Money transfer, virtual currency, or money service -- Managing, opening, or closing your mobile wallet account -- Complaint #5950761
Complaint Overview
Complaint ID: 5950761
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: California
ZIP Code: 92009
Date Received: 2022-09-05T12:00:00-05:00
Date Sent to Company: 2022-09-05T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
On XX/XX/2022 I was informed by PAYPAL XXXX via e-mail that my account is permanently limited and that my monies would be held 180 days, after calls and further attempts to contact them they would not inform me as to why they took the action other to say some violation of their user agreement. They did not elaborate. I do not sell items utilizing PAYPAL so there is no need for them to worry about recourse or returns. They are holding {$60000.00} US dollars and keeping me in the dark. After much research online I'm learning that this is happening to many people and after they wait the 180 days they are told their money went to a {$2500.00} fine per user agreement violation ( no mention of which violations ) and said monies are essentially stolen by PAYPAL. PAYPAL has artfully created a stipulation that in their user agreement any disputes must be arbitrated. This is a costly and confusing process for many. This is a travesty that is happening to people across the world.
Frequently Asked Questions
What is Complaint #5950761 about?
Complaint #5950761 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 2022-09-05T12:00:00-05:00.
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.