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They’ve basically found a way to steal what’s left in the account. That’s all this is. There’s probably tens of thousands of accounts that people got locked out
by qz2 6y ago
They’ve basically found a way to steal what’s left in the account. That’s all this is. There’s probably tens of thousands of accounts that people got locked out of or abandoned with money in and this lets them steal it.
- seibelj 6y agoNo silly, it costs them tons of money to maintain a database record. Storage costs alone are on the order of kilobytes!
- droopyEyelids 6y agoYou're right about that, AND PayPal has some sort of aversion to debt obligations. I remember reading something about how PayPal can't loan out or use the money it is holding for users like a normal bank would- it's a sacrifice to their strategy to avoid being a bank in the USA. I think that would make having all this money on their books annoying from a business perspective, along with the 'it's not mine' problem
- Thorncorona 6y agoOh there's more than that. I've done some work in the past in some video games, and used to get paid through a Paypal registered under a pseudonym. But since now Paypal requires your name, DOB, SSN, banking info, to simply transfer money out, the money is stuck. I can't use the money to pay for things, because they require you to link banking info DESPITE the fact that I have cash balance. So basically, I had cash that I couldn't take out or use. Now finally, they are figuring out how to steal that money.
- thenickdude 6y agoThis is completely unavoidable due to government-imposed Know-Your-Customer regulations.
- huhtenberg 6y agoYeah, that's the KYC for you. For all they know your account can be a part of a money-laundering scheme. https://en.wikipedia.org/wiki/Know_your_customer https://en.wikipedia.org/wiki/Know_your_customer
- slim 6y agosell the account to someone who can use it
- alpanka 6y agoSo basically rules created to stop money laundering forced honest citizens to engage in money laundering??
- jandrese 6y agoWell how else are they going to get the money out of all of those accounts they locked for no good reason?
- dylan604 6y agoOh, they had good reason. One for every dollar in the account
- ASalazarMX 6y agoI haven't used my Paypal account in years, and a few months ago they gave $10 USD, not enough to buy something, but enough for me to consider using it again. At the end I didn't, and I guess they'll slowly take it back. Edit: read the article, it seems they'll take it back in one fell swoop.