Money transfer, virtual currency, or money service -- Managing, opening, or closing your mobile wallet account -- Complaint #5818357
Complaint Overview
Complaint ID: 5818357
Company: Paypal Holdings, INC
Product: Money transfer, virtual currency, or money service
Sub-Product: Mobile or digital wallet
Issue: Managing, opening, or closing your mobile wallet account
State: Illinois
ZIP Code: 60062
Date Received: 2022-07-27T12:00:00-05:00
Date Sent to Company: 2022-07-27T12:00:00-05:00
Company Response: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I have had a Venmo account since XXXX. I tried to make a payment from Venmo with my connected XXXX bank account in XX/XX/XXXX and received a message that there were insufficient funds in my account ( balance of XXXX account was > {$60000.00} for a {$40.00} Venmo payment ). I was unable to make any payments. After a payment was sent to me on XX/XX/XXXX for {$170.00}, I was able to make a few payments using this balance. After XX/XX/XXXX, I received the below message from Venmo freezing my account and preventing me from making any payments : " Account on hold Could not complete this transaction because your account is frozen. Please see the following help article for instructions on how to unfreeze your account : https : XXXX ''. I have read the article ( unhelpful and irrelevant ). I have tried to transfer the Venmo balance of {$35.00} to my linked bank account without results. I have tried contacting Venmo through their application several times and receive canned, unresponsive replies that have not resolved the issue. I would like to obtain my final balance and close this account forever. Digital wallets and payment platforms like Venmo should be subject to the same regulation and scrutiny as traditional financial institutions. Without this oversight, they are able to freely defraud customers and keep unearned funds. Paypal is using their subsidiary, Venmo to avoid being regulated. Thanks
Frequently Asked Questions
What is Complaint #5818357 about?
Complaint #5818357 was filed against Paypal Holdings, INC regarding Money transfer, virtual currency, or money service specifically about Managing, opening, or closing your mobile wallet account. It was received by the CFPB on 2022-07-27T12:00:00-05:00.
How did Paypal Holdings, INC respond to this complaint?
The company responded with: "Closed with non-monetary relief". 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.