PayPal Holds are a Scam contact State Attorney General and Start a Class Action Lawsuit Interested?

[dktrader]

PayPal Holds are a Scam contact State Attorney General and Start a Class Action Lawsuit Interested?

PayPal takes your money out of your account instantly and holds all incoming amounts. They then have the audacity to not send the money back to your bank account for days. This is so they can have the float on all this money, which even in this low interest rate environment has to amount to a staggering amount of interest for them considering how many people use Pay Pal and Ebay.

In my particular case. I paid a large merchant for two of the same transactions neither of which went thru at the merchant and the merchant refunded me right away. Both payments / refunds are being held by Paypal for an unforeseen amount of time and when they finally hit my Paypal account I have to go thru a whole process to get it back into my bank account. This has to be illegal and is definitely a SCAM. No matter what Paypal says they have my money and they just do not want to give it back for a while so they can make something off the float. It does not take days to get the money anymore.

If there are others, and I am sure there are by reading some of the posts here, there are many, we should band together and contact the authorities, regulators, and start a class action lawsuit.

Please indicate your level of interest by answering and we can figure out how to proceed. I will be calling the NYS Attorney General's office today to get a legal opinion and start the complaint process rolling.

[dktrader]

PayPal takes your money out of your account instantly and holds all incoming amounts. They then have the audacity to not send the money back to your bank account for days. This is so they can have the float on all this money, which even in this low interest rate environment has to amount to a staggering amount of interest for them considering how many people use Pay Pal and Ebay.

In my particular case. I paid a large merchant for two of the same transactions neither of which went thru at the merchant and the merchant refunded me right away. Both payments / refunds are being held by Paypal for an unforeseen amount of time and when they finally hit my Paypal account I have to go thru a whole process to get it back into my bank account. This has to be illegal and is definitely a SCAM. No matter what Paypal says they have my money and they just do not want to give it back for a while so they can make something off the float. It does not take days to get the money anymore.

If there are others, and I am sure there are by reading some of the posts here, there are many, we should band together and contact the authorities, regulators, and start a class action lawsuit.

Please indicate your level of interest by answering and we can figure out how to proceed. I will be calling the NYS Attorney General's office today to get a legal opinion and start the complaint process rolling.

[readuseragreeme]

Yes you do that.

Run yourself under the buss

Pay for lawyer and attorney fees

Or maybe the simplest thing and most intelligent thing to do is READ THE USER AGREEMENT.  No lawyer will take you seriously because as a prerequisite lawyers must know how to read.

[dktrader]

Genius, the user agreement doesnt exempt them from the law. Also, the Attorney General does not charge legal fees. Next, Attorneys that take class action suits do not charge upfront fees. Lastly, you either work for Paypal or you are an idiot.

[readuseragreeme]

Not a Paypal employee or an indiot.

Did you actually read the user agreement?  Cause it says Paypal can hold your funds..How is that a scam or illegal in any way.

[dktrader]

FYI The user agreement is not the law and the banking laws vary from state to state and you are an idiot for sticking up for a wrong policy. Make no mistake, there are tens of thousands of posts that agree and only you and paypal disagree.

[profdata]

So far 6 states have been contacted by the "I hate paypal with every breath" crew and all  6 had no problem with the 21 day holds.

Lets see money brokers, propay have been holding funds for years and of course Paymate does so also.

[dktrader]

Thanks for the info. I spoke with the AG's office and wrote my complaint. They have apparently been innundated with these same complaints about PayPal and are/will investigate. There are also states that have brought cases that have been settled for money plus that I have researched. I will update as necessary.

[readuseragreeme]

Me. Paypal. and the MILLIONS of paypal customers who have not had problems and are not complaining

[slvrtrz3000]

Hi,

I am in complete agreement with you that Paypal is a huge scam operation because i have had my Paypal account for 10 years by now and they recently wanted me to upload a Alaska state id card for their records to verify who i am and i complied and the limits on my account were lifted. At the time earlier this month (June 2011) i tried to buy a online $17 download product with my Western Union VISA card that was linked to my Paypal account which i now regret doing because PayPal somehow locked down my using that card recently as a backup funding source. Later they let me use it to buy what i wanted. Than again i used Paypal to try to send $53 to Ubetoo a website for musicians to sell their music)I am a coputer musician.) and i wanted to renew my contract with them so i emailed the money to the above mentioned site. Ubetoo only uses Paypal for receiving and accepting money.

The $53 that i tried to send is sitting in Paypals "unclaimed" account. In the meantime behind my back Paypal took $48 from me from another account linked to them that i had planned to do something else with and now i have no funds until payday.

Paypal refuses to refund me the $53.

[profdata]

The $53 that i tried to send is sitting in Paypals "unclaimed" account"

This usually means you sent a cc funded payment to a seller who has a personal paypal account and has to upgrade their paypal account to accept the payment.

Or the e-mail address you sent the paymant to is not registered with Paypal, sometimes this is just a typo on the senders end.  Cancel the paymkent and then resend it to the correct e-mail address.