Anuj Nayar is the senior director of communications for PayPal, and he says that "aggressive changes" are coming for the company's users because the company needed to get better about helping people according to CNN Money.
People who have had their accounts frozen after large sums of money were deposited couldn't agree more with that statement, like science fiction author Jay Lake, who also happens to be battling colon cancer while battling the financial company for his deposited funds. And what a horrible time to have to do both!
Lake told CNN Money that his negative encounter with the online financial services company began right after an online fundraising effort netted him $20,000 in deposits for an experimental cancer process. He tried to transfer the funds to a bank thereafter, but his account was frozen. Thankfully for him he had famous friends and lots of reading fans, and they rallied to his support, driving the online money mover to unfreeze his account by 6 p.m. that same night.
Not everyone has been so lucky, however, and it has given the company a bit of a black eye. And that's just not the thing to have in the news as Google and other companies start to contemplate their own online money transaction service ventures. And that's obviously why Nayar has been ordered to make the rounds in the media, talking up the "aggressive changes" coming and the company's commitment to make things right and more transparent about these frozen account problems.
Unfortunately, the company still isn't talking details--instead they just keep saying that big PayPal changes are coming. What big changes? And when?
Photo credit: Inquisitor.com
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Comments: 17
I have had a PP account since when they paid people to sign up, BUT I DO NOT USE IT. Why? I HAVE NEVER BEEN ABLE TO WITHDRAW MY MONEY, NEVER BEEN ABLE TO SPEND MY MONEY, AND PAYPAL REFUSES TO SEND MY MONEY TO MY STATE (per their TOS) SO THAT I CAN CLAIM MY FUNDS.
Fortunately, I discovered the problem early on, so PP only owes me about $100 for the last DECADE plus. As soon as I found it was impossible to get my money, I quit using PP. I spent YEARS trying to get my money from them, but to no avail. If I log in to my PP account, it shows that the money is there, but they refuse to release MY money to me either through a withdrawal or through spending it.
Needless to say, I am NOT a fan of PP. And one of the side effects has been that since I have been once burned by online payment systems I refuse to use ANY online payment systems for fear of getting burnt TWICE.
Bottom line: If you are buying, SEND ME YOUR MONEY VIA SNAIL MAIL. If I am buying, wait for my money to arrive at your door via snail mail. If that is not acceptable, either you don't need what I have or I don't need what you have.
i can see how they would be set up so that transfer of large sums of money like that might pull a red flag and might make the company freeze an account. I have never had a transaction more than probably $75 at one time, and never usually have more than $100 in my account at any time, especially now because I also take direct checkout on my Etsy where payments go straight into my bank for those who want to avoid paypal and pay with a cc right on the etsy site.