UPDATE 10/11/2022: PayPal lost $9 Billion as of today. That number is expected to double by the week’s end.
Over the weekend, PayPal announced that they would begin fining users $2,500 for spreading what they deem as misinformation through activity using their platform.
As part of their fining process, they will be able to remove the money directly from user accounts – leading to a scramble for many users to close their accounts. PayPal has since returned its threat and will no longer be fining users for misinformation and apologized for “causing confusion.”
Many users trying to close accounts are now saying they’re having issues in their efforts.
Multiple users tweeted their frustration, saying, “#PayPal has removed the ability for users to close their accounts.”
Another frustrated user explained on Twitter, “Endless hours chatting with the support here. Some people are able to close it in seconds. For others, it takes weeks. Criminal.”
PayPal has not responded to allegations of intentionally making it difficult to close accounts. However, if the stock price indicates the future … PayPal might want to apologize publicly (stat).