Consumer complaint received 2017-06-25
Company: Paypal Holdings, Inc
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Problem making or receiving payments

Complaint:
XXXX XXXX As of the XX/XX/XXXX I am unable to access my money. <P/>XXXX XXXX XXXX Dear After reviewing your PayPal account, we 've determined there is excessive risk involved in doing business with you. According to XXXX XXXX your business ( you initially installed - XXXX ) is in " dissolved '' status. We 'd like to begin parting ways in a manner that is least disruptive to your business. However, you 'll still be able to use a PayPal account for personal use. <P/>The PayPal accounts are set up for one Legal Entity only. A new PayPal account should be created for the new company. <P/><P/>Your right to appeal : We always perform a thorough investigation before deciding to initiate the closure of an account. However, we appreciate that from time to time misunderstandings can happen. If you wish, you can appeal our decision. You can do so by logging into your PayPal account and sending us a message on our Contact page. Your account balance during the account closure period : This decision means we must oversee the appropriate movement of any money currently in your PayPal account balance. A gradual approach to account closure allows us to part ways, while considering any liabilities that may arise. Our aim is to review any valid buyer claims lodged against you. We must allow enough time for claims to be filed as these can take several months to be reported and resolved. How will the process work? 1. We 'll hold any money currently in your account in accordance with sub-sections ( 1 ) - ( 3 ) below. We do this because it provides sufficient time for most claims, such as chargebacks, to be filed by other parties. These claims can result in financial loss. If your account balance is below zero, you 'll have to settle the amount owing on your account to avoid further action. 2. Our first review at 30 days from the date of this email will calculate our exposure and we 'll release any excess funds to you at that time for withdrawal. We 'll communicate this to you at the time. This review can result in 3 different outcomes as detailed in sub-sections ( 1 ) - ( 3 ) below. We 'll always communicate the outcome of our reviews to you. 1. We 'll release your entire remaining balance to you for withdrawal. Please note that if you choose not to withdraw the money at that point we reserve the right to re-coup any money at the next review ; or 2. we 'll release a part of your remaining balance to you. If this is the case we 'll inform you about how much money can be withdrawn. We 'll then conduct another review 30 days later that will repeat the process detailed under sub-section 1-3 ; or 3. we wo n't release any funds to you if we deem our exposure to be greater than or equal to your available balance. Your account may be reviewed up to 5 times ; at 30 day intervals until day 180 from the date of this email. If any money remains in your account at day 180 it will be made available for withdrawal at that point. Accounts with a balance owing to PayPal : If your account shows an amount owing to us, you must add funds to ensure that the balance returns to zero. Please note that we reserve the right to recover the amount by legal means. A copy of our User Agreement can be found by clicking 'Legal Agreements ' at the bottom of any PayPal page. Our right to close your PayPal account, and the retention of funds, are covered in our User Agreement under sections 10.2 and 10.3. <P/><P/>Yours sincerely, XXXX PayPal

Company response to consumer: Closed with explanation