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Report: #1492373

Complaint Review: Venmo - San Jose California

  • Submitted:
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  • Reported By: Stesha — Maricopa Arizona United States
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  • Venmo San Jose, California United States

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September 2017 I sold my iPhone 7 Plus on OfferUp for $750.

Colin asked if he could pay me through Venmo as I was selling the phone for $750 and it was after banking hours. Colin had told me he had enough in his Venmo account for the phone. I didn't want to be scammed so I called my bank (Wells Fargo) and told them the situation. Even the customer service rep told me he had even bought and sold high valued items through Venmo without an issue. 

I knew about Venmo from my friends so in the back of my mind I'm like ok if there is a problem Venmo also has this guys information including banking information so it won't even transfer to me if he doesn't have the money. I downloaded the app set up my account and Colin sent me the money $750 total. 

I went onto the Venmo app and selected the option to begin transferring to my bank, I followed the steps and it said it was on it's way and would be in my account the following day.

The next morning I wake up to an email from Venmo saying my account has been frozen and the communication back and forth with Venmo, all the way up to the corporate office began. 

Long story short, I am out $750 and an iPhone. Venmo has done nothing, they have the buyers information charge him however they need to. I will also be putting a complaint into the California Attorney General as well. Had I had known that money could be taken back at any moment like the consent agreement states, I never would have agreed to use Venmo. 

"The Federal Trade Commission has reached a settlement with PayPal, Inc. over allegations that the company told users of its Venmo peer-to-peer payment service that money credited to their Venmo balances could be transferred to external bank accounts without adequately disclosing that the transactions were still subject to review and that funds could be frozen or removed." 

https://www.ftc.gov/news-events/press-releases/2018/02/paypal-settles-ftc-charges-venmo-failed-disclose-information

This report was posted on Ripoff Report on 02/28/2020 09:27 PM and is a permanent record located here: https://www.ripoffreport.com/report/venmo/san-jose-california-sold-1492373. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
1Author
5Consumer
0Employee/Owner

#6 Consumer Comment

ROBERT IS HILARIOUS - GET YOUR FACTS STRAIGHT FIRST

AUTHOR: BRYANNA - (United States)

POSTED: Tuesday, July 27, 2021

The Federal Trade Commission has given final approval to a settlement with PayPal, Inc. over allegations that its Venmo peer-to-peer payment service misled consumers about their ability to transfer funds to external bank accounts and control the privacy of their Venmo transactions.

In its complaint, the FTC alleges that when Venmo notified users that money had been credited to their Venmo balances and was available for transfer to an external account, it failed to disclose that those funds could be frozen or removed based on the results of Venmo’s review of the underlying transaction. The FTC also alleges that Venmo misled consumers about the extent to which they could control the privacy of their transactions. In addition, Venmo allegedly misrepresented the extent to which consumers’ financial accounts were protected by “bank grade security systems,” and violated the Gramm-Leach-Bliley Act’s Safeguards and Privacy Rules, according to the complaint.

As part of the settlement, Venmo is prohibited from misrepresenting any material restrictions on the use of its service, the extent of control provided by any privacy settings, and the extent to which Venmo implements or adheres to a particular level of security. Venmo also is required to make certain disclosures to consumers about its transaction and privacy practices, and is prohibited from violating the Privacy Rule and the Safeguards Rule. Consistent with past cases involving violations of Gramm-Leach-Bliley Act Rules, Venmo is required to obtain biennial third-party assessments of its compliance with these rules for 10 years.

The Commission voted 5-0 to approve the final complaint and order, as well as responses to the comments the FTC received.

FYI ROBERT: THIS ORDER CAME ABOUT FROM THE NUMEROUS CONSUMERS WHO REPORTED VENMO (PAYPAL) FOR THEIR ALLEGED UNLAWFUL, FRAUDULENT, AND DECEPTIVE BUSINESS PRACTICES WHICH BY THE WAY, IF YOU READ NUMEROUS OTHER CONSUMER COMPLAINTS POSTED ONLINE SINCE THIS ORDER CAME INTO PLAY, VENMO IS STILL AT IT; PUTTING THEM CLEARLY IN VIOLATION OF THE TERMS OF CONDITIONS SET FOR IN THE FTC'S CONSENT AGREEMENT.

FURTHERMORE, THIS LADY'S COMPLAINT DOES FALL WITHIN THE FTC'S TIMEFRAME YOU CLAIMED DID NOT!  GET YOUR FACTS STRAIGHT FIRST!

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#5 Consumer Comment

JIM AND HIS RESPONSE - LITTLE MAN SYNDROME

AUTHOR: BRYANNA - (United States)

POSTED: Tuesday, July 27, 2021

I have read your response and it is clear you suffer from "little man syndrome."  If you are unaware of the definition let me help you with that.  It means "When a man feels insecure and as a result feels the need to belittle and offend others to make himself feel proud."   You felt the need to call this person a "Moron" to make yourself feel better!  When in fact her case is right on point and in alignment with the actions the FTC took against VENMO.

