PayPal faces lawsuit for freezing customer accounts and funds

[Denim]

Should be of interest to some members here. I had my account frozen due to  unusual activity but had done nothing unusual.

They held my money for 6 months but in the end after many complaints I never saw my money again. Wasn't a lot but should be a wake up call to those using Paypal. Everything is fine ....for yesrs ....then suddenly....wham ....you are a victim.

 

https://www.yahoo.com/finance/news/paypal-lawsuit-freezing-customer-accounts-funds-073128563.html

 

Three PayPal users who've allegedly had their accounts frozen and funds taken by the company without explanation have filed a federal lawsuit against the online payment service. The plaintiffs — two users from California and one from Chicago — are accusing the company of unlawfully seizing their personal property and violating racketeering laws. They're now proposing a class-action lawsuit on behalf of all other users who've had their accounts frozen before and are seeking restitution, as well as punitive and exemplary damages.

[blackcab]

I'm moving this to the banking and business forum as it will receive a wider audience.

 

Although this topic is not strictly about Thailand I am sure there are many members who will have a common interest in this topic.

[Denim]

8 hours ago, blackcab said:

I'm moving this to the banking and business forum as it will receive a wider audience.

 

Although this topic is not strictly about Thailand I am sure there are many members who will have a common interest in this topic.

 

Thanks. I did try to find the correct forum but couldn't find it listed anywhere  ?

[userabcd]

"They held my money for 6 months but in the end after many complaints I never saw my money again"

 

Always wondered what becomes of this money seized by them (and based on many of the customer reports one reads on social media I think it amounts to millions of dollars) Do they return it back to the govt treasury? Since one never knows because they are so secretive and do not give out any information.

Edited January 16, 2022 by userabcd

[Denim]

21 minutes ago, userabcd said:

Since one never knows because they are so secretive and do not give out any information.

The last news I read regarding pay pal making money grabs was that they banned class action suits against themselves ??

 

https://www.theverge.com/2012/10/17/3511792/paypal-class-action-suit-ban

 

On November 1st, PayPal will follow Sony, Microsoft, Netflix, and many others in banning class action lawsuits by customers. Its new terms of service require any disputes between a user and PayPal to be resolved with arbitration, or in small claims court if they qualify. Unless users send a written opt-out notice, they’ll be barred from group suits in the US, something that’s become increasingly common for companies since last year.

 

Which is why I found the article in the OP interesting if somewhat confusing.

 

THERE’S A SIMPLE REASON WHY PAYPAL AND OTHERS ARE MAKING THESE CHANGES: BECAUSE THEY CAN

[VocalNeal]

They are probably obliged to do something regarding money laundering etc. If one is not involved in that then OK.

[tomazbodner]

19 minutes ago, Denim said:

The last news I read regarding pay pal making money grabs was that they banned class action suits against themselves ??

 

https://www.theverge.com/2012/10/17/3511792/paypal-class-action-suit-ban

 

On November 1st, PayPal will follow Sony, Microsoft, Netflix, and many others in banning class action lawsuits by customers. Its new terms of service require any disputes between a user and PayPal to be resolved with arbitration, or in small claims court if they qualify. Unless users send a written opt-out notice, they’ll be barred from group suits in the US, something that’s become increasingly common for companies since last year.

 

Which is why I found the article in the OP interesting if somewhat confusing.

 

THERE’S A SIMPLE REASON WHY PAYPAL AND OTHERS ARE MAKING THESE CHANGES: BECAUSE THEY CAN

That was 10 years ago, though...