PayPal Redeemed?

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My blog entry on PayPal a few days ago garnered a lot of comments, many of them from readers who have also been frustrated by PayPal. I'm happy to report that my withdrawal from my PayPal account was successfully processed, and the money is now in my bank account. Or rather, it has already left my bank account to pay my student loan bill.

I also got a call from a very nice man at PayPal, who helped explain what happened. Apparently the second time my account was frozen was a mistake -- basically, the security breach happened on Sunday; I unfroze the account on Monday. It sounds like someone then went to restrict my account again, not realizing that it had already been frozen and unfrozen. And he explained why PayPal has to be more cautious about security than regular banks. All in all, it helped redeem PayPal somewhat, but as you can see from the comments in my previous post, the company clearly still has a long way to go.

A big part of the problem: the customer service reps don't seem to know anything. They couldn't explain to me what happened or why, and they seemed totally dismiss my concerns.