Is PayPal even regulated?

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!

Is PayPal even regulated?

Does anybody know which department in the U.S. oversees the practices taken by paypal?

To summarize, seller did not list any shipping (zero), I won the bid and then my secretary paid the bill but when I reviewed the bill I found that $79+ had been added to the amount for shipping. Paypal found in my favor and wanted me to ship back the item AT MY COST/loss (what a potential scam that is). I called and was told that the seller would be contacted to pay the shipping label and I said why don’t I just keep the item I “won” and he simply refund the money which was illegitimately taken from me. They said okay they will contact the seller in that regard and then I receive an email that states they find NOT in my favor (!!!). WTF?

What entity can operate this unethical way?

Posted: October 28, 2014 at 6:58 pm