PayPal inadvertently closed my savings account and won't reopen it for 30 days!

WILLIAMP61
Contributor
Contributor

I called PayPal and asked them to close my business account, which they have yet to do. I gave them my business email address. While I was on the phone with the rep, I got an email that my PayPal Savings account had been closed and that I had requested it. How on earth can you look at my business account and somehow close my savings account? You had to be smoking crack to do this. They won't allow me to reopen the savings account for 30 days. So, I lose out on $358 interest because of their incompetence? They will never see any of my money ... I will place it elsewhere. While it won't be as convenient as PayPal would have been... I can't invest my money in a company that makes mistakes and can't fix them and instead punishes its customers. That is about as convoluted as it gets. They have no business dealing in savings accounts if they deal with their errors more professionally and favorably for the customer. 

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3 REPLIES 3

kernowlass
Esteemed Advisor
Esteemed Advisor

ok


Advice is voluntary.
Kudos / Solution appreciated.
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MickeyMouses
New Community Member
They did the same to me. First they told me they couldn’t verify my identity while opening my savings. Funny how they cant ID me since I've been a PayPal user for over 20 years and even have their credit card. I said forget them and went directly to Synchrony and opened a saving at even a higher rate. Fun fact, you get a lower rate when using paypal (synchrony) savings vs going directly with synchrony. I can only assume PayPal is pocketing the difference.
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WILLIAMP61
Contributor
Contributor

Yeah... I opened one at Synchrony and Everbank as well... both higher. PayPal just lost out, but I'm sure they could care less.

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