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Did Paypal Limit your Legit Account and Hold Funds on You for a Period Of Time?

Discussion in 'BlackHat Lounge' started by BassTrackerBoats, Jan 28, 2016.

  1. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    I received an email about a class action suit that appears to be in the process of being resolved via arbitration/mutual agreement between Paypal and the parties suing pertaining to PP holding funds without proper protocol.

    Email:

    NOTICE OF CLASS-ACTION SETTLEMENT.
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    [​IMG]
    THIS NOTICE MAY AFFECT YOUR RIGHTS. PLEASE READ IT CAREFULLY. A settlement has been reached in a class action in which the plaintiffs allege, among other things, that PayPal improperly handled disputed transactions on PayPal accounts and improperly placed holds and reserves on accounts or closed or suspended accounts. Plaintiffs also allege that PayPal failed to provide annual error-resolution notices and monthly account statements under the Electronic Fund Transfer Act. You are a member of the Settlement Class if you had an active PayPal account between April 19, 2006 and Nov. 5, 2015. Certain Settlement Class Members who had a hold or reserve placed on their account and/or who had their account closed or suspended by PayPal are eligible to receive a monetary payment upon submission of a valid claim form. This notice summarizes the proposed settlement. For the precise terms and conditions of the settlement, please see the Settlement Agreement available at http://www.accountholdsettlement.com/ or by visiting the office of the Clerk of the Court for the United States District Court for the Northern District of California, 1301 Clay Street, Oakland, CA 94612, between 9:00 a.m. and 4:00 p.m., Monday through Friday, excluding Court holidays. PLEASE DO NOT TELEPHONE THE COURT OR THE COURT CLERK'S OFFICE TO INQUIRE ABOUT THIS SETTLEMENT OR THE CLAIM PROCESS. The link in the email takes you to a page that explains things a tad more thoroughly and links you to one even more thorough (https://www.accountholdsettlement.com/Content/Documents/Notice.pdf). The long and the short of it is that if PP held your funds during the time listed, you could be in for a little reward if you file the claim form and you file properly.[​IMG] I had about 14K or so held for 180 days back in 2010 and my wife had around a grand held as well for the same time frame and the same amount of time so for us it is around 450.00 or so should we file properly and all go as planned. If you had PP do the same to you, you may want to consider filing as it is "found money" and the form takes all of 8 minutes to fill out. If nothing else, you get a little bit of revenge on PP for being... well, PP. The settlement has yet to be approved and that can take some time but it is rare that in a situation where both parties agree that is in everyone's best interest that it would not be approved by the courts. I'm guessing that your account has to be one that is a real account, tied to your name or business name, but perhaps I am wrong there.
     
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  2. Dagreyon

    Dagreyon Jr. VIP Jr. VIP

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    Got this too, I'm set to get a decent amount back. When I went through this, it was mind blowing to me and my accountant that it was legal. I was thrilled to get the email and see they finally were punished for this.