Consumer complaint received 2024-09-09
Product: Checking or savings account — Checking account
Issue: Closing an account — Company closed your account
Company: Paypal Holdings, Inc (CA)

Complaint to the Consumer Financial Protection Bureau ( CFPB ) Complainant : Venmo victim Company : Venmo ( PayPal, Inc. ) Issue : Account Suspension and Funds Withholding without Adequate Explanation or Justification Details : I received a {$13000.00} XXXX payment from the State of California into my Venmo account. I used a portion of these funds ( {$3500.00} ) to purchase a car and conducted other transactions consistent with my usual spending habits. Many transactions after the car purchase, Venmo suspended my account indefinitely, withholding the remaining balance of approximately {$3500.00} for 180 days. I promptly contacted Venmo customer support and provided proof of my identity, but received no satisfactory response. They said my account is suspended for anconcerns about my transactions, and that they have I'll no longer communicate with me and that the matter is over. 

Venmo claims that their account specialists, the only individuals capable of addressing my issue, are only available via email and do not work on weekends. However, I received an email from them on a weekend, contradicting their own policy. My account also received money from the us postal service despite it being suspended and the funds being held, showing that most likely they have only barred my access and can manipulate the account as they wish, I suspect to steal my money and invest it cutting me out of the profits and then sneaking money back into the account 180 days later sans the profit cut that should be given to me considering the rights I gave them in the user agreement are now void. 

I can not register the car I bought for registration. I can not begin work due to this. I am now still homeless and can not due what is required to begin my job as a XXXX. I may even lose the car to a tow, or tickets as I can not XXXX and register it. 
This suspension has caused severe financial hardship for me and my family. I am unable to access funds that I desperately need to cover essential living expenses. Venmo 's lack of transparency, delayed response, and seemingly arbitrary decision to suspend my account and withhold my funds have caused significant emotional distress and financial instability. 
I believe Venmo 's actions are unjust and potentially in violation of consumer protection laws. I urge the CFPB to investigate this matter thoroughly and take appropriate action to hold Venmo accountable for its conduct. 

I request the following : Immediate reinstatement of my Venmo account and release of my withheld funds. 
A clear and detailed explanation for the suspension and withholding of my funds. 
Compensation for any damages or losses incurred as a result of Venmo 's actions. 
Implementation of measures to prevent similar incidents from happening to other Venmo users in the future I am confident that the CFPB will take my complaint seriously and act swiftly to protect my rights and ensure that Venmo is held accountable for its actions. 
Thank you for your time and consideration. 
Sincerely, Victim of Venmo