PayPal
Ripoff routinely floating funds which is illegal. California

PayPal is routinely "floating" funds which, I believe... Is illegal. I make a payment using the "Direct Transfer" funding option in PayPal and the next morning when I check my bank account... It has been paid to PayPal already. The funds are gone from my bank account. Three days later, the person who I paid notified me that he did not have the item I purchased and processed a refund. The notice of the refund from PayPal, said that those funds being refunded to me were "on hold" because they had not yet received the funds I originally transferred to pay for the item. Which, of course... Was not the case.

They also have a funding source called an e-check... Another means to take possession of funds and "float" them for a few days. During those few days, neither the sender, nor the recipient has the funds or the use of the funds. And, there are probably several more schemes that PayPal has devised to take and use people's money for small periods of time and with something like 50 million members making transactions through them on a daily basis... We're taling about a very large amount of limbo status funds being used illegally to earn them alot of interest or alot of profit from investments.

I'm sure that with a good and thorough investigation, their "floating funds" practices will be found to be unethical and illegal. Thank you. Vdm

Company: PayPal
Country: USA
Site: www.paypal.com

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