In the Matter of PayPal, Inc., File No. 1623102 #00009

Submission Number:
Matt Smith
New York
Initiative Name:
In the Matter of PayPal, Inc., File No. 1623102
I submit these comments in the hope that they may be useful to the Commission. While I, like many have been harmed by PayPal Holdings ("PayPal"), unless asked, I don't feel it is necessary to the commission to share my nightmare. What I disagree with is the lack of a large fine, and further investigation into PayPal. I don't believe that time is of the essence with regards to PayPal, which is a 100 billion dollar company, involved primarily in the transfer of currencies between business, individual, foreign, native, and governmental bodies to name a few. I understand that the Scope of an FTC investigation may be limited to the complaints filed by consumers and others, I believe that the Commission should consider the individual complaints. The illegal activities at PayPal and it's subsideraries are unparalleled, both in the numbers of people harmed in the United States and abroad. PayPal operates in a consistently lawless manner, that would land a law abiding citizen in jail. The inherent problem with the lack of reporting to this commission, law enforcement and most astonishingly civil courts (small claims, state Supreme Court) come down to these facts. 1. The amount of money generally held up, given to the wrong person, frozen, subjected to involuntary fees etc, is generally less than the monetary threshold for a consumer to obtain counsel, engage PayPal, and litigation. $10,000. in my experience is the "break even" amount to engage counsel with possible litigation. It can often be much costlier. 2. Bringing civil charges against either PayPal or both PayPal and a third party in which PayPal has facilitated illegal activity, PayPal as defendant, is a 100 Billion dollar company with over 10 billion in cash according the the investor relations section of their website. As this commission knows, it's been common practice for over a century for a deep pocketed company like PayPal, to "outlawyer" a consumer, in today's currency, driving the legal costs for a consumer well over $100,000, should they fully engage the defendant. So it doesn't happen often. 3. Harmed consumers generally do not know wheee to turn after being harmed by PayPal. What happens is the consumer makes many efforts in vein to talk to PayPal. Soon the consumer has to look at other options This is what I think is most relevant to the Commission. After being harmed by PayPal, a consumer is left with legal action, which may exceed $100,000 with no guarantee of success, or options like calling the newspaper, television station, posting on social media and last but not least doing nothing and absorbing the loss both financially, emotionally and socially.