PayPal - Out of control unregulated monopoly?

[hereigo]

Hello Everyone,

 

I have been trying to find a section for this for ages, I am surprised there is no section for PayPal/web-wallets. Over the years I have seen Pay Pal act in such a despicable way, they randomly close accounts, they take peoples money and hold it for 180 days with no reason, and so on.

 

I know of people who have nearly had their businesses destroyed due to Pay-Pal locking large sums and insisting they keep them for 180 days. every-time they give the same nonsense about locked due to risk. What bothers me is they seem to be a rogue company - that is out of control, They do things banks or other companies could never get away with, they seem out of reach of any common recourse (such as the FSA, or even making a subject access request) by being in Luxembourg.

 

It's one thing that really bugs me, and it's hardly talked about, how are they getting away with this?.They have zero respect for their customers, treat them like garbage, I guess being a monopoly they have no reason to treat people well. Having read online how common this is it just bugs me and seems to be one of the great injustices in the consumer/finance markets.

 

Having also experienced this recently I expected I would be able to get them to correct their mistake and unlock the account, but no, you get an automatic Account locked, then a few seconds later “Appeal refused” - then the our decision is final. (before appealing). I would not want to use them again, and thankfully do not keep funds there, I am just shocked they can get away with acting like this. And people don't seem to realise until pay-pal decide to keep their money.

 

Sorry for the rant, but it is so disgusting how I have seen people treated and its frustrating knowing many people, like I did, will trust them until it happens to them.

 

Thanks,

 

hereigo