No Longer Using Paypal

 

We had a manufacturer cancel a product we had presold on ebay. Within 3 days we have refunded everyone's orders (about $15k worth), and still had plenty of paypal balance leftover. The next day PayPal emailed and said the account was now high-risk and so froze $120,000, + a % of daily (rolling) sales. Fast forward 2 years, and over 5million $USD in transactions later, with never a single instance (lack of funds) or (failure to refund etc), and paypal was still holding $60,000 'reserve'. Fast forward 2 more years (4 years from incident), we have stopped using paypal almost entirely, maybe $500/month volume, and paypal still holds $10,000 reserve. We Closed the account and they say (of course) they will keep the stolen money for 180 more days. I think we have enough evidence now for 2 civil cases (Grand Larceny & Embezzlement), and we also are hoping to be able to file personal charges as well against the individual account managers. Perhaps if their employees start spending some time in jail the rest will speak up if they see fraud or theft going on inside PayPal. Which is a shame, because the original company had a great idea and concept - Elon Musk was smart and got out before they started using fraud.

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