Money transfer, virtual currency, or money service -- Confusing or missing disclosures -- Complaint #11063047
Complaint Overview
Complaint ID: 11063047
Company: Paypal Holdings, INC
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Confusing or missing disclosures
State: Illinois
ZIP Code: 60062
Date Received: 2024-12-06T12:00:00-05:00
Date Sent to Company: 2024-12-06T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XXXX is a service purported as A fast, easy way to send money to and within the United State, and as PayPal company, assumed to be a way to transfer PayPal funds. I can provide my transaction ID on request. I have twice contacted the company for support, but have received automated and unsatisfactory responses. The process flow for the transaction is deceptive. As a result, I transferred from credit card to bank instead of from Paypal account to bank, and incurred 1 ) cash advance fee 2 ) cash advance balance with higher interest rate at my Credit Card company. I want the transaction to be reversed. This is the flow of the process : 1. Landing screen - enter amount to transfer ( XXXX, my entire Paypal balance ) 2. Select Receiving Option ( Bank Deposit ) 3. Enter Routing Number 4. Enter Contact Information 5. Choose a Way to Pay -- this is where the problem is : A. When user enters their full PayPal balance to transfer in step 1, Paypal is not presented as an option to Pay. The user assumes that the ONLY charge is the $ XXXXUS fee, not the full amount being transferred. B. When user enters an amount less than their full Paypal balance, specifically the fee amount, PayPal IS presented as an option to Pay, but again only the FEE amount is mentioned. The user should be presented with the option to Pay with their available PayPal balance and if necessary, pay fees separately, or to deduct the amount of the fee from the transfer. The XXXX product has an insufficient design which harms customers. The attached PDF contains my transaction ID.
Frequently Asked Questions
What is Complaint #11063047 about?
Complaint #11063047 was filed against Paypal Holdings, INC regarding Money transfer, virtual currency, or money service specifically about Confusing or missing disclosures. It was received by the CFPB on 2024-12-06T12:00:00-05:00.
How did Paypal Holdings, INC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Paypal Holdings, INC?
Yes, visit the Paypal Holdings, INC company profile at readthecomplaint.com/company/paypal-holdings-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.