PayPal: You’ve Made My List UPDATE MARCH 16th

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I was paid by a client through PayPal’s very own service called “PayPay Now” or “PayPal Here” depending on how new your phone is… it’s one of those swipe credit card readers that plugs into your phone.  However, since I have a newer iPhone without a normal audio jack, I have to use my other iPhone in order to accept a payment.  As a customer since 2008, the representative confirmed that my account has NEVER had fraud, NEVER had chargebacks or any other circumstance that would require “pause” on the part of any company – especially PayPal.

Yet – they’re holding my money, saying they’re so concerned about fraud that they have to hold my money for 30-days.  Are you kidding?  I asked time and time again – what could I do?  Can I have my client call and tell their bank it’s okay?  PayPal:  “No, that won’t work.”  What about punching in the credit card number again?  PayPal: “No.  That’s one of the highest fraud rates possible,” to which I replied, “THEN WHY DO YOU OFFER THIS SERVICE?”

Oh, wait until you hear this audio of me and a representative – or shall we say, “supervisor” at PayPal.

Just 4 minutes into my 29 minute phone call.

Yes, I told her we were recording the conversation, since it is illegal in the state of California to surreptitiously record someone without their knowledge.

That being said – this conversation went on, and on…. and on.

In fact, in the end, the so-called representative wouldn’t even tell me who regulates PayPal.  Her response was, “We’re not a bank, we’re a publicly traded company.”  So I said, “Okay, so if you’re saying you’re not regulated by the FDIC, then it’s going to be the SEC, right?”  At this point, she attempted to shut down the conversation – REFUSING to tell me who regulates the company.  Of course, a simple Google search shows which agency is responsible for regulation.

I know the CFPB (Consumer Financial Protection Bureau) would also be interested in their – shall we say — “unique” form of scamming people.

So just because someone paid me via credit card – PayPal plans on holding my money — at first they said, 7-10 days.. but now, it’s 30 days!?

I’d love to hear your PayPal story.  Have they ever “hijacked” your money so they could earn interest on it — while someone else is paying interest on a credit card while they benefit?

Please let me know, as it sounds like a class-action lawsuit is in order.  In fact, I happen to represent one of the top attorneys in this field, so I know a LOT about the law.

If you’re tired of being taken advantage of, TAKE ACTION!