Has Anyone Else Encountered This ?

[Deleted User]

I received a notice from Paypal saying that I am reaching my spending limit of $10,000. In order to continue I will need to become verified, meaning that they want my bank account info. For one, I am not giving them access to my bank account. For two, I think its ridiculous that they have allowed me to spend almost 10,000 dollars without any problems whatsoever but without my bank account info I can't spend anymore. Utterly ridiculous. :evil:

Drenis

I do know that when I created my PayPal account a couple years ago, you were limited to spending a certain amount PER month. The only way to override this was to verify your account by verifying your bank account.

Is your account even verified? Perhaps it was a limited amount per month OR a large sum total? I'm unsure but that's all I can add to your question.

gimpod

I think it might have something to do with taxes, I know that if you deposit 10k or more into your bank account they (the bank) have to report it to the IRS.

pitdogg2

nap wrote: »

I received a notice from Paypal saying that I am reaching my spending limit of $10,000. In order to continue I will need to become verified, meaning that they want my bank account info. For one, I am not giving them access to my bank account. For two, I think its ridiculous that they have allowed me to spend almost 10,000 dollars without any problems whatsoever but without my bank account info I can't spend anymore. Utterly ridiculous. :evil:

Call them it smells of PHISHING DO NOT use the email that was sent to you.

bobman1235

Yeahhh this sounds an awful lot like a Phishing attack to me.

Log into your PayPal account by going DIRECTLY to it (do NOT click any links in the email). If they need you to verify something, it will pop up on the main page.

thesurfer

I dont recomend giving them your bank info, a friend said they have taken double payments from him before,, Ive also gotten scamed by them,, There a joke,, just another way for Ebay to rip people off,,, Most sellers i deal with accept US, postal money orders, and prefer them, as it keeps ebay otta there pockets,,

Face

Just wait, if you exceed $20,000 in gross payment volume for goods and services 200 payments, you have to provide Paypal with either your SS or tax ID number.

gimpod

Face wrote: »

Just wait, if you exceed $20,000 in gross payment volume for goods and services 200 payments, you have to provide Paypal with either your SS or tax ID number.

Thanks Face this is good to know as I didn't till now. BTW: Is this per year or total.

dkg999

I got that same email, and then they started taking payments out of the credit card I have associated with my PayPal account, and not my bank account. My bank account was previously verified. I have a message from them on my actual PayPal account that says I have reached my $10,000 limit and need to reverify my bank account. I think the message is legit, but not sure why you want to hassle your high-value customers like that.

I sent them a message that if I've actually hit my $10,000 spending limit with PayPal that I appreciate the notification and that I really have to re-evaluate my spending and payment options based on knowing that. I also told them I won't be re-verifying my banck account because I've now learned to live without what I used PayPal to buy. I really thanked them for helping me make that life change.

Face

LOL Doug!

I'm near the limit too, time to put a cap on it until next year.

michaeljhsda2

I didn't get an email from PP, however, the responses in this thread prompted me to get off my arse and delete my bank info.

[Deleted User]

Face wrote: »

Just wait, if you exceed $20,000 in gross payment volume for goods and services 200 payments, you have to provide Paypal with either your SS or tax ID number.

Is this rule something related to taxes ? I am still not linking my bank account to them.
Its still ridiculous. :evil:

Face

It's the IRS, not them.

https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W

[Deleted User]

Face wrote: »

It's the IRS, not them.

https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W

This looks like its for people who sell online, I don't. My account has strictly been used for purchases.
BTW- I checked my account homepage, the e-mail I received was legit. They still want me to give them bank account info. :mad:

deronb1

Call them! Get clarification as to why they need your bank info. Tell them you are not comfortable giving them the info. If they persist, tell them to take a "flying f@*k at a rolling donut" and cancel your account.

rromeo923

I verified my bank account info with paypal years ago. Never have had a problem.

cstmar01

Same Here I've used paypal all the time and have my bank account linked. Never had an issue. I'm also a advanced member or whatever it's called where I spent over 5k in a given amount of time. It's supposed to speed up the dispute process which IMO it did as it only took a week for one to get resolved for me. And I figure it's not just paypal doing this. When you go to a bank and make a large deposit over 10k the teller has to fill out a ctr report. Goes to the fed gov to show it's not being used for things lime drugs ect. That's part of the patriot act and I could see too if using paypal for business purposes why they would also want the number for IRS as well.

