Consumer complaint received 2025-02-05 00:00:00
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
State: CA

Complaint narrative:
Dear Consumer Financial Protection Bureau, I am filing this formal complaint against PayPal , Inc. ( operating as XXXX ) due to their unlawful withholding of my funds, failure to provide clear communication, and refusal to comply with their own stated policies. 

Background : On XX/XX/year>, XXXX suspended my account citing unusual activity and required me to verify my identity. At the time of suspension, my XXXX account held approximately {$8000.00} in cash and {$3000.00} in cryptocurrency. 

I immediately complied with XXXX requests by submitting the required government-issued identification and answering their compliance teams questions. According to XXXX own policies, they commit to reviewing and responding to account verification requests within 7 business days and compliance inquiries within 5 business days. However, despite my full cooperation, XXXX has failed to resolve my case in a timely or transparent manner. 

Venmos Inconsistent and Unfair Handling of My Case : XXXX falsely claims they notified me of my account termination. 
- In their response, XXXX states that they reviewed my account on XX/XX/year>, and determined they would no longer offer services to me. 
- However, I never received any such notification from XXXX. ' - I only became aware of this decision after filing a previous complaint and following up multiple times with customer support. This violates XXXX own policy requiring clear communication of account restrictions. 

XXXX. XXXX has exceeded its stated review timeframes and ignored my inquiries. 
- I responded immediately to their compliance team on XX/XX/year>. 
- Per XXXX User Agreement, they were required to review and respond to my account status within 7 business days or 5 business days for compliance inquiries.

- Despite multiple follow-ups via email and customer support calls, I received no meaningful response from XXXX. 

3. XXXX is unfairly withholding my funds despite closing my account. 
- XXXX claims their policies allow them to hold my balance for 180 days to protect against liability. 
- However, there is no valid reason for this hold : a. My funds are legitimate, originating from the sale of cryptocurrency that was legally purchased and held in my XXXX account. 
b. There are no disputes, chargebacks, or fraudulent claims against my account. 
c. I have complied with all verification requests, yet XXXX continues to block access to my funds. 
- If XXXX has already decided to permanently close my account, they have no reason to continue holding my money. Their own User Agreement does not permit holding funds indefinitely without cause. 

XXXX. XXXX has failed to provide a clear path for appeal or fund withdrawal. 
- In their response, XXXX suggests I can appeal their decision, yet they have ignored my repeated attempts to understand what additional information they need. 
- Their refusal to communicate creates an unfair and misleading process, depriving me of my right to access my own money.

Company response to consumer: Closed with explanation