Money transfer, virtual currency, or money service -- Money was not available when promised -- Complaint #5550647
Complaint Overview
Complaint ID: 5550647
Company: Paypal Holdings, INC
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Money was not available when promised
State: Wisconsin
ZIP Code: 54956
Date Received: 2022-05-06T12:00:00-05:00
Date Sent to Company: 2022-05-06T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX my account was frozen and was unable to transfer funds sent to me for emergency situation.Venmo did not give me a reason for the freeze and said it would be XXXX - XXXX business days I would receive a email.On XX/XX/XXXX received a email that account was unfrozen so then I tried to do a instant transfer and was unable to was told it would be another XXXX business days I would get a response. So I did a standard transfer and today is XX/XX/XXXX and the transfer still has not posted so I called and the ageant said it was under review and could not give me a reason why so again the funds are on hold again so no it's been over a week and won't see the funds till possible Monday with no answer why. I believe the reason is Venmo does this to millions of accounts and pools the money into a account and collects the overnight interest rate.
Frequently Asked Questions
What is Complaint #5550647 about?
Complaint #5550647 was filed against Paypal Holdings, INC regarding Money transfer, virtual currency, or money service specifically about Money was not available when promised. It was received by the CFPB on 2022-05-06T12:00:00-05:00.
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.