PayPal is most unscrupulous financial institution I have ever dealt with

To: CEO
Paypal Inc.

On Monday, I will be filing a complaint against Paypal Inc. at the BBB & the state Attorney General’s Office in both the home state of Paypal CA and of your Paypal Credit card, GE Capital Services FL/CN. I have been a loyal customer of yours since 2001 and you initially cut me off from using your services last year, apparently solely as punishment for having a perfect record as your customer for 11 years and going over some $10,000 cumulative limit. (You say there is a lifetime limit – ludicrous!) At that time last year you forced me to apply for a credit card I didn’t want and stated I had an alternative option to turn over access to my bank account (and thus my life savings) to you, with no protection of my funds whatsoever, as an alternative.
Issuing me an ultimatum, I took the credit card, the lesser of 2 evils and only logical option (other than losing my only option to continue to sell on ebay). Then without notification to me, three days ago, you cancelled the Paypal card for non-use and locked out my account WITH NO WARNING OR NOTIFICATION. Your help center then said to apply for another card, which resulted in your holding the application in queue for no reason. (Last year when you first forced the card on me, the request was approved instantly). Now after you have cancelled my first card, forced me to apply for a second card, locked that card, then after I phoned to get the approval “released” by you – today you are telling me that my account is locked out until the card is approved, which you say will be 7-10 business days.
Today on your website, you still advertise “approval in less than 10 seconds”, the same as I received on my first iteration of this unfair practice. This is false advertizing, minimally.
I believe a jury will find you liable for my not being able to pay for eBay items which I have purchased and for future financial losses I will incur if one or more sellers lower my 100% satisfaction rating with bad feedback as a result of your failed financial process architecture. Because of this my plan is to speak to an attorney or minimally take you to small claims court over any damages.
You are the most unscrupulous financial institution I have ever dealt with in my entire 60 years on earth. The only positive thing about my transactions with you thus far is my never being foolish enough to open up my bank account to where you control it and where I would potentially lose my entire life savings with future incompetencies such as this. Additionally, after multiple reports to your support organization you have responded to none of my pleas for a resolution while calling out this injustice.
I am simply appalled at the way you have treated an eleven year customer with a perfect financial record.

Posted: August 30, 2012 at 4:52 pm



2 Responses to PayPal is most unscrupulous financial institution I have ever dealt with

  1. Dan says:

    Hello, how did the result come out to be?

  2. Dude says:

    The hold you are experiencing is part of compliance with federal Terrorist BS that was initiated by the Patriot act. The reason that PayPal has a $10,000 limit for the account life is to prevent money movement from unscrupulous individuals. AKA Drug Dealers and anyone else that the government wants to control. They ask for these additional pieces of information so that they can better Identify you for the IRS and any other government agency that would like to know why you are moving over $10,000 online and not through a local company. The linking of the bank account doesn’t give PayPal access to any of your funds unless you initiate payments over what is in your PayPal account. The Bank account will be set as your default payment option and you will be charged fees from your bank if your bank account overdrafts. But That will open a whole new can so to say in the fact that it may also put a lock on your account to prevent additional failed payments from going through. This is known as a ACH (Automated Clearing House) failure which locks your PayPal account until you resolve it. Basically if you manage to give your SS# to PayPal that usually will lift these issues, this usually occurs when you sign up for the CC through GE but essentially PayPal wants you to use your bank account because transfers through your bank cost PayPal nothing where as CC payments cost PayPal money and the 2.9% charge they tack on is reduced to less than 2% where as the full 2.9% is kept when a payment is made through PayPal or your Bank. I hope this better explains some of this BS

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