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Warning: Payoneer is ‘stealing’ account holder’s funds

Editor’s Note: This article will only make sense to current users of Payoneer. Those without the company’s card or account would have no idea what the author is talking about and therefore can safely give it a miss.

Payoneer was a good and honest company when it was just launched and I have been using it for almost a decade without any issues whatsoever until about October 2020. Unfortunately, things started to go downhill after the Wirecard supposed $2b missing funds scandal and subsequent bankruptcy which was when Payoneer started to freeze and cancel account holders’ funds and cards, giving all sort of BS reasons to not reactivate the accounts and cards, therefore ‘stealing’ the funds of its account holders under the pretext of identity verification (which will never be accepted and approved).

Although Payoneer has denied this, it is reasonably possible that the company may have been affected and could have lost funds during the Wirecard fraud fiasco and is no longer liquid to honour all of its account holder’s payments.

As such, it probably has decided to dishonestly freeze and cancel account holder’s funds and cards so that the company need not honour any payment to its account holders. Their latest ploy to delay and withhold funds is to ask for National ID under the guise of re-verification, only to reject it again and again and again and then repeat the same BS over and over again till the account holder gets tired and gives up, thus allowing Payoneer to keep the funds for its own use. I have been there and done that and have all the emails archived to prove that.

However, to appear legitimate and viable, the company would allow about 1 out of 5 or maybe 10 account holders to continue to use their accounts and these are normally accounts belonging to residents outside Asia. From the many feedbacks and postings, most of the currently affected account holders are based in Asia numbering hundreds of thousands probably.

Their supposed Customer Service (be it phone, chat or email) is practically non-existant and if they find that they cannot resolve or answer any of your questions, they just either ban you or ignore you completely, which is what I have experienced with their community blog, phone and email. When I last visited their community blog last week, it had thousands of negative comments but all has been deleted.

So if you are a Payoneer account holder that has been affected by their latest ploy and have funds frozen and taken on a “ID verification” merry-go-round, then I would strongly suggest that you stop wasting time with Payoneer and immediately file a formal complaint against Payoneer with the relevant authorities, which means in the US and Ireland, where its headquarters are based and incorporated in. It would also be good to file a former complaint with the Central Bank of Ireland where Payoneer Europe is licensed to operate as a card-issuer. Should you have extra time, it would also be good to lodge a complaint with Mastercard International as Payoneer is obviously tarnishing their good name.

A further list of agencies which the dishonest company is subjected to jurisdiction is available on this page.

As it stands, all evidence currently seems to suggest that Payoneer is taking its account holders for a ride and no one should lose their funds to a dishonest company this way. So file the complaint asap and take this company to task.

Payoneer's Top Management

It would presumably be pointless to file any complaint to any of its CEO or management team since they are probably instrumental in Payoneer’s current dishonest practices. The verification team probably has the board’s blessing to delay and deny verification and payments to its account holders.

The former PayPal was doing exactly the same thing decades ago and was taken to task by the federal authorities and slammed with multiple class-action suits, so there are no reasons why Payoneer cannot be held accountable.

Please help to share this article on Twitter, Facebook and other social media to warn other unsuspecting users. Thank you.

 

Payoneer Victim

 

* The author is a verified long-term account holder of Payoneer.

 

 

 

 

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10 Responses to “Warning: Payoneer is ‘stealing’ account holder’s funds”

  • I remember long long time ago, PayPal used to do the same thing but was later investigated by the Feds and was served with quite a number of lawsuits, including class-action types.

    I heard from those involved (plaintiffs) that PayPal eventually agreed to a out-of-court settlement in MILLIONs and most plaintiffs got a few times more than what was owed.

    https://www.snopes.com/fact-check/paypal-class-action-lawsuit/

    In fact, there are still such lawsuits going on currently against PayPal and most have been settled out of court. Just search the internet.

    https://www.paypal-community.com/t5/Disputes-and-Limitations/Lawsuit-action-against-Paypal-Stealing-money-and-banning-people/td-p/2047773

    If what the author claims are true, then I am sure there will be those who are owed much bigger sums that are more than willing to sue Payoneer. Just search regularly for any updates on this and who knows, we may see another PayPal in play, you surely would not be the lone user who have been scammed. (https://www.complaintboard.com/payoneer-inc-l7440.html)

    From the examples and data from the various PayPal lawsuits, intentionally and maliciously denying users to funds can be ground for such a lawsuit under US laws and Payoneer’s HQ is in New York.

    Here’s a list of lawyers who simply loves classy lawsuits.

    https://www.classaction.org/

    Hm… come to think of it, I have a PayPal account since decades ago, maybe I am also entitled to some of the settlement funds sitting in the settlement piggy bank? Better me go check quick quick.

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  • Harder Truths:

    If people trust these faceless crooks then good luck. Paypal, Payoneer, etc. etc. – no oversight, no control, no jurisdiction.

