Consumer complaint received 2025-01-03 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:
I had cyptocurrencies stored with Venmo as part of the bankrupcy preceeding for another company. About XXXX months ago, I decided to be done with cyptocurrencies and sold all the crypto I had on Venmo. The proceeds amounted to about {$120000.00}. Little did I realize that Venmo has a daily {$5000.00} bank transfer limit and a daily {$5000.00} payment limit ( for verified users, both limits are capped at {$20000.00} per week, but they can decline transactions for any reason ). 

I called Venmo customer support multiple times and was told by the agents that there was no way to escalate my issue. XXXX agent even mocked me for keeping such a large amount of money in Venmo. 

So, I started slowly transferring {$5000.00} to my bank and {$5000.00} to my wife. Even when I stayed below the weekly limit, I often got declined. I don't think there was a single week where I managed to transfer more than {$15000.00} out of Venmo. However, I was fine with it since my only goal was to move my money out of venmo. 

On XX/XX/2024. I received XXXX email from Venmo, XXXX told me that my account is suspended because " ... Weve noticed some unusual activity linked to your Venmo account which may be in violation of our user agreement. '' asking me to provide a valid photo identification. In the email it stated that " Once youve provided your information, well review and respond about the status of your account, usually within 7 business days. '' The second email, coming from the compliance department, asking the following questions : - What's the intended purpose of your Venmo account?

- Is there a fact or eventuality related to execute XXXX sells for high amount in your Venmo account? 
- A listing of the products and services you offer. 
- A detailed explanation of your business model. 
- A list of all URLs or websites that will be used to receive payments. 
- The type of payments you will send and receive, including the type of goods or services you will accept payment for. 

In the email, it states, " Once we receive your reply, we will get back to you regarding your account within XXXX business days. '' I responded to the XXXX emails right away, as I had around {$8000.00} in cash and {$3000.00} in XXXX in Venmo, and suddenly, I was unable to transfer them out anymore. 

After a week, I still hadn't heard anything from Venmo. On XX/XX/2024, I replied to the compliance team 's email, asking if there was any additional information I could provide. I received no response. 

On XX/XX/2024, I called customer support and informed the agent that Venmo had missed their SLA and that someone needed to respond to my request. The agent agreed, escalated the case, and assured me that someone would get back to me " within XXXX hours. '' However, after XXXX hours, I still hadn't received a response. 

On XX/XX/2024, I called again. This time, the agent told me they created a new ticket and attached it to the original ticket to ensure someone would respond. Still, nothing happened. 

On XX/XX/2024, I called once more. The agent told me they created yet another ticket and " tagged an account XXXX, '' expressing " 100 % certainty '' that someone at Venmo would respond to me ( these were the agent 's exact words ). 

Another week has passed, and today is XXXXnearly a month since Venmo suspended my account on XX/XX/2024. Despite responding to their initial requests immediately, Venmo has not reached out to request further information or to unfreeze my account.

Company response to consumer: Closed with explanation