Drenis

I'm sure the rules for Canada vs. United States is different for PayPal use. I just verified my bank info and it made all my transactions smoother. It verified my address, all my details for my account and credit card. I can make a payment using my credit card or bank account with no delays. I like that convenience. However, it appears that some of you do not like to provide that information to a trusted site that deals with this sort of business daily. I did it because I did a lot of ebay purchases over a year a go and wanted to ensure the process was smooth and no one experienced delays on my behalf.

I'm comfortable knowing that my data is safe and if a breach of security was to occur, I know that I'm protected regardless of the damage someone tries. Besides, someone can do MORE damage with your credit card information then just your bank account. What are they going to do? Withdraw money?? That's impossible.

Upstatemax

No point in getting mad at Paypal for rules that they have to follow...

It's a cover your own a$$ society, I'm sure they would much rather see you cancel your account than get in trouble with the IRS.

I have been a verified member with them for YEARS and I have never had an issue.

DaveHo

I linked my Paypal account to a bank account years ago & have never had a problem. That being said, the one I linked it to is not my main banking account & is at a different bank. There is rarely more than a few bucks in it. I keep it for ease of transfering money from my Paypal account & for their extensive network of ATM machines so I don't have to pay fees when I need some cash.

-Dave

tonyb

Sooner or later, Uncle Sam is gonna want a piece of what you guys are buying and selling. Paypal tells them who's spending the bucks.Seeing as there's a push to enact a national sales tax, all internet companies/private sellers are going to have to cough up. Be interesting to see if they ask for a sales tax on sales retro.

I stopped using paypal years ago, instead I just email the seller and do check or money order. Nobody knows what it's for and no paper trail linking to an actual sale of anything. The less anyone knows about what I buy or sell, the better.

Drenis

And when something goes wrong that requires warranty or an insurance claim, how do you provide proof of purchase with no paper trail?

Some aspects of your post I agree with but most of it I disagree. I don't think that's very good practice.

inspiredsports

rromeo923 wrote: »

I verified my bank account info with paypal years ago. Never have had a problem.

It's not a "problem" with them, it's that this current administration now has Tax Reporting requirements that you are AUTOMATICALLY going to feel the brunt of because you gave PayPal your banking information. It doesn't matter if you give it to them today, or gave it to them years ago, YOU ARE IN THE SYSTEM.

Get clued in folks . . .

It has to do with "Use Taxes" where people don't pay sales tax to out of state vendors on Internet Orders, but are to file "use taxes" to their state of residence on the honor system. No one does it so they are looking for ways to create a paper trail to those not paying the tax voluntarily.

You can also bet the limit will come DOWN from $10,000 in the future, once they get the system fine-tuned, they will be able to process even lower value transaction totals in an attempt to capture even MORE tax revenue.

There are 2 ways for governments to gain more tax revenues when they don't know how to grow the economy like the idiots in place now; raise taxes or more strongly enforce tax laws that are already on the books.

[Deleted User]

DaveHo wrote: »

I linked my Paypal account to a bank account years ago & have never had a problem. That being said, the one I linked it to is not my main banking account & is at a different bank. There is rarely more than a few bucks in it. I keep it for ease of transfering money from my Paypal account & for their extensive network of ATM machines so I don't have to pay fees when I need some cash.

-Dave

Thanks, this thought had occurred to me. I just need to find a savings account where I can put a small $$$ amount with no fees so I can shut them up. Cheers. :cool:

pitdogg2

nap wrote: »

Thanks, this thought had occurred to me. I just need to find a savings account where I can put a small $$$ amount with no fees so I can shut them up. Cheers. :cool:

excatly what i did at my credit union. Its even listed as paypal account on my statement. Theres never any money in it until i move money to it for a purchase. plus it is not linked to any of my personal savings or checking accounts.

hockeyboy

I became verified years ago. It's a pretty easy process and have not had any sort of security issues. Being verified just makes things easier IMO.

Systems

nap wrote: »

Is this rule something related to taxes ? I am still not linking my bank account to them.
Its still ridiculous. :evil:

Your bank account is too large Tony, not sure they could link to it without some special team to deal with the numbers.:cheesygrin:

[Deleted User]

pepster wrote: »

Your bank account is too large Tony, not sure they could link to it without some special team to deal with the numbers.:cheesygrin:

Okay you are on to me. That was the exact reason I moonlight as a Moderator here. Darn ! :redface: