posted on June 28, 2002 05:01:35 PM new
Damon (or other PayPal staff watching this board),
This concerns our PayPal account registered with the email address: [email protected]
On June 19, our account had been restricted with some 14,000 US dollars. We have faxed the documents that were required, and we had been notified that our account would be re-opened within 3 to 5 days, but so far, this has not happened.
Please understand that the restriction of some 14,000 US dollars creates substantial problems for us.
Therefore, we have contacted various sites that deal with PayPal problems. Daniel of AboutPayPal.org (also a German) has offered to treat our case with some prominence, but I would prefer a non-confrontational solution.
Therefore, could you please look into the matter, and, if possible, effect the reopening of our account. To the best of my judgment, we have complied with all requirements, and so far, we have been very happy with PayPal.
posted on June 29, 2002 12:50:48 AM new
Sorry to hear of your problem. PrayPal will probably play games with you for a while and possibly keep your money in the end. Just remember, PrayPal is in control of your money, not you. Whenever you agree to their TOS they can do whatever they want with your money and restrict your account without any warning or reason whatsoever. Good luck getting your problem resolved, your gonna need it.
posted on June 29, 2002 08:47:44 PM new
Don't this scare you. From their SEC filing.
We could incur substantial losses from employee fraud and, as a result, our business would suffer.
The large volume of payments that we handle for our customers makes us vulnerable to employee fraud or other internal security breaches. We cannot assure you that our internal security systems will prevent material losses from employee fraud.
Remember these employees their talking about have all your credit card and banking information.
posted on June 29, 2002 10:04:17 PM new
I have same problem in paypal
they block my account for $1600 and ask
me the documents ( like license, bank statements..)and then I sent out
all the documents
They keep asking more documents
Tried to call them, no answer, I will try
one more time on next week, If not, I will hire the mailers to send out 100 millions emails to every body to aware
the people about paypal in chinese, english
german..etc.
Aware the one of the biggest Scam in U.S.
...
posted on July 1, 2002 05:32:34 PM new
this is a question for paypal damon on account restriction due to buyer complaint/chargeback-
if i have 1000 in my paypal account and a buyer files a complaint for a 10.00 purchase,would my entire account be restricted ??
posted on July 2, 2002 04:59:04 AM new
stopwhinning I have wondered this also why restrict the whole account why not just deal with the transaction/amount in question?
posted on July 2, 2002 09:27:14 AM new
Mr.Paypal: You don't answer any of my questions but maybe someone else can answer. Why does Paypal freeze all the money in the account when there is a problem? There would be less trouble for the customer and Paypal if they put a hold on part of the money? Paypal would be under less pressure too as the customer could be more patient.
[Why does Paypal freeze all the money in the account when there is a problem? ]
not sure why they still freeze all the funds but from what I heard Paypal used to make interest off any funds saved in an account or that is frozen.
Say you have 10,000 in your account and Paypal freezes all 10,000 for 30 days becuase of a $5 dispute. Paypal could make interest off the funds as they did not pay out interest on frozen accounts. So with all the millions of accounts paypal claims to have, that was millions of dollars Paypal could freeze and make money off of.
That's a heck of a lot of funds Paypal has control over and when they don't have regulations set on when and how long to freeze them, Paypal could be caught with their hands in the cookie jar.
And rememeber.... By Paypal own terms of use, Paypal can freeze funds for any reason
a. PayPal reserves the right to hold funds beyond the normal distribution periods for transactions it deems suspicious or for accounts conducting high transaction volumes to ensure integrity of the funds.
(user agreement under Miscellaneous Disclaimers. )
So if Paypal thinks every trasaction that ended in .50 is suspicious, Paypal can freeze all those accounts.
[Serious? PayPal does not make any money off interest? If PayPal doesn't then who does?]
Yes. Paypal used to make money off the interest. Paypal would put any funds in member’s accounts at the end of the day into an interest account and not pay out for the accounts not earning the money market rate.
But even with the money market rate, Paypal could get better rates. Say they place 10 million dollars into several interest bearing accounts. They could get high rates and then keep the extra from what they get and what they pay the members.
(like look at the title of this thread. 14,000. Multiply that by all the accounts Paypal can freeze just because they want to)
Paypal wins when accounts are frozen. Paypal still gets paid when people use paypal to fraud.
And for the funds that are frozen? Paypal could still collect interest off them and then not pay the account holder.
Like a loan shark.
But that was when you were somewhat protected from Travelers Insurance. Now you are on your own when you have problems with Paypal.
Like I have, I had to seek assistance outside Paypal because Paypal was unwilling to help me and Damon just makes excuses.
Because Paypal felt the need to return funds to one of my buyers after they received and kept the item they bought from me with Paypal funds.
In the long run, it's just a matter of time before many members have problems.
Let's just hope Paypal is still around with some money to pay off people when those class action lawsuits settle!!!!
posted on July 3, 2002 03:42:43 PM new
Kkaaz, Hanna says you tell it like it is, and make sense. I agree totally. Now what do you think of this.
PALO ALTO, Calif., July 3 (Reuters) - Merrill Lynch analyst Justin Baldauf on Wednesday initiated coverage of online cash transfer service PayPal Inc (NasdaqNM:PYPL - News), calling the company a "gorilla" in a market with strong growth potential. Baldauf gave PayPal a "strong buy" rating and issued a 12-month price target for PayPal of $28 per share. The stock was up 6 cents at midday on Wednesday to $19.06 on Nasdaq.
SAN FRANCISCO, June 20 (Reuters) - Wells Fargo & Co.
<WFC.N>, the No. 5 U.S. bank holding company, on Thursday said
it agreed to provide secure Internet payment processing
services to PayPal Inc. <PYPL.O>, which operates an online
payment network.
Isn't it funny that the arbitrator in my case has both these companies listed as clients.
posted on July 4, 2002 11:20:30 AM new
"We very much want to help our merchants create a safe and convenient shopping experience but we certainly are not in the business of policing transactions," said Max Levchin, PayPal's co-founder and chief technology officer.
If this is a fact why do they freeze so many accounts?
Answer. Because they say one thing and do another and they make money the easy way, they steal it.
posted on July 6, 2002 08:55:24 AM new
It sounds like good old double speak to me. If you say you do not police transactions, but you do admit to restricting accounts due to a fraud indicator, isn't that policing your transactions?
