posted on January 2, 2001 07:41:03 AM new
Greetings all!
Have you had a chance to check out the PayPal terms of service agreement updated 12/6/2000? PayPal states that it will never remove funds from your bank accounts without your explicit authorization however they do reserve the right to charge your credit card or debit card for amounts that were recinded by the buyer. Doesn't this mean that they can still take money out of your personal bank account?
I had no idea there were so many problems with PayPal until I looked on the boards. Since this new "change in policy" have the same types of problems persisted?
posted on January 7, 2001 02:08:52 PM new
I thought I would use PayPal for eBay. I got verified. Well that was a couple of weeks ago, and now, I just got off the phone with my bank. They are putting a block on my account to stop PayPal access. PayPal tried to deduct funds via ACH from my account without my authorization. I have done some research (that I should have done before I signed up with PayPal) and am astounded at the volume and severity of complaints that I have located just searching for an hour or two. Somebody needs to stop these kind of unscrupulous people. They have obviously positioned themselves carefully outside of most of the consumer protection laws, and are managing to tie up large amounts of other people's money, fraudulently, while they collect income on that money. They are even soliciting money for deposit in a "money market fund" in a manner that sidesteps all SEC protections. Take a look at their "requirements" now to get the much touted $5.00 signup reward. I wonder how many million dollars they are improperly holding on to, to earn them income. This is scam of the worst kind.
