Paypal bad for Visa bad for Business Deal
How the Paypal #Visa Deal is Bad for Business and Consumers
I own 25 different small companies. I had several paypal accounts. Because on of my companies works with Banks (like you) and Real Estate and Mortgage firms. Paypal began to suspend my accounts.
Currently in litigation, Paypal has seized over 1.5 million dollars of the money in my accounts from our own deposits and transactions.
In addition, since Paypal was our number one payment processor of choice, we lost over 5 million in current and future transactions as we rushed to get new payment processors.
Paypal hides behind closed doors and offices!
We tried to contact the AUP department, to clarify why the accounts were suspended, they quoted all of their policy and was ambiguous in their statements, never fully clarifying what they thought we had violated.
We had been for 15 years Paypal customers. They would never let us speak to anyone in person behind the AUP doors, and in emails (not letters they would not allow either), they said they had concluded our business model (one of them) violated their terms.
When we explained what we did, and how we offer financial advice and programs through our partnered FDIC banks and sent them bank references to check out. They declined to investigate.
Since then we have created special websites for people seeking financial help, advice, or lending through banks information of over 250 laws Paypal has violated that protect consumers rights to secure funding, seek financial advice or help.
We have tried over and over to get our frozen assets back as they collect interest and work to resolve the situation. It has been one year.
We are not alone, there are thousands of other individuals and companies who have similar and worse problems.
Paypal is a fraudulent company, and they are being investigated by the FBI, FTC and other Government organizations.
In fact when we pointed this out to them , we received a letter that said we are included in a lawsuit, if we do not send letters to a special firm, we want out of the class action suit, we would never be able to sue or continue current litigation with Paypal. See below for information.
We sent letters to the Clerk and the Website’s address certified, but never got responses.
This is how crooked Paypal is and it shows that Visa accepts this criminal activity.
Unfortunately many people pay with Visa / Mastercard and we offer that as a payment solution. However as we can we will move away from doing business with Visa and we recommend everyone else to follow suit.
I doubt until our case goes federal and other like it, we will see much information in the news media about this crooked partnership.
If you are a person effected by Paypal and Visa fraud, please contact your Attorney General, FTC, EU commission and other authorities. There are many other reputable payment processors available online.
NOTICE OF CLASS-ACTION SETTLEMENT.
THIS NOTICE MAY AFFECT YOUR RIGHTS. PLEASE READ IT CAREFULLY.
A settlement has been reached in a class action in which the plaintiffs allege, among other things, that PayPal improperly handled disputed transactions on PayPal accounts and improperly placed holds and reserves on accounts or closed or suspended accounts. Plaintiffs also allege that PayPal failed to provide annual error-resolution notices and monthly account statements under the Electronic Fund Transfer Act.
You are a member of the Settlement Class if you had an active PayPal account between April 19, 2006 and Nov. 5, 2015. Certain Settlement Class Members who had a hold or reserve placed on their account and/or who had their account closed or suspended by PayPal are eligible to receive a monetary payment upon submission of a valid claim form.
This notice summarizes the proposed settlement. For the precise terms and conditions of the settlement, please see the Settlement Agreement available at accountholdsettlement.com/ or by visiting the office of the Clerk of the Court for the United States District Court for the Northern District of California, 1301 Clay Street, Oakland, CA 94612, between 9:00 a.m. and 4:00 p.m., Monday through Friday, excluding Court holidays.
PLEASE DO NOT TELEPHONE THE COURT OR THE COURT CLERK’S OFFICE TO INQUIRE ABOUT THIS SETTLEMENT OR THE CLAIM PROCESS.
Also published on Medium.