Consumer complaint received 2017-06-04
Company: Paypal Holdings, Inc
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Money was not available when promised

Complaint:
On XXXX 2017 Paypal Decided to put a permanent limit on my account and hold my balance of XXXX even though I was n't in complete violation of their policies, the reason was because of a transaction of me selling a cosmetic cream for OTC I found at my local XXXX and beauty store I contacted XXXX and an agent gave me a reference number because she did n't see anyone reason for my account being limited when I did not violate their policies. <P/>Plus they continue to hold my funds. I decided to do my own investigating into the company and notice that in the state of Florida Paypal Holds a Money Transmitter License Type II which was issued to the company the statue that govern that License does not grant Paypal ( The License Holder ) To hold any funds from their customers longer the 10 days, After reading more into Paypals Holding a Balance Policy I notice that in event of the companies Bankruptcy their not obligated to make the funds available to their ''creditors '', I see this as abuse of power and their laws are very draconian to both consumers and business owners and slows down the economic growth of businesses especially small local business. <P/>I contacted paypal with information and spoke to XXXX she still refused to overturn the decision and stated that what paypal is doing is completely legal since all Financial institutions like banks hold consumer funds for 180-days even if they are granted a money transmitter License type II in FL even though paypal is n't a bank they can still with held funds, when I told her to further explain to my why paypal would over ride state laws and state constitution she stated to me it 's with in paypal policy! XXXX refused to give me her last name and the last name of her co-worker who contacted me via email with the notice of my funds being seized for 180 just their badge number XXXX ID XXXX / XXXX XXXX. <P/>I would like this to be resolved with my account being open for me to remove my, I am willing to leave a Balance of XXXX out of XXXX for any returns of charge backs. <P/>I would like to have my funds removed immediately because I read their user agreement that they are not liable for customer funds in case the company goes bankrupt my funds are not protect by any FDIC, I feel like I have been robbed because not only have paypal not pay me accordingly but I am also out of Merchandise I would appreciate a call bank and a resolution to this matter. <P/><P/><P/><P/>Thank you! Paypal # XXXX XXXX ID XXXX / XXXX ID XXXX IN REGARDS TO ACCOUNT BELONGING TO XXXX XXXX XXXX PHONE : XXXX In regards to transaction XXXX ( In this transaction I sold a cosmetic cream with the legal Hydroquinone Fade OTC Non prescription ingredient that advised by the FDA which is 2 % it had proper Labeling and guide lines it is legal by law the item in question can be purchased at XXXX, XXXX or other Hair and Beauty stores ). If you would like to contact XXXX for further proof of I wasnt in any violations you can do by callingXXXX XXXX XXXX XXXX XXXX givethem this reference XXXX user ID : XXXX Name : XXXX XXXX XXXX XXXX XXXX. Thank you very much! -

Company response to consumer: Closed with explanation