Government Regulation for PayPal, Inc. Financial Services

PayPal is an online money transfer service/"E-bank". You can use this service to transfer money, receive money, pay bills, use EBay and a number of other things. They offer services which they call "Buyer Protection" and "Seller Protection" One of the many problems is, they only enforce "Buyer Protection". I once sold an Xbox to a man in New York. I mailed it too him via USPS Priority (with no tracking number). He received it, and then went onto PayPal's site and filed a claim saying he never received it. They put a hold on my account for the whole $200 until I could provide them with proof I sent it (eg. a tracking number). When I mailed it I was unaware that this could happen so I did not choose for a tracking number. I never refunded his money and I was never allowed to access the $200. My account has been on hold for more than a year now and I have tried to resolve the issue, but the customer service at PayPal still favor the buyer. There is no such thing as "Seller Protection". That is only one of the problems I had. I recently helped my mother verify her account with PayPal so she could use eBay. About 4 months ago she opened the account unaware she had to activate it, and received a payment of $90 from her friend for an old TV. So, she went on and added her credit card. She went through the 3-step verification process, which includes PayPal calling your house to verify its actually your card. She finally finished verification and logged in to see "You're account has been limited due to suspicious activity." So I called PayPal for her and they explained that she would need to send in a billing statement along with sending them a letter for verification. What I didn't know is my mother had to make a payment to someone through PayPal THAT day, and I explained this too customer service. They had all the proof they needed knowing it was her and her card, but they refused to help us until we would give them what they wanted. So I told them she wanted to close the account rather than going through that process, yet they told us we couldn't until we provided that information for verification or we would have to wait 180 days to access the $90. So no matter what, we would have to go through that process to get the $90. What i'm trying to say is that if you use their service, and you are unlucky or don't do exactly what they say, they can hold you're money. You're HARD earned cash. For whatever reason. Even if someone else lies too them. They still bend you over the table. This petition is to get more government regulation on the PayPal financial services. They should not be allowed to continue what they are doing.%uFFFD

Another thing too, when PayPal, Inc. puts a hold on your account, they will actually GAIN interest from your money. You will not get this interest. PayPal does. So they make money by holding your account.%uFFFD

Money that is on hold should go into a non-interest baring escrow account. Not into their pockets!!!

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Thank you for your interest and support.%uFFFD

- Julian Uccetta