Consumer complaint received 2024-06-09
Product: Money transfer, virtual currency, or money service — Mobile or digital wallet
Issue: Trouble accessing funds in your mobile or digital wallet — 
Company: Paypal Holdings, Inc (AZ)

As you can see from the message below, venmo decided based on actions taken by an identity thief to freeze my fiest deposit of {$1000.00} for 180 days without reason until i complained to you enough times about it. 
It is now mote than 180 days later, I've contacted them, they tried to collect {$1000.00} that they said I owed THEM until I produced their own words on the matter. 
Now they've given me he ability to see the money and day that I can move it, and have yo before they close the account and send it somewhere they won't say and it'll be gone forever. Below is the last correspondence and when I stopped contacting them until the 180 days was up. 
Also, this account was created and frozen. I attempted every function in the app to attempt to get my money out the day it was deposited. Yes including cryptocurrency which you offer in your app so stop talking down to me about using it... you're like a XXXX dealer who then berates the people he sold it to. Regardless, any claim about a negative balance that strangely equals the same amount as my balance which they froze immediately upon depositing is simply impossible since they froze it right away upon deposit. One deposit, some of it made into crypto, and then I was not able to transfer or do anything much less calculate the exact amount and apend every single XXXX but still leave it all for you to freeze. 

Company responded STATUS Company responded on XX/XX/XXXX RESPONSE TYPE Closed with explanation Company 's Response On XX/XX/XXXX, you created a Venmo account ( " Account '' ) at which time you agreed to Venmo 's User Agreement. On XX/XX/XXXX, you provided your XXXXXXXX XXXX & XXXX XXXX  account ( Bank Account ) information to Venmo to be used as a funding source and for eligible withdrawals. On XX/XX/XXXX, you attempted to add a credit or debit card to your Account that was already associated with another Venmo account. In order to prevent fraud and help ensure the safety of the Venmo system, Venmo utilizes automated tools to scan transactions and review accounts for potential fraudulent or high-risk activity. On XX/XX/XXXX, these tools identified your Account as potentially high risk. In this case, our internal security system identified that you attempted to add a credit or debit card that was already linked to another Venmo account as described above. This can be indicative of unauthorized activity or stolen financials. As a result, we suspended your Account as permitted under the Holds and Limitations section of the User Agreement. We notified you of this action through email the same day and requested that you provide a photo ID, bank statement, and card statement for the card that was attempted to be added to verify identity and financial ownership. On XX/XX/XXXX, you provided copies of your photo ID and bank statement. On XX/XX/XXXX, and again on XX/XX/XXXX, you provided your bank statement. On XX/XX/XXXX, Venmo reviewed your Account and determined we were unable to mitigate the risk associated with your Account. Specifically, due to several risk factors, it was determined the risk on your Account is too great to release your balance at this time. The following risk factors were identified : -Your Account shares information with multiple accounts with limited access. We can confirm that the accounts share a combination of the following : Login information and funding source. -There were multiple attempted cryptocurrency purchases that were declined due to risk concerns. In addition, there were several cryptocurrency transactions that caused a negative balance on the Account. The negative balance currently reflecting on the Account is- {$1000.00}. Upon further review of your Account and provided documentation from your previous submissions, Venmo decided to cease offering our services to you as permitted under the Restricted Activities section and the Holds and Limitations section of the User Agreement. We notified you of this action through email the same day. Under the previously referenced sections of the User Agreement, Venmo may hold your Account balance for up to 180 days if reasonably needed to protect against the risk of liability. Additionally, Venmo may refuse to provide Venmo services to you in the future. We will make any remaining funds, less reversals, or debits, available to you for withdrawal on or before XX/XX/XXXX, and we will notify you of this via email. Your Account currently reflects a balance of {$1000.00}, and you have a negative balance owed of - {$1000.00}.