Originally Posted by Nicnac
This just confirms Paypal is another criminal bank in this criminal financial system. I can't imagine it would have been possible ten years ago for any 'bank' real or fake to seize someones money as a procedural delay for 3 months. What an abuse of a monopoly.
Paypal is not a bank, they can pretty much do whatever they want lol. They make their own rules.
If Paypal goes out of business there is no FDIC insurance, they fold (which wouldn't happen) & everybody is out of money. In 2007, the FDIC has deemed them a internet money transfer service & as long as they don't accept direct deposits it won't be considered a bank. In Europe however it does have a banking license.
I spent a good month after my account was frozen researching the ins & outs of Paypal & learned a ton of BS they do. There are tons of people who have their accounts frozen from eBay transactions having 10,000+ Positive Feedback & NO customer complaints. I have read so many horror stories that every time I make a withdraw I cross my fingers it isn't followed by an email saying my account is locked.
Whenever I do send X number of payments to certain people, I can almost guarantee Paypal will call me & ask about the type of transaction it was, how do I know the person, what the item(s) was & was it an eBay transaction? I have their number programmed in my phone because I have read if you don't answer their phone call, they will lock your account & say they couldn't get in touch with you & after that comes all of the hoops you have to jump through. (I.E. - prove your phone number, address, drivers license, SS#, etc)