PPC Submitter : Tuesday, October 11, 2011, 20:12
Promised protection and they gave my money away!
I bought a virtual product using paypal because the website stated I could do so safely because my purchase was covered under paypal’s protection policy. The company ripped me off, and after my dispute was filed paypal sent me a notice on the day it was supposed to be resolved that they were still investigating.
Four days later they informed me that the case was closed and that I lost my 81.71 because they do not cover virtual sales. I informed them that was the first I heard about that rule and that a LOT of sales online are for virtual products. I had to search small print AND faqs to find a short little tag about that policy. Most of the website is about how safe you are supposed to be.
My question now is, if they are not under any banking regulations, are not insured through FDIC, and have to answer to no regulatory agency but themselves than how safe am I? And why string me along for over a month to only give my money away and tell me it was a policy issue.
What further review were they doing?
Submitted By:: JG
Location: Tampa, Fl.
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paypal is not dealing with any bank. they don’t have to follow any banking regulations and don’t have any policy that states it either. they fully control your account. which sucks!!!!! i hate that . you are right you are not safe with them. a company that doesn’t follow banking policys or regulations is not one to be afflicated with.