Checking or savings account -- Managing an account -- Complaint #5000286
Complaint Overview
Complaint ID: 5000286
Company: Paypal Holdings, INC
Product: Checking or savings account
Sub-Product: Other banking product or service
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: Florida
ZIP Code: 33130
Date Received: 2021-12-12T12:00:00-05:00
Date Sent to Company: 2021-12-12T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
To Whomever this may concern, My name is XXXX XXXX and I run a family owned fashion brand on XXXX. We decided it would be a good idea to use paypal as a payment processor for our sales. In the beginning, we had some issues with paypal due to it being a brand new account so we were on the phone with them 3-4x a week verifying tracking # 's and other business info to prove our legitimacy etc. We provided them with all of the information that was needed by them. It was going so well with them, and so was our business. Black Friday and Cyber Monday is the busiest time of the year for us so there was a high amount of transactions/orders. We roughly processed around XXXX with them. Right after Black Friday was over, Paypal has held around XXXX of our funds ( 180 days ) and we need this to pay our employees, pay for ad spend, and other overhead costs. I spoke to XXXX and she reassured me everything was perfect on their side after providing them all of the documentations they asked for ( before the 180 day hold ). I called paypal the day the limitation hit our account and the rep said he could not give us any info. The least we can get is an explanation. This is really hurting our business. We need that XXXX back. I am very disappointed and plan on taking legal action. Then, out of nowhere
Frequently Asked Questions
What is Complaint #5000286 about?
Complaint #5000286 was filed against Paypal Holdings, INC regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2021-12-12T12:00:00-05:00.
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 (Checking or savings account) 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.