I have filed a complaint with Greg Abbott, Attorney General of Texas, Mary Ann Gonzales of the Texas Department of Banking and also contacted the law firm of Freed & Weiss LLC. A BBB complaint may be filed soon as well. I really hope this issue is cleared up. The actions by PayPal are disturbing. I Googled "PayPal reserve" and could not believe the number of horror stories! Page after page after page... It seems to me that the moment you generate some form of revenue stream, someone finds a way to take it away from you.
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So I called PayPal and someone actually answered. Couldn't help me, but they were nice.
Here's the email notification sent to me about this situation:
Dear **** *****, During a recent review of your PayPal account the determination was made to apply a reserve to the account as of date. A collateral amount of $50,000.00 has been set aside from your current available balance. The decision regarding your reserves setting was based on the review of the risk exposure inherent to your account (1). A risk review is the evaluation of several factors related to an account, which include but are not limited to transactional activity, customer disputes, type of business, delivery and customer satisfaction time frames . Reserves are funds that belong to you, but are set aside to ensure your account can cover transaction liabilities. You will be notified if your reserve settings are adjusted in the future.
So I wrote a letter. Took me about 15 minutes to compose. I sent it out and instantly got this in my email box:
We want to help you but we're not able to respond directly to emails sent to this address. One of the best ways to get answers to your questions is to go to the PayPal website and visit the Help Center by clicking "Help" at the top of the page. If you have a problem with limited access to your account, you'll need to: 1. Go to the PayPal website and log in to your PayPal account. 2. Click "Resolution Center" at the top of the page. 3. Follow the instructions in "Steps to Remove Limitations." If you can't log in to your account, you'll need to: 1. Go to the PayPal website. 2. Click "Contact Us" at the bottom of any page. 3. Click "Contact Customer Service." 4. Click "Continue" and follow the instructions. We value your business and want to provide you with the best customer care. Thanks, PayPal _______________________________________________________
What was I thinking??? Like anyone at PayPal wants to read an email about my problems they created...
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I don't mind them holding the amount of the dispute, but I do mind them holding 50K for 9K in dispute. That's insane! They didn't freeze my entire account. There's still plenty of money available - I just completely do not agree with the amounts involved. If someone disputes 20 bucks, do they freeze 105? No they don't. I've been doing business with PayPal for years, and they always just freeze the amount of the claim. I'm going to call them to see what the deal is....if anyone actually answers.
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Silver prices are up so I sold off 14 of my Engelhard bars. All have been delivered and everything is great. I open up Ebay to see a message from one of the customers who bought 3 bars. He's claiming that 2 of them are fakes and wants to return them. He also advises he is filing a dispute for the two bars. I wrote him back and instructed him to return them for the full amount he paid. I told him I'll even cover the cost of the return mailing and insurance. It's the least I can do since the prices have gone up since I sold them, and I'd love to have them back. He files a claim with PayPal anyway. I understand he is looking to protect his investment, I really do - what kills me is that PayPal didn't just freeze the amount of the bars, no...they froze $50,000.00!!! The bars are only worth about 9,000 combined! They froze over 5 times the amount, and I have no idea why. Any one have any idea as to why they would do this, and how long it's going to take to correct?
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