PayPal pays fine quickly... be aware of their unscrupulous tactics.

Copied in it's entirety from http://gizmodo.com/paypal-has-to-pay-25-million-for-being-sketchy-as-hell-1705630163?utm_source=recirculation&utm_medium=recirculation&utm_campaign=wednesdayAM

After the Consumer Financial Protection Bureau filed a complaint against PayPal today, the company quickly agreed to refund $15 million to customers it ripped off over the past few years.

PayPal will also pay an extra $10 million in fines to the CFPB, so the total settlement is $25 million. The CFPB accused PayPal of all sorts of schemes, so many that it kinda sounds like PayPal is run by my Grandpa Hirtz in his 1980s casino-boat drinking days rather than business professionals.

The almost impressively illegal scams that PayPal’s now paying for include:

Advertising deferred-interest promotions, but then flat-out giving customers the wrong information when they asked about them, or just never answering the customer service line.

Charging customers with the interest they were unable to defer due to receiving the wrong information and/or never being able to speak to a representative about the deferred-interest promotion.

Automatically signing people up for credit accounts without asking permission.

Setting these credit accounts as the default for purchasing, which led to people getting hit with late fees and interest fees on accounts they didn’t know existed.

Lying about $5 and $10 credit promotions and then never fulfilling them (total Grandpa move).

Not bothering to remove late fees even after people paid them.

Taking weeks to process payments.

Not bothering resolving customer disputes.

It’s telling that the company ponied up the money within a day of the complaint.

I used to buy and sell on ebay... until paypal was the only option. They refused to release a 2,500 payment to me until I had a lawyer threaten suit with triple damages. In all it took almost six weeks with no explanation. I never used paypal or ebay again.

Bob sells a LOT of stuff on eBay. I forget how many sales he has done, but it is probably in the multiple thousands... 100% customer satisfaction. When I saw that (100%), I was impressed.

He sent me a pic of his McIntosh setup that I drool over when I visit his home. I LOVE the sound of tube equipment. All three components use tubes. The units need to be recapped, so he isn't using them currently, but they are still very nice!!!

I had hundreds of transactions and no complaints either.

They never even explained the issue... no buyer complaint... just a random hold.

They were earning interest off YOUR money.