SukrPunch17

Paypal Holds Sellers' Funds Hostage

ATTENTION: PAYPAL IS NOT A BANK!
Before you read any further, you must completely understand that fact! I sympathize completely with all of you sellers who have been robbed by dishonest buyers who've taken your merchandise and then also taken back their payment for it...and all of you buyers who've had your personal financial information taken by dishonest sellers. All of these illegal acts have been enabled and facilitated by Paypal and eBay.

Paypal holds your money for days and weeks - yet it doesn't pay you interest. A bank must pay interest by law, as regulated by the Federal banking authorities. Paypal can take money out of your personal checking/banking account. Banks can only do this with a Court order. WHEN 'THREATENED' IN THE UK, AS WELL AS IN AUSTRALIA, TO BE REGULATED UNDER THOSE COUNTRIES' BANKING LAWS, PAYPAL TURNED TAIL AND RAN, REGISTERING THEIR 'SERVICE' IN LUXEMBOURG.

You may post messages on these great and informative blogs, a public service in themselves. This is all well and good and serves to help one somewhat feel better over your losses at the hands of the Paypal and eBay thieves. But afterwards, and it only takes a few minutes, write your congressman, or write the banking authorities. Regardless of your party affiliation - we're all Americans and we need this to be done for all of our good, you can write Senator Charles Schumer from New York State (he's already received more than a few) or write Representative Barney Frank of Massachusetts. New York Attorney General, Andrew Cuomo, is attuned to help consumers and definitely would like the chance to expose the deceptive practices of both Paypal and Ebay. Write and ask why is it that Paypal can operate as a bank without being regulated as a banking institution. Just yesterday, Senator Christopher Dodd of Connecticut, gave a news conference on how banks/financial institutions should be "looked into" as to the consumers' rights not be violated. he also would be an excellent choice to write to and inform him of your struggles with Paypal - more so, how Paypal can operate handling large sums of money and NOT pay interest. It is wrong! You can always write the SEC, the FDIC and the federal banking authorities and ask them to look into it. Demand that Paypal be regulated by United States banking laws. All of this thievery perpetrated by this now-bogus service will then all be held accountable. It's simple and would immediately cause a beneficial change. Just write that note. It only takes a minute and will accomplish so much! Remember: PAYPAL IS NOT A BANK - UNDERSTAND THAT FACT - it must be corrected!

It is laughable how Paypal moved quickly in reference to this eCheck scam business. Big deal - THEY STILL HAVE NO RIGHT TO GO INTO YOUR BANK ACCOUNT, HOLD MONEY WITHOUT PAYING YOU INTEREST, AND GO UNREGULATED BY US BANKING LAWS. THEY DO NOT GUARANTEE THE SAFETY OF YOUR MONEY THAT THEY HOLD. IF THERE IS ANY SORT OF LEGAL ACTION AGAINST PAYPAL AND THEIR ACCOUNTS ARE TIED UP, THERE WOULD BE NO RECOURSE FOR YOU, THE BUYERS/SELLERS, TO GET YOUR MONEY BACK. Ask PAYPAL: "Is my money insured and safe AND by what guarantee?" They could not give you an honest answer! Imagine that!!!! I'm sorry to shout - but it is a terrible thing how the scam artists of EBAY and PAYPAL are allowed to illegally run roughshod over us Americans and steal our money...be it five cents or thousands of times that.
.