 Re: Another problem for PayPal ... FTC Violation with their Venmo
Quote:
Originally Posted by e2free  ???????????????? | Analysis of Proposed Consent Order To Aid Public Comment
The Federal Trade Commission (“Commission”) has accepted, subject to final approval, an agreement containing a consent order from PayPal, Inc. (“PayPal”).
The proposed consent order has been placed on the public record for thirty (30) days for receipt of comments by interested persons. Comments received during this period will become part of the public record. After 30 days, the Commission will again review the agreement and the comments received, and will decide whether it should withdraw from the agreement and take appropriate action or make final the agreement's proposed order.
This matter involves Venmo, a peer-to-peer payment service owned and operated by PayPal. Venmo has offered its peer-to-peer payment service to consumers since 2011, and was acquired by PayPal in 2013. Consumers can use Venmo to transfer money to one another using a mobile application or through a website at www.venmo.com. Venmo's payment service incorporates a social networking component through a social “news feed” that shares information about a consumer's Venmo transactions.
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Read everything from that section down. It complains that they weren’t approving transactions and holding money.
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