On  XX/XX/XXXX , Paypal Holdings Inc. blocked my account without my consent. Specifying that there is a suspicious activity happening to my account and that they need to put a hold on it in order to investigate it and for that they required my IDs and other supporting details.
I would like to specify that there were no complaints or claims from anyone. And that there was no activity observed on my part as in and if my account was violated or compromised in any sense.
They continued to give no plausible response and that I can not access my funds. Upon my agitation I told them that I will file a complaint against Paypal with CFPB because they are holding my funds without my due authorization. There is no claim against me and I am stating that my account has not been violated.
Upon this their supervisor got angry and said that she is going to block my account forever. I told her that she is abusing her position and professional authority. Although she had no authorization from my part to confiscate these funds.
The following day upon my inquiry they reluctantly told me that I can not access my funds and that they have blocked my account.
I asked for details and the clauses based on which they have done so but they refused to disclose any such information.
Additionally, they told me that I will be able to withdraw these funds by XX/XX/XXXX  through adding my credit card details and order a check on the said address.
On  XX/XX/XXXX I tried to access my account online at the Paypal site and it asked me to add my credit card. Reading their bad reputation online, I was hesitant to add my credit card but continued to resolve the scenario. Their automated system said that it can not process my request right now but I should try it later.
On  XX/XX/XXXX  I tried adding my credit card again but the system asked me to call customer service.
Upon my call they gave me a totally new story- which made lesser sense than their former accusation. They said that the funds are available but I can not withdraw it till XX/XX/XXXX .
This is an unfair business practice and an outright violation of consumer finance rights. I am unaware and unsure as to why CFPB is letting such a coercive Finance Company to operate in an open market.
They dont seem to care at all of their compliance to XX/XX/XXXX  regulatory policies and act as if they are above the law.
Just because it is a Holdings company doesnt technically mean they can withhold their customers finances without their accord for extended limits. First off, they had no reason to block my account and discontinue my services. Additionally they are sitting on my funds- and accruing interests and profits on it without accountability.
They are using ulterior and outrageous advantage of being an online entity. Being online may mean that there are less legislations and regulatory control than actual finance entities but that doesnt or shouldnt mean they exploit their position and subject the consumer to illegal and unfair business practices.
Being an online finance entity they also enjoy the unsupervised privilege to cater offshore personal and corporate accounts and we can only dare to fathom what they would be doing outside US despite the strict regulatory laws here.
My total amount that they are withholding without my permission or any due discrepancy is {$1000.00} I fail to understand how long can they continue to tarnish the consumer quality standards with regards and how long can consumers keep on suffering their rowdy and random operational decor.
They seem to capitalize on the inaccuracy of their automated system. They blame on it and tend to enjoy profits out of its shortcomings and errors.
Please keep a check on their highly unpopular corporate image. This may be another bubble ready to burst like   XXXX   XXXX   in  XXXX . Keep in mind today majority of capital in the world is in digital format and they can very well be a contributor to the next economic contingency.