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Paypal's free money scam.


Paypal's free money scam.


I transferred $1000 from my bank account to paypal. My bank has deducted the money and paypal has in fact received it. However, the money is not available to me because paypal claims it is "processing". Funny how "processing" is not covered on the status descriptions. Does that mean loaning my money to otehr banks on short term while keeping it from me? I.e., teporarily stealing it from me?


I assumed that paypal had our money because they do - it was transferred electronically and no paper exchanges hands between the bank and paypal. Electronic money can not disappear for days any more than the electrons they are made of.


So next I buy something but now PayPal demands a credit card number even though they have my money and when I do, they charge my credit card and they keep my money and the money I deposited that they are keeping from me.


This has harmed  my reputation since I am unable to pay for an item I comitted to buy yet Paypal has my money.


I am planning to file a complaint with the state attorney general and will join any class action lawsuit against Paypal. You don't get to keep my money, interest free and without my permission while you loan it to others. It is time we the people regulate the banks into bankruptsy.

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Re: Paypal's free money scam.

This appears to be the same thing that I have seen.


I helped to build one of the first real-time banking systems back in the early 1970's.


I have worked with the Federal ACH system and hundreds of banks for many years.


I may be right behind you in reporting to my own AG.


I hope that the entities that are soliciting payments thru PayPal are not involved with this scam.