    No trust in them goes unpunished.

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  • @Harder Truths

    Quite true. PayPal was especially a big bully and gangster back in the good old days where the internet was practically lawless.

    Apparently they learnt the hard way that the internet is not as lawless as they would have wanted and paid millions for their arrogance. My understanding is that they are now still being sued left and right.

    That having said, I noticed that the arm of PayPal which handles Asian clients has office based in Singapore, BUT it has stated very clearly that it is not subject to MAS’s jurisdiction.

    So does that mean that if it starts playing punk with its Asian clients and follow Payoneer’s purported dishonest gameplay, there is nothing a Singapore user can do about it?

    What do you think?

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  • Harder Truths:

    TRE Techie: So does that mean that if it starts playing punk with its Asian clients and follow Payoneer’s purported dishonest gameplay, there is nothing a Singapore user can do about it?

    What do you think?

    People in $G are too used to the regime doing everything for them. A little common sense and homework go a long way.

    The law for on-line scams is almost non-existent. Even in $G, what can the regime do – even if they wanted to? At best they can close down the local office. Those staff are just normal people working for a living.

    The regime have no jurisdiction over what goes on outside this overpopulated rock. So it may take years to just persecute someone who cannot be punished anyway. How much of their good money are they willing to throw after the people’s bad? I guess not much.

    As for the people who trust such to-good-to-be-true enterprises, “Caveat Emptor” – let the buyer beware.

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  • Harder Truths:

    It is different for the US. The SEC or FBI can just cut off Paypal’s account to use US dollars in transactions or to freeze the accounts of the owners?

    $G regime? Big talk small walk.

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  • @Harder Truths

    PayPal said on its website that its Sinkieland office is not governed by MAS’s regulations, so I assume a class-action in Sinkieland is out of the question lor.

    How about sue the parent company, i.e. where its headquarter is officially based? I see multiple class action against PayPal in the US of A lor.

    P/S: I heard PP’s HQ is now based in Sinkieland wor, scarry man, which lawfirm dare to sue PP in Sinkieland wor, maybe GIsick and Temasick also quietly got share in PP lor.

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  • Harder Truths:

    TRE Techie:
    @Harder Truths

    PayPal said on its website that its Sinkieland office is not governed by MAS’s regulations, so I assume a class-action in Sinkieland is out of the question lor.

    How about sue the parent company, i.e. where its headquarter is officially based? I see multiple class action against PayPal in the US of A lor.

    P/S: I heard PP’s HQ is now based in Sinkieland wor, scarry man, which lawfirm dare to sue PP in Sinkieland wor, maybe GIsick and Temasick also quietly got share in PP lor.

    I have no legal background but this is just my opinion :

    Any company set up in $G is always governed by $G regulations, regardless of what Paypal says. You will see a lot if waivers from companies tating they are not responsible for this or that. This has no bearing on the law. If they break the law they can be held accountable. Taking them to court is another matter.

    Multiple class actions work in the US since all payment transactions ultimately use USD and must pass through a US bank or clearing house. If Paypal refuse to co-operate with the US legal system a judge can block payments system for Paypal and seize assets usually held in a US Bank. Even if the assets are outside of the US the US can sanction the bank involved. This is what happened to Swiss banks – they had to divulge their dealings with tax evaders from the US.

    This applies to UK and EU as well, as the Paypal financial assets stored in those areas can be blocked. China has its own payment systems and can close them down immediately. Look what happened to jack Ma. No one dares mess with them

    Sure, $G can bring class action in a US court – but it must prove that US citizens or property are affected. The $G regime will never do that and individuals will not be able to finance the high legal costs which may run years.

    So in theory something may be possible. In actual fact anyone dealing with these crooks in $G is screwed. If $G blocks Paypal or some other shady company it not get the money back. $G is too small to do anything in the real world.

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  • TKL, read this?:

    Mr Tan, have you read this?

    This is what can happen when a society goes cashless.

    People (your) accounts and cards get frozen. Dead card. Decided by someone else. Your daily food purchases stopped by some financial guys in some unknown place.

    This is not rare and not in some faraway places. Even Singapore cards, also happen. Some cashcards have expiry dates that you don’t notice, until one day it stop working and you can’t continue with your daily life.

    Please. Real cash is still king.

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  • @Harder Truths

    I agree with you. Once any entity is in Sinkieland, it is subjected to the jurisdiction whether they like it or not.

    They can create any agreement or BS to circumvent but are all meaningless.

    Just to clarify, this is not about PayPal, which is merely mentioned for discussion purposes only. This article is about Payoneer, not PayPal.

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  • Harder Truths:

    @ TRE Techie

    Point taken. I was using Paypal as a generic entity to represent any electronic payments provider or even a virtual bank. They are all in the same boat.

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