4 ms·
Communication, and financial services. I made a new LLC recently and signed up for PayPal to pay an invoice. I gave them my info, my tax ID, my bank account,
by emacsen 4y ago
Communication, and financial services.
I made a new LLC recently and signed up for PayPal to pay an invoice.
I gave them my info, my tax ID, my bank account, etc.
And within five minutes, they told me that my account was permanently blocked and that I wouldn't be able to use PayPal with my business. No reason was given other than I must have violated their TOU.
I had to go onto Twitter and talk publicly about it, then talked to three different Twitter representatives over a three weeks period, and they finally unlocked my account.
I commend them for unlocking it, but it's certainly given me pause over using them for even sending funds. :(
- Evidlo 4y agoYou mean PayPal representatives?
- emacsen 4y agoYes, it was a typo I'll see if I can fix.
- astrange 4y agohttps://www.consumerfinance.gov/complaint/ https://www.consumerfinance.gov/complaint/
- bloody-crow 4y agoI work in fintech and there's a ton of internal policies for KYC (know your customer) compliance, where we immediately terminate customer's contract and are forbidden from revealing any information about why and what's triggered it. I can see both sides of this process, and unfortunately, in case of an error, it's almost impossible to resolve the situation without an inside advocate who could influence the outcome and possibly correct the mistake.
- emacsen 4y agoThe important part in what you said is "internal policies", not laws or regulations. This is why we need regulation that protects people/businesses.
- bloody-crow 4y agoThose policies were created as a way to abide by laws and regulations, so I'm not sure what's your point here is.
- emacsen 4y agoI don't know which CYA laws say why you can't tell the consumer why they were rejected or not have a review process.