Paypal (@Paypal @AskPaypal) Banking Needs US Government Regulation, 2012 Class Action Lawsuit Filed
Paypal, or www.paypal.com by URL, was one of the first few websites to bring fourth an idea to help user transfer money on-line with ease. It initially required a little background information from users and was hands-off in dealing with their money. Fast forward over a decade later, just like corruption at Bank of America, Wells Fargo, and others, they too have a scheme. "I had multiple paypal accounts for separate on-line businesses. My partner had an account for a business we shared. We never had an issue that went unresolved after thousands in transactions. I was told what I was selling was ok by a customer service representative earlier. Usually keeping funds in the account $100 or less, I left over $500 in accounts for the first time and Paypal froze my bank for 6 months," says Rodrick Rainey, a Paypal user wanting the company's attention. A horror story for most, Rainey is one of thousands with this Paypal conflict. If on-line entrepreneurs browse capitalist discussion boards, Warrior Forum or Digital Point, there's thousands (if not mililons) of stories just like his. Users have written stories much worse in fact. Some users show screen shot proof where $5,000 to $20,000 of their hard-earned money is held hostage by Paypal for 180 days ( 6 months ). But wait, if Paypal is not bank, how can they hold your money? That is a question all on-line businessmen and women want answers to. The company has dodged US government taxations & regulations with their 'dodger' business model. In fact, not only are they dodging the taxes that should be returned to the American people in these horrid economic times, but they are also profiting from the money of users they 'limit' or 'freeze' funds on for 180 days. Some estimate that Paypal can generate $1 Billion US dollars per year from interests drawn on their on-line 'banking' accounts they limit. If that's the truth, can you imagine Paypal giving up such profits? Or have they adopted 'freezing accounts' as part of their business model to create large profits? One thing is for sure, the people that own the money they are holding hostage to profit from, do not agree with the policy. This is very similar to what banking giants, Bank of America and Wells Fargo financial were pressed in court over. The two companies and others were confronted in a government level class-action lawsuit for being excessive with their power over people's personal accounts to generate millions in revenue. In Fact, Paypal already has a building class action lawsuit brewing. Complex Litigation Group LLC is working with anyone that has had funds frozen by Paypal or accounts limited, that resulted in money being lost for 180 days. "It is time Paypal pays for what it is doing to the American Dream. You cannot freeze the money people work hard for and use to create new business here. They limit my account and holding $700. However, they are not doing it to people in China who supply the goods I sell. I'm going to PRWeb with my story unless the limitations are lifted. It is destruction to American entrepreneurship," wrote Dree Frade to our staff. Frade is not the only that feels this way. Multi-millionaire marketers and on-line store owners discuss the topic on WickedFire.com with similar interests. Users that want to file suit and support legal action against Paypal.com for their banking practices, though not a bank, are joining with Complex Litigation Group, LLC website (click here). They are pushing the Paypal class action lawsuit 2012-edition. David Marcus, president of Paypal for 2012, has yet to comment on the class action lawsuit nor consumer issues. As more stories are voiced and details surface, experiences will be shared on CKHiD. Users that have had a Paypal account limited or frozen ( non-fraudulent reasons ) should contact DoGoodBusiness@YMail.com with details written. There are other actions that can be taken against Paypal by users as well. Some of the following tools have been known to prompt Paypal's attention to lift holds on user's accounts:
For legitimate Businessmen and Women needing a Paypal Alternatives, try these:
Paypal (@Paypal @AskPaypal) Banking Needs US Government Regulation, 2012 Class Action Lawsuit Filed
Pics
[ photo ] 5 Different Users with Limited Paypal or Frozen Paypal Accounts . It's believed over 200,000 accounts have been limited by the 'non-bank' this year. If estimates are right, Paypal stands to gain close to $1 billion dollars from interests drawn on money they withhold from customers, in a believed-illegal way. Their business model thrives from this excessive money-stealing method. All interests drawn should belong to customers, which is sure to be part of the reason the Complex Litigation Group is collecting thousands of users for the 2012 Paypal class action lawsuit . |
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