Got limited and lost a lot of money

PayPal Warning

While we do not have the resources to verify each and every complaint we receive, we do believe that all reports posted here are true based on our own experience with Paypal and the growing number of corroborating horror stories we receive every day. The main subject of the majority of these horror stories is the following:

Your Paypal account can be frozen at any time, without advance notice, leaving you without your money for months (if not forever), and there isn't much you can do about it.If you would like to submit your own PayPal horror story, we would be more than happy to post it for everyone to read, providing that it is truthful and void of inappropriate language. Please feel free to submit your story by clicking Here

If you are searching for an alternative to PayPal, we strongly suggest acquiring a Real Merchant Account. CLICK HERE FOR OUR TOP PICK.

How Does PayPal Make Money With My Money?

According to the San Francisco Chronicle, there are approx. 100,000 complaints outstanding at PayPal (Are any of these yours?). In many instances disputes can run on for months leaving people frustrated and out of pocket as they are unable to access their accounts. So what happens to the millions of dollars tied up in frozen accounts and disputes? Well, here is a clip from the San Francisco Chronicle that basically sums it up:

U.S. District Judge Jeremy Fogel of San Jose refused to dismiss a lawsuit that seeks class-action status on behalf of thousands of PayPal customers nationwide. A common allegation is that the company brushes off or stalls customer grievances for months and meanwhile freezes the customer's account and pockets the interest (So that's how they make their money!). No wonder they freeze so many accounts!

I was selling a large amount of film equipment some time ago and Paypal froze my account in the middle of a transaction, which I lost. Then demanded that I prove the items I was selling were not stolen. It took weeks of back and forth dickering before they would restart my account. During that time I could not sell or access my account.
Needless to say, I lost money during that time. There fees have also become excessive, since they are a part of E bay and between E bay’s fees and Paypal fees, the seller is losing a lot. They even take the fees from sellers shipping costs, which are not part of the profits.

Posted: October 29, 2014 at 5:01 pm

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How Does PayPal Make Money With My Money?