There are many consumer complaints against paypal, including a pending class action lawsuit. They are an online intermediary payment service company.
They have repeatly changed their Terms and Conditions and have made numerous arbitrary excuses in blocking their consumer acccounts, holding anywhere from $100 to $10,000, and without interest.
Therefore, if one's account is blocked for no reason, one's money would depreciate over time until Paypal reinstates the account.
Furthermore, they debit the merchant's account without authorization, which under consumer rights, is illegal.
This business needs to be closed.
My situation: I do business on ebay and therefore opened a merchant account with paypal. One day, when transferring funds of over $2000.00, paypal saw it as suspicious and blocked my account. They required documentation proving my identity. This requirement is standard for online businesses and I do not contest their procedures. However, they said that my account was linked with another paypal account, whcih I was not aware of because I only opened one account. They did not give me any further information because of "confidentiality." If they block my account for a reason, they should provide that specific reason.
THEN, they required that I pay $1304.00 to unblock my account.
Frustrated and angry, I just complied for now.
The check of $1304 was cashed. They still refused to unblock my account.
This happened last year.
Do you get my point now?
One very angry consumer.
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