Consumer complaint received 2022-03-26
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Money was not available when promised — 
Company: Paypal Holdings, Inc (LA)

I started using Venmo since XXXX. When I opened my own business in XXXX i also added a business account with them and its attached with my personal account. 
I never had any issue during last five years with them. I was started as an independent contractor untill I stepped up became a corporation everything was fine. 
On XX/XX/XXXX, i received few deposits from my clients in total of {$1400.00}. That was a tips and an advanced deposit from my client to book my service. 
Still on the same day, after i received several transfers i decided to spread some of my funds and cashing out the rest. So I transferred the amount of {$350.00} from personal Venmo acct to Business Venmo acct. It went through. And i had almost {$1100.00} left over on my personal. So I transferred the amount of {$500.00} to my personal Bank checking acct ( A ). I always used instant transfer service ever since. So venmo always charged me 1.5 % out of any amount ive requested to cash out. So that $ XXXX hit my bank in within a minutes. 
On the Next day which is XX/XX/XXXX ive decided to cash out the left over funds on my venmo acct in amount of {$580.00} but this time i was using a standard term which is free charges but it takes 1-3 days till hit my bank acct. That was my first time using standard term and as soon as I submitted, venmo gave me an estimated time the fund will hit my bank acct by XX/XX/XXXX. 
From there i went to my venmo business acct and also decided to cash out the funds of {$350.00} using a standard term ( free charges ) to be sent to my Bank under Business Checking acct that was already linked in to the venmo business. After I submitted, the screen saying exactly the same as the previous one. It takes 3 days till hit my bank as well as mentioned the completion transfer estimated is on XX/XX/XXXX. 
On XX/XX/XXXX afternoon, ive received an email from venmo saying that my acct was frozen. In order to unfreeze, i had to upload a gov identification document. So i hit the link to verified and take a picture of my state drivers license front and back and sent it right away. I was wondering why they need my document again which is ive been verified with them long time ago. 
XXXX Hours after the the submission i still didnt hear anything from them. XXXX hours after the first submission, i decided to re-upload my document but this time i added my US Passport to it perhaps could speed up the process to unfreeze my acct. 
After XXXX hours from the second submission i didnt hear anything so ive decided to contact them by phone. 
The agent was amazing and helpful, however she told me that i had to wait another XXXX business days because they claimed that my case is being reviewed by Account Specialist which is regular agent didnt have an access to contact them. 
After 5 days waiting and didnt received any respond ive decided to call them again. But this time i was being transferred to the supervisor. I explained her everything and she said she is going to escalate the issue with the account specialist and request to release any pending transfers.

As soon as I hung up the phone, i received an email from the venmo account specialist. I was in-shock when i read the messages, it says that venmo has to deactivate my account permanently due to nature of activiry and they believed that i was violating the users agreement and the decision was firm under their sole discretion. And any pending funds will be available to cash out after up to 180 days. 
I was in shock for few minutes and couldnt believe what i was read. I feel that venmo harassed me and my heat temper went straight up. I was trying to explain him about what they believed was not right. But since they mentioned about sole discretion means i cant do anything. So i blew him tons of bad words to express my feelings at that moment. 
I tried to call again and spoke with different agent, again i also told her that the impact of their selfish sole discretion was my bank turned overdrawn because i was expecting the transfer from my venmo acct hit before the monthly automatic payment charges it. I also mentions that i was a father of three which is the oldest is only 7 years old. I kept my self working hard to feed my children and support my family. I added words perhaps they would re-consider but its all useless because they wont change the decisions. 
I assumed that i didnt deserved this. They accused me for breaching or inappropriate activity that violated the users agreement. And i replied If i was doing some sort of illegal activity, I wont be worried about losing {$930.00} that venmo held. 
Conclusion : I dont mind for the consequences such as closures or deactivate acct permanently even though i dont know what was the specific reason they thought i was violating. But please release my own money. Because that amount meant a lot to me and my family. 

Please see the attachment and match the dates on the top left. Also below is the explanation based on # Numbers : # 1. The first withdrawal of {$500.00} using the instant cash service with {$7.00} fee paid to venmo # 2. The secondary withdrawal of {$580.00} using a standard service ( free ) was actually initiated with the confirmation they sent by email. 

# 3. The third withdrawal of {$350.00} using a standard service ( free ) from my venmo business acct to Business Checking acct was also initiated and confirmed. 

# 4. The account frozen notice which is next day after transfers was requested also the day that the funds was supposed to hit each of personal and business bank acct. 

# 5. Two days after i uploaded first respond but didnt hear anything back. So i decided to sent them email and thats the responses. 

# 5.1 & 5.2 = The first thing i was received right after i hung up spoke with the venmo supervisor that she mentions she was going to escalate the issue with account specialist and will request to release my money ASAP. But thats the fact i received. 

# 6. That was shown {$0.00} for at least 7 days with one pending transfers on the first list and now it changed. i can see my money there but i cant send it nor i can cash it out. ( My question is, what does venmo waiting for till the money released to my bank acct ) that money from the job that ive been doing for the last two years not from scamming or any other illegal activities.. 

# 7. This is my Venmo Business acct still shown {$350.00} is transferring to my Business Checking acct but never arrived. I assumed this acct also has been impacted by the Sole Discretion power of The Lord Venmo.