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Does Stripe have the right to hold your funds forever ?

S

SasuT

Member Plus
Jun 5, 2023
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France
#1
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Hey! Been using Stripe for a year and half without problem, then got blocked in January 2024 and funds frozen.
Received an email saying that they'll refund customers, and if some funds remain, they'll not be sent to me.

Now it's been more than 180 days, funds are still held by Stripe, and they answer to my emails saying that it will not be sent to me.
The thing is - They refunded nobody! So they basically stole the customers fund lol. Is there something that can be done or they are in their right to hold the funds forever ?
 
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#2
You may copy the e-mail here without personal details. I don't believe that they said they won't pay out the remaining funds to you. Usually they act like PayPal does and transfer the remaining balance after 180 days to an account in the same name as your account with Stripe or PayPal.
 
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#3
Based on the information we have, we have determined that your account still presents a level of risk that we are unable to assume.

Therefore, the funds you have received and your pending payments will be refunded within 5 days of closing your account. If a balance still remains in your account after eligible payments have been refunded, it will not be made available to you, in accordance with section 5.6 of the Stripe Payments Terms of Service. Please check your Dashboard for a list of payments to be refunded.

We realize this may be disappointing and regret that we cannot assist you further.

— The Stripe Team

-----

Like I said, they refunded nobody, and still hold the funds. In the mail they clearly say that the remaining balance will not be returned to me.
 
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#4
AFAIK they "recently" (Beginning 2024) changed their ToS, so they can keep your funds forever if they assume it's fraud.

Of course you can always work with a lawyer and try to get funds unblocked depending on the situation.
 
#6
They will refund as much as possible back to the cardholders. If there are payments that they cannot refund, the remaining balance will eventually become government property. It goes through a rather lengthy process first.

Stripe doesn't make any money on this, which is why it's a measure of last resort.

The 180 days delay is for instances where they terminate a merchant due to risk (not because they think the merchant is fraudulent) and sit on the money for long enough to allow for most forms of chargebacks to have time to process. However, if they believe the merchant as a whole is fraudulent, they legally cannot pay the money out. Doing so would be facilitating fraudulent activities. It could implicate Stripe in money laundering.

If you want to escalate the matter, it's time to find a UK lawyer and explore legal avenues. If you run a legitimate business and can prove that the transactions were genuine orders for the goods/services disclosed to Stripe, it should be a relatively easy win.
 
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#8
SasuT said:
Hey! Been using Stripe for a year and half without problem, then got blocked in January 2024 and funds frozen.
Received an email saying that they'll refund customers, and if some funds remain, they'll not be sent to me.

Now it's been more than 180 days, funds are still held by Stripe, and they answer to my emails saying that it will not be sent to me.
The thing is - They refunded nobody! So they basically stole the customers fund lol. Is there something that can be done or they are in their right to hold the funds forever ?
Click to expand...
Good, reliable customers purchase crypto with their credit cards and pay with crypto. You can give them a discount to cover their "friction fees." Stop rewarding, empowering, and supporting Stripe and other criminal organizations! :cool:

So, your revenues are 5M instead of $10M. Who cares? You are, in essence, depriving your enemy, Stripe et al., from acquiring ammunition with the fruits of YOUR labor! ;)

This is the way forward! :cool:
 
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#10
jafo said:
Good, reliable customers purchase crypto with their credit cards and pay with crypto. You can give them a discount to cover their "friction fees." Stop rewarding, empowering, and supporting Stripe and other criminal organizations! :cool:

So, your revenues are 5M instead of $10M. Who cares? You are, in essence, depriving your enemy, Stripe et al., from acquiring ammunition with the fruits of YOUR labor! ;)

This is the way forward! :cool:
Click to expand...
When a user wants to buy cryptocurrency they are required to KYC. That could decrease the conversion rate a lot.
 
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#14
jafo said:
If a customer has a credit card or a bank account, he has already completed KYC. He can just purchase crypto with their credit card. It's so easy! Look it up! ;)
Click to expand...
Where can you buy cryptocurrencies with card without KYC? I've been researching for 4-5 weeks and out of dozens of platforms tested there is none where you can buy cryptocurrencies by paying with your card, without sending pictures of your ID and taking a selfie.

If you know of one, please do show it publicly.

Tx.
 
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#15
frodo92 said:
Where can you buy cryptocurrencies with card without KYC? I've been researching for 4-5 weeks and out of dozens of platforms tested there is none where you can buy cryptocurrencies by paying with your card, without sending pictures of your ID and taking a selfie.

If you know of one, please do show it publicly.

Tx.
Click to expand...
The list is endless, but here is one off the top of my head: SimpleSwap | How it works | Easy steps of cryptocurrency exchange

PS. The complete list is only available in my app (only .apk), which my buyers can access on Harmony OS on newer model Huawei phones only. coo-:!y I don't share the list because I prohibited my clients from doing the same, so I can't be a hypocrite about it. ;)
The reason is ... On the business side, I am completely off Google, Microsoft, or Apple's ecosystem. I'm fully Chinese & "the other guys' architecture and systems" :cool:

See below, so you don't think I am just whistling Dixie out of my @$$ ;)

Huawei Harmony OS - Copy.webp
 
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