PayPal Intercepted Funds

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

f 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!

By Malcolm

Paypal intercepted a $635 payment from my Oakland CA customer on 6/2/03. By midnight I had faxed their CEO, Matthew Bannick. Naturally never received a reply. By 1:00AM I had faxed them to close all my accounts (they had small balances in them after PayPal had stolen $850 + the $635) The theft of the $635 was as if they had stolen both from my customer and from me. The customer has no product and no money; I have no money to buy groceries!

I have reported them to FBI, BBB and others and am trying to get in the civil court papers to file suit. Overall in 4 recent problems with them I am invoicing them for $1.2 million dollars in actual and punitive damages.

Watch out their new agreement….they will block you from your right to file a lawsuit.

Thanks
Malcolm