Consumer complaint received 2019-06-28 00:00:00
Product: Money transfer, virtual currency, or money service — Mobile or digital wallet
Issue: Unauthorized transactions or other transaction problem — 
Company: Paypal Holdings, Inc
State: TX

Complaint narrative:
I have been working to try and get this issue resolved since Thursday, XX/XX/2019. I am the owner of a small business out of XXXX, TX. I initially tried to intiate a transcation through my Paypal account in order to transfer funds from my Paypal account into my Credit Union business account. Prior to initiating this trasaction, I changed my business account with my Credit Union from a XXXX to a XXXX, which in turn changed my bank account number. I DID NOT change institutions, the account number was changed. When I tried to transfer the funds from my Paypal account into the new account with my existing Credit Union, ( same routing number, Institution Name, Institution Address ; just a different account number due to the new business title ) the transaction would not go through. I called Paypal to speak to a representative named XXXX. XXXX explained that I needed to verify my Name, Account, Institution, etc. I was able to verify all my information and any subsequent security information I was asked to verify. I was told to wait till the next day to initiate the transaction, which I did. I tried the next morning Friday, XX/XX/2019 to initiate a transaction in order to transfer these funds to my account at the XXXX XXXX. The transaction was blocked, and when I called to speak to another representative I was told this was due to a " Risk Assessment '' system that could not be circumvented. When I asked what I needed to do to complete my transaction after verifying my information again, I was told I had to wait a few hours to try again. Saturday, XX/XX/2019, I tried to initiate the transaction once more, and again, it was blocked. I called Paypal in order to find out why these transactions were not going through, and how to correct this situation. Once again, the representative had me verify my information from A-Z and everything in between, and once again, I was told this was due to a " Risk Assessment '' system that no one knew anything about except that it blocks " suspicious '' transactions. No resolution, or even advice as to how to get this corrected other than wait till Monday. Monday, I tried to initiate the transaction once again - once again, the transaction was blocked. I called Paypal and was put through to XXXX : ID # XXXX, who in turn put me in touch with a representative named XXXX : ID # XXXX, where I was subsequently placed on hold where the total call lasted 4 hours 55 min 9 seconds. I hung up and called back a few hours later and spoke to XXXX : ID # XXXX, who stated that the system could hold the funds indefinantly if they so deemed, and there was nothing that we could do. At this point, both my wife and I were completely exasperated. We hung up, collected ourselves, and called back on Tuesday, XX/XX/2019 and spoke to XXXX who stated the account was still flagged due to the fact that transactions were initated too often without waiting 48 hours between each attempt. This was the first ANYONE we spoke to told us about waiting any amount of time. She assured me that if I waited until XXXX on XX/XX/2019, the transaction would release and process. Today, XX/XX/2019. I in fact waited until XXXX in order to make sure the appropriate amount of time had passed in order to process this transaction. The transaction did not process and was still blocked. I called again, and spoke to XXXX to them stated that we could not in fact initiate this transaction electronically, but could get a check issued for the account balance. I requested the check be issued, and stated we want the account closed. XXXX assured me the check would be issued in 7-14 business days, and I would be receiving an email verifying this request. As of yet ; however, I have not received a verification of the check being processed for release, and am still waiting for this verification. The total amount needed to be trensferred from the Paypal account to our Credit Union account is {$9.00}, XXXX. This overall has been an absolutely horrible experience and we have basically experienced lack of professionalism and blatant disregard of any consumer protection laws or regulations as to how and when these funds will be released. We request your immediate help with this situation and thank you in advance for your consideration.

Company response to consumer: Closed with explanation