep large sums of money in PayPal!
#4Consumer Suggestion
Tue, February 28, 2006
PayPal is NOT a bank. They are not regulated as a bank is. PayPal is NOT FDIC insured. Your funds are not protected in any way while in a PayPal account. Your funds are NOT safe in a PayPal account! NEVER put more in a PayPal account than you can afford to lose. I never keep more than $500 in PayPal. I only transfer what I need, when I need it. Good luck getting your money back. You might have to get the Feds involved.
