I remember a long time ago on Reddit I saw a post saying (paraphrasing) "AMA: PayPal locked up $600,000 of my money because my video game is selling so quickly they think it is a scam." Turns out this was Notch selling early alpha versions of Minecraft off his personal website, which totally did look like a scam at the time.
replyWith some of the promises Notch made back then it almost was a scam.
replyI thought companies can't profit off of unclaimed/abandoned money.
replyWas under the impression that funds like that eventually get handed over to whatever state agency is responsible for dealing with unclaimed property.
(If so, the cause might just be incompetence rather than greed or malice - not that incompetence is any better than malice when it comes to handling people's money)
They've faced a number of lawsuits for this, and paid out settlements. They are presumably not following the law.
replyIf there's no one enforcing said rules you most certainly can.
replyThey have a monopoly and no meaningful alternatives and they're not the only monopoly.
replyA monopoly on what? Online payments?
replyI tried to sign up for paypal to send money collected from coworkers for a pregnancy gift. I had to sign up, enter my bank info, then verify deposits went through to use the bank account. Once I did that my account was instantly locked, then I still couldn’t use my account until I called customer support and scanned in my ID. I called them to delete the account and just bought a digital gift card online.
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