For example, there are quite a few stories of Paypal experiences scattered throughout the internet. Since they are common enough I had assumed Paypal simply operates a very strict fraud detection system. However, there’s one claim I’ve found difficult to believe, especially in the current privacy environment.
The claim is that, for whatever reason, if Paypal or any other financial services company in the US, decides to close or lock an account, they are obligated to keep all the information in that account for a decade including the personal information. And the account holder can no longer modify the information.
Supposedly this is due to meeting some US financial regulation that I’ve not yet found an exact reference to.
Is this actually the case?