Here is another to add to the mix. Apparently PayPal also is flagging loan modification firms that use PayPal as a payment option. We have had a PayPal Merchant Account for almost 7 years without incident yet we received an email 2 weeks ago notifying us that effective June 26th, PayPal will be holding back 20% of all fees for 60 days for each transaction as a security deposit. They were quick to note this was no reflection on our past history. Then, we were provided updates to new PayPal policy which states "Amendment to the PayPal Acceptable Use Policy, Effective Date: June 3, 2009: Beginning June 3, 2009 the PayPal Acceptable Use Policy is being amended to include a new Section 4 as follows: Prohibited Activities - You may not use the PayPal service for activities that: "4. involve the sales of products or services identified by government agencies to have a high likelihood of being fraudulent”
I checked with several individuals and businesses with PayPal accounts that do not provide loan mod or homeowner advocacy services and they did not receive the infamous email.
We've been providing these services to homeowners for seven years - before the proverbial Gold Rush - and never have had a chargeback. Amazing that this same government is paying the banks for each loan modification they "negotiate" (self-dealing you say?), but small businesses that are representing them are presumed to be fraudulent and being penalized as a first step to eliminating the so-called competition![/u]
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