Stop Unreasonably Freezing Consumer Accounts for Your Profit
This petition had 150 supporters
Was Your PayPal Account Limited or Locked for reasons without merit? If so, you may be surprised to learn that PayPal intentionally Limits and Locks Customer Accounts, making funds inaccessible for up to 180 days in order to invest frozen funds in short-term portfolios.
PayPal Announced Earnings of $200 Million for the three months ending June 30, 2014 which includes interest earned on Limited or Locked PayPal Accounts. What this means is that any PayPal Account Holder with funds unwittingly held in a limited or locked account from March 2014 to June 2014 bankrolled a portion of PayPal’s investments resulting in a whopping $200 Million profit. Adding insult to injury, PayPal refuses to distribute a portion of the interest earned back to the Account Holders whose frozen funds are largely responsible for PayPal’s 200 million-dollar profit.
This isn’t a new practice by PayPal, who continues to monopolize the online payment processing market, but now that they are the cash cow for parent company, Ebay, Consumers can expect that more accounts will continue to be unreasonably Locked or Limited while their frozen funds will be invested for PayPal’s gain. The primary online payment service for selling on EBay is PayPal, which has monopolized the online auction market and placed unnecessary restrictions on Seller Accounts by holding funds for up to 180 days. This is not only unfair and unethical, but it is an abuse of power, monopolizes online payment options, discourages a healthy online market and it is pitting consumers against corporations.
Furthermore, thousands of paycheck-to-paycheck or unemployed Americans utilize EBay as a means to supplement income so they do not have to rely on government assistance, but PayPal is punishing people who want to earn money online by limiting account access for 180 days. It affects all classes, employed or not. I experienced PayPal's ability to deplete a bank account within one hour while unemployed last fall. I could have supplemented my income with my EBay earnings. Instead, I was forced to draw unemployment while looking for a job because PayPal froze my account, which suspended my EBay account and disabled my ability to sell online. I received a check for my account balance, minus a $1.50 processing fee, 210 days after my account was frozen. Upon further investigation, I was shocked to learn that my money helped PayPal earn millions in interest; yet, I didn’t receive a piece of the pie.
There are thousands of people with similar stories and every signature tells a story. Please sign the petition today to stop PayPal’s 180-Day Hold policy and their ability to Limit Consumer Accounts and freeze user funds.
Thank you for your time and consideration.
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