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Monday, December 06, 2010

PayPal

This is the clear example of how a Monopolist takes advantage of its position and legally steals money from its customers.
This is an example:

"My Paypal account is also frozen for no apparent reason and they will not give a reason. Well they call it restricted but in reality it means frozen and they get to do what they like with my and your money.

From what information I can gather from the Internet this is a very common occurrence horror stories abound in fact there are websites dedicated to exposing Paypal and its many scams and underhand business practices. One employee (now ex-employee)of Paypal actually testified in court restricting accounts was looked upon as an additional source of revenue.

No one knows for certain how many of Paypals 26,000,000 accounts are frozen at any given time but it is estimated to be over 1,000,000.

There are hundreds of thousands of court cases filed against Paypal most of which seem to get settled just before going to court.

Paypal tries every trick in the book to wriggle out of getting regulated by any government financial regulators or from coming under any sort of regulations at all except their own terms and conditions where they are the sole arbitrator judge and jury. They were beginning to be regulated in the UK so in order to circumvent that they registered in Luxembourg where the FSA

The question is why what are they so afraid of, have they been cooking the books are they insolvent and can only keep going by freezing customers accounts withholding their funds and using them in order to keep trading.

One thing is becoming very clear it is about time Paypal was regulated its business practices investigated and the practice of freezing customers accounts withholding their funds and not even allowing them to return the money from where it came abolished. It is not even possible to close your account when it is restricted."

I tried to close mine, bur it was impossible.
And what about the ppromised "You are insured if you pay with paypal"
The insurance consists, when it works, to move the money from one account to the other, without any investigation, and when it doesn´t work, just ignore any complaints.

there are millions of entrpreneurs, why nobody builds something working and honest?
Has our world so deteriorated that there is NOBODY you can trust anymore?
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