Consumer complaint received 2022-11-09
Company: Paypal Holdings, Inc
State: UT
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
Hello, A friend tried to deposit money into my Venmo account several weeks ago and he said that my account wasn't there anymore. He had made multiple payments to me in the past, the most recent one that went through was XX/XX/2022. The total amount that was in my account was {$200.00}. All deposits were made from XXXX XXXX in 2022. I had set up an account back a few years, but never used it until this year. The deposits were all made this year on XXXX XXXX {$25.00}, XXXX XXXX {$25.00}, XXXX. XXXX {$50.00}, XX/XX/XXXX, {$50.00}, XX/XX/XXXX {$50.00}. I never made any withdrawals from the account. I don't find any policy that says you have to withdrawal. I was planning to withdraw yearly, but I guess that plan hasn't worked for me and I do not plan on using Venmo ever again. 

The following is what Venmo sent me when I inquired and my money is not in the XXXX  XXXX XXXX, so far anyway. A most recent transaction of XX/XX/2022 doesn't seem like an inactive account to me. I also never received the emails they are referring to. 
Thank You XX/XX/2022 Venmo XXXX You have a new message from Venmo regarding request # XXXX. To respond, simply reply to this email. 

Hi XXXX, XXXX from Venmo XXXX here. I'm glad you contacted us regarding your account status and I'm more that happy to assist you. 

I've taken a look into this situation for you, and we show your account was cancelled due to inactivity and there were unclaimed funds in your Venmo account. In situations like this, we send XXXX email notifications before the funds leave our system. At this time, the funds are no longer with Venmo and the account has been closed. 

Since the funds have already been turned over to your state, you will need to go through Utah 's XXXX Funds process to collect the funds you had in Venmo. 

Hope you are clear. If you have any other issues in the future, please let us know. 

Best Regards, XXXX XXXX | Venmo Support XX/XX/2022 Venmo Help You have a new message from Venmo regarding request # XXXX. To respond, simply reply to this email. 

Hi XXXX! 

XXXX here from Venmo XXXX! Thank you so much for reaching out today regarding inactivity policy of Venmo. Let me help you resolve this concern! 

The escheatment process takes place when an account becomes dormant for a time period which is specified by state law, typically between three to five years.

I've taken a look into this situation for you, and we show there were unclaimed funds in your Venmo account. In situations like this, we send two email notifications before the funds leave our system. At this time, the funds are no longer with Venmo and the account has been closed. 



Since the funds have already been turned over to your state, you will need to go through XXXX  's XXXX XXXX  process to collect the funds you had in Venmo. 



Thank you for being a valued Venmo user. If there is anything else we can assist you with please don't hesitate to let us know. Have a wonderful day! 

Best, XXXX XXXX | Venmo Support

Company response to consumer: Closed with explanation