You clearly have hot air coming out of your a*s cause you have no idea what you are talking about.  What happened to this young lady falls right within the issues the FTC went after VENMO (PayPal) for in violation of numerous consumer protection laws.  Which by the way it appears from numerous other consumer complaints online VENMO is still at it thus putting them in violation of numerous terms and conditions of the "Consent Agreement."

So, it is suggestive that before you go running off your mouth, you get your facts straight first!

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#4 Consumer Comment

Stesha Is A Moron

AUTHOR: Jim - (United States)

POSTED: Sunday, March 01, 2020

Your case has absolutely nothing to do with the FTC article.  Nothing.  I am familiar with the case in question and it won't apply because the funds weren't transferred to another external account.  The person you dealt with wanted you to use Venmo because utilizing Venmo is like paying in cash.  You have zero rights in a Venmo transaction; the person you dealt with simply claimed a case of fraud and the money was returned.  That's why your account was suspended; that's SOP with banks when there is fraud...accounts get suspended until there is an investigation.  That's why you only use Venmo with people you know, not sales transactions with people you meet online.

 

As I already said, the AG isn't going to do anything in your case - of that I assure you, especially after 2.5 years have elapsed.  City attorneys won't pursue a fraud case unless it's 6 figures; the state only deals in 7-8 figures.  Ed isn't going to do anything for $750 exept give you the chance to post your complaint.....

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#3 Consumer Comment

You are hilarious

AUTHOR: Robert - (United States)

POSTED: Sunday, March 01, 2020

At the time Venmo was not making it visibly clear not to exchange money with strangers.
- Your own posts and narrative show why this has nothing to do with your claim.

He still communicated after the transaction and said the money had been taken from him by Venmo and not returned.
- So your narrative is that this person is one you communicated with before and after, and are willing to believe his claim that he never got the money back? You are either one of the most gullible people on earth or this person by no stretch of the imagination would be considered a "stranger" to you.

The government would not have put Venmo under a consent agreement if they were so above board
- Did you even read the document you were referencing? The "Government" wouldn't document violations that went past March 2015. Your transation was in 2017. It doesn't matter if it took them until 2018 to create the agreement, it covers issues 2 years BEFORE your transaction.

You have no idea what you are talking about, the AG and the police are already on it.
- Really? On a 2 1/2 year old case they are "on it".  Exactly what are they currently doing to handle your case?

Our family has worked cases with the attorney general before and we know Rip Off report’s creator which is why this is on here
- If I only had a dime for everytime someone comes here and boosts their "credentials" by claiming they work with the AG, come from a family of attornies, or know the Founder of this site I think I could retire to that private island.   I do think though you may be the first person who has claimed all 3 in a single post.  

So please tell us what other cases you have worked with the AG on. Since you seem to be personal buds with Ed, why not have him come and post. Perhaps have him write a blog on your case since you feel it is so compelling. I would actually love to hear his perspective as he may totally agree with you.

Anyway I digress. It does suck that you lost the $750. But you sound like the typical Millinial who expects everyone else to take responsibility for YOUR actions. Where you will spend enormous effort to try and push blame to someone else, instead of taking responsibility for your action or trying to solve the problem yourself.

The only mysteries here is why haven't you also gone after WF? As it was their agent who told you that they never had any issues.

Also, why haven't you sued the person you sold the iPhone to? You said he "told" you that he never got the money. Make him prove it in court. If he can prove it you have just provided the catalyst for your claims. If he can't then he owes you the money and you can take action to collect. I'd normally suggest this is something that could be handled in Small Claims, but with a family full of attornies, perhaps a higher court may be a better option.

 

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#2 Author of original report

Who are you?

AUTHOR: Stesha - (United States)

POSTED: Saturday, February 29, 2020

Do you know how to read? Maybe quick google search to check your facts before you start running your mouth. I come from a legal family and I know what I am talking about. At the time Venmo was not making it visibly clear not to exchange money with strangers.

The Venmo account was not stolen had a public history of his transactions and friends. He still communicated after the transaction and said the money had been taken from him by Venmo and not returned. Go read online! People send money through Venmo all the time to people they know and Venmo has kept the money.

The government would not have put Venmo under a consent agreement if they were so above board. You have no idea what you are talking about, the AG and the police are already on it. Our family has worked cases with the attorney general before and we know Rip Off report’s creator which is why this is on here. So maybe go get a job? Hobby? Life? Stop being a troll.

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#1 Consumer Comment

It's Not That Complicated

AUTHOR: Jim - (United States)

POSTED: Saturday, February 29, 2020

This has nothing to do with the settlement at all.  The person named Colin robbed you - he isn't who you think he is and probably used someone else's account to drop $750 into it.  The person who he robbed notified his bank of the fraud and took back his money back and you're out your funds.

This is not something the AG for CA, or any agency can help you with.  You would need to contact the buyer and ask him for another form of payment.  Of course what you'll find is that the person you sold the phone to...will be suddenly unavailable.

You only use Venmo with people you know...not people you just met online.

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