Instead of FINALLY doing the right thing, apologizing and depositing some funds as compensation for my agony in my account, PayPal “LIMITED” my account.
I wasted all day on this crap, talking to several PayPal reps and supervisors.
I’m so far behind schedule with client and other work I have to do and it will take hours to post everything. So I just want to say here that these people at PayPal are a bunch of LIARS!
First they told me this morning that there was a problem with the customers’ account, but they couldn’t tell me what it was. Then they told me that there was NO problem with the customers’ account. And finally they told me that the problem was that the merchandise was not as described.
What a bunch of low life liars!
And you can’t imagine the BS I got to hear because they now question an additional 4 deposits.
PayPal has “the right” to know what every payment you receive is for. One of the payments was a $10 “DONATION”.
How stupid can these people be?
It’s a donation!
Incredibly, supervisor Dieter had to know what the donation was for.
In 47 years of banking (I’ve had a bank account since I was about 6 years old) I’ve NEVER been asked what a payment or a deposit was for.
Dieter then lectured me on how PayPal is different from a bank and how it is required by the government to know what all payments are for.
And if they don’t like it, they can choose to not do business with me.
One reason why I didn’t close my PayPal account today is that I can NOT close it because it is LIMITED.
More tomorrow …
I still don’t know yet who regulates those scammers.
PayPal is classified as a “deposit broker,” according to David Barr, a spokesman for the Federal Deposit Insurance Corporation (FDIC). A deposit broker can perform some of the same functions that bank might, but it ultimately depends on banks to hold its money. Paypal is a money market fund. They are completely unregulated and Everyone who joins PayPal agrees to their terms. Unless a court finds PayPal subject to the same regulations as a bank, it would be a hard case to make.
PayPal’s operations lie outside of U.S. federal banking regulations, states can individually decide to regulate the company – and in the past some have made overtures in that direction. In 2002, Louisiana banking officials asked the company to cease offering its services to the state’s residents until it received a money transmitter’s license. PayPal did, and hasn’t faced any significant state-level action since. A spokeswoman for the Louisiana Office of Financial Institutions confirmed this week that PayPal is a registered money transmitter with the state.
Some sellers have talked of challenging PayPal money freezes in courts, something that’s been done before. In 2002, PayPal users in California sued, arguing that PayPal violated the state’s consumer-protection laws by locking accounts containing money involved in a fraud investigation. (PayPal froze all cash in affected accounts, not just the money involved in the investigation.) However, the case did not result in any determination of liability: PayPal paid a $9.5 million settlement to end the case in 2004.
Go to http://www.nopaypal.com and spend some time reading.
PP has outgrown their usefulness. Most lawyers are afraid to take them on and they know it. They use teenage employees to lie to everyone that calls in about a problem. The newest ebay owned company is following the same path.
Called my lawyer. He called PayPal’s lawyer and suddenly they reversed course and gave my money back.
After which I closed my paypal account and got a real merchant account. Less expensive, regulated, rules are followed and never a problem where PayPal was constantly Problematic.
PayPal is the scourge of the internet financial community. They should either be forced to comply with FDIC rules or be disbanded.
The only other solutions can be found here;
http://money.cnn.com/galleries/2008/fsb/0802/gallery.paypal_alternatives.fsb/index.html