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Chuck’s Confectionery
01-24-2014, 11:10 AM
My cousin recently came into about $14,000 from a car accident last May. She paid off some bills, opened a savings account and had a little money left over to play with. The savings and CD program that her bank offered didn’t do much for her in terms of interest rates. She decided to invest $1,500 in a HYIP. The company she went with (I can’t remember the name off the top of my head) offered Paypal as its mode of payment. She was very comfortable with this since she saw Paypal as a safe and secure way of accepting payments and exchanging funds online. To make a long sad story short, she lost her investment and Paypal banned her from using their services ever again. Apparently it is against their policy because they view HYIP as “high risk”. With that being said, there are other e-currency companies (ego pay, perfect money, etc) that do business with a variety of high yield investment programs. If you choose to use e-currency as a payment methods get to know that particular company’s policies.

gHiros
01-24-2014, 07:04 PM
My cousin recently came into about $14,000 from a car accident last May. She paid off some bills, opened a savings account and had a little money left over to play with. The savings and CD program that her bank offered didn’t do much for her in terms of interest rates. She decided to invest $1,500 in a HYIP. The company she went with (I can’t remember the name off the top of my head) offered Paypal as its mode of payment. She was very comfortable with this since she saw Paypal as a safe and secure way of accepting payments and exchanging funds online. To make a long sad story short, she lost her investment and Paypal banned her from using their services ever again. Apparently it is against their policy because they view HYIP as “high risk”. With that being said, there are other e-currency companies (ego pay, perfect money, etc) that do business with a variety of high yield investment programs. If you choose to use e-currency as a payment methods get to know that particular company’s policies.

Sorry to hear that your cousin had a bad experience with an HYIP.

And yes, you are absolutely correct about HYIPs using PayPal as one of their payment processors. That is a no-no combination, and a red-flag. It's sad to see these (bad and "scammy") HYIPs are doing things like that, and they are knowingly doing it even though PayPal's terms of service blatantly prohibits its use in HYIPs!

cpefley
01-24-2014, 09:01 PM
That is awful! Have you ever heard of the site Paypalsucks.com? It is full of sad stories like that. I had issues with them and verifying my account, that after a few long months was worked out, but nothing like that. I would have been so mad if they took my money. That should be criminal! They shouldn't be allowed to take money that isn't theirs. Closing the account is one thing, but you have to give them their money.

Chuck’s Confectionery
01-27-2014, 02:46 PM
Unfortunately this was a costly lesson for her to learn! I guess we call get burned in business from time to time, but that’s now reason to stay out of the kitchen, right? ;) I checked out paypalsucks after you mentioned it (@cpefley) and what a little goldmine of information that site offers! I actually put in a request for a quote on merchant services with the company that they recommend; so far everything looks promising. It’s awful to see how many people have been taken to the cleaners by scammers out there. I did find a promising HYIP prospect. It’s a company called RTB Club, what I liked about them is that they offered a 5% referral fee, low minimum investment and it’s backed by Forex market. Has anyone ever worked with them?
.

LindaKay
01-27-2014, 03:13 PM
Oh...yikes. That really sucks. PayPal does ban a lot of people for a lot of things; it's unfortunate. You definitely have to be careful to read the rules to make sure that you aren't breaking any guidelines or anything.

myepicdemise
01-28-2014, 06:02 AM
I'm sorry for this unfortunate incident. To be blunt, HYIPs aren't a good channel for one to make a serious investment. Combining it with PayPal just made it ten times worse. No matter how far down the drain PayPal's reputation already is, it's not PayPal's fault in this case. If a HYIP decides to run away with your money, PayPal can't really do much about it. They don't offer insurance for investors of HYIP, since using PayPal to transfer funds to a HYIP is against their policy.

crimsonghost747
01-28-2014, 09:58 AM
Yep, can't really blame paypal for this. They tell you not to use HYIPs (because most of them are scams, just like the one your cousin invested in) so it's really not their fault, they are just covering their own back side AND informing you of the dangers of HYIPs at the same time.

Taru
01-31-2014, 09:47 AM
Sorry to hear about your cousin's misfortune. I've dabbled in HYIP programs before, and any of these programs offering Paypal as a payment and withdrawal method should definitely raise red flags, as Paypal is absolutely determined to keep out of these types of businesses. If ever one or two should pop up that do use it, I would only personally assume that it just went under the radar and that it would soon be discontinued. Thanks very much for sharing yours and your cousin's experience with us, as it should serve as a good reminder for our members here to do thorough research, especially when it comes to HYIPs.

rsodell
02-04-2014, 02:58 PM
Because this is against PayPal's policies...the only way she could have used PayPal to make a payment to this program would have been to do a "manual" transfer of funds. That means she had to have sent the money to a "personal" account that the HYIP program's Admin had set up just for the purpose of scamming people! This is ALWAYS a "red flag" because...if PayPay is truly involved, the program would have to go through a lengthy verification process and then be "set up" through the payment system so that the transactions were automated between the two businesses. The scamming HYIP sites like to do this with Solid Trust Pay (STP) e-currency processor, also! STP has a stringent verification process like PayPal AND if the programs can pass this process...they get an "automated payment button" for transaction tracking purposes. But, if it's a scam HYIP...they will attempt to bypass this system and set themselves up with a "personal" STP account and ask that you send them your funds "manually" and that they will, then credit your account. This is exactly the same sort of transfer you would make to friends or family members through your PayPal account. There is NO tracking available...once the transaction is done, you cannot reverse it! The "crediting of funds" on their end may or may NOT happen...but, even if it does...if you haven't lost your money immediately, you will probably still lose it eventually. ANY kind of deception in this HYIP industry is a BIG "red flag"!!!