Consumer complaint received 2023-02-07
Company: Paypal Holdings, Inc
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: Mobile or digital wallet
Issue: Fraud or scam

Complaint:
In XX/XX/XXXX i opened a Venmo account for the sole purpose to be able to pay a bill that was in my name. 
My wife added funds to the Venmo from her account to be able to make that payment. I attempted to make the payment but it was declined by venmo due to their daily transaction limit. I was then sent an email saying my account had been frozen and asking to verify my identity. Which i did. I then Did Not get a response from Venmo until XXXX of XXXX stating that my funds had been held and that they were now available to be transferred using a standard transfer in their app. However, the app would not allow me to add any bank account to be able to initiate that transfer. I spent months trying to communicate via email because they will not speak to you over the phone. On XX/XX/XXXX i received an email stating that my funds would not be able to be released to me due to a loss Venmo had incurred due to my transactions. And the email from XXXX was sent by mistake. On XX/XX/XXXX i received another email stating that my account had been adjusted so that i can Transfer my funds to a bank account. I was Able to add a bank account this time around and i initiated the transfer on XX/XX/XXXX for the remaining balance in the account which is {$4600.00}. That transfer was then canceled by Venmo the next morning with XXXX explanation as to why. On XX/XX/XXXX i received an email stating that they can not release the funds and their policy states they can hold them for up to 180 days and if they do become available for transfer i will Be notified. After many emails sent from me i finally heard back from Venmo on XX/XX/XXXX asking for more information and asking for me to respond to an email that i never Received. Then on XX/XX/XXXX i received another email saying that my funds were available for transfer. Once again i am unable to add any bank accounts to the account. I received an email from Venmo stating they had made adjustments to my account and gave me instructions to add specific bank accounts and initiate the transfer of my funds. I was Able to again initiate the transfer for {$4600.00} on XX/XX/XXXX With the estimated arrival of the funds to be deposited on XX/XX/XXXX. Within hours that transfer was canceled by Venmo. I sent 4 emails asking why this has happened and why this keeps happening. I received an email on XX/XX/XXXX stating that i will never have access to my funds in the account with no other explanation! I have since attempted to reach back out to them with no response. 

Venmos policy states that they can hold funds in an account for up to 180 days. We are now way past that limit. I have had my money dangled in my face 3 times over the last 10 months. With little to no explanation as to why. I dont Understand how this can even be possible for them to do to their customers!

Im really hoping this will finally help me resolve this issue once and for all. It has caused great financial and emotional burden for me and my family!

Company response to consumer: Closed with monetary relief