After using the Paypal services for several years using my email on December 26th of 2017, I received U$33,000 payment for the sale of one of my websites. The buyer sent me the money using Paypal; PayPal limited my account and placed my funds on hold for security purposes; after waiting for many days, talking with many representatives and having my account reviewed and cleared, my funds were available for withdrawal and my account was restored and activated.
I tried to withdraw my funds (U$26,000 after making some payment with my Paypal balance) to my bank account but it was not possible to do it. Paypal alleged that the bank information was invalid, even when they have made plenty of withdrawals to the same bank account with the same bank account information before. I tried to withdraw multiple times without any succeed. Then I got another email from Paypal were my account was being reviewed again without any reason, they asked for private documents concerning important information from myself, the buyer related with the sale of the website and the business; then they decided to close permanently my account and hold my funds for 180 days.
I have previously requested a review/appeal of my case which was denied.
Although I still disagree with the decision to deny my appeal I will abide by it – however because I feel that holding my funds for 180 days is excessive, and perhaps a punitive abuse of power, besides Paypal is operating as a financial institution with power of seizure, without legal authority to do so; Paypal is committing felony fraud (possible laundering activities going on as as well, since it seems to be widespread and ongoing), but just my own money is $26,000 and Paypal is refusing to release funds, not belonging to themselves, which is called grand theft. The funds are part of my daily life expenses and during this period of time I haven't received any income or profit in my bank account which has affected my personal being physically and psychologically since I don't have enough money to pay my personal expenses.
Product or Service Mentioned: Paypal Account.
Reason of review: Holding funds.
Monetary Loss: $26000.
Preferred solution: Full refund.
PayPal Cons: Abuse of power, Abuse of trust, Manipulation, Bad customer service.