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Paypal ending Fee Free transactions for business accounts?

derrybderryb Posts: 36,203 ✭✭✭✭✭
edited June 26, 2022 4:23PM in Buy, Sell, & Trade - U.S. Coins

From their latest policy update:

Keep an open mind, or get financially repressed -Zoltan Pozsar

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    bronzematbronzemat Posts: 2,605 ✭✭✭✭✭

    Well, that sucks.

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    jdimmickjdimmick Posts: 9,596 ✭✭✭✭✭

    I knew this was coming, I know of several people who do the ff for business transactions, this should put an end to most of that. Another dealer I talked with last week, told me PP shut him down recently, becuase he was doing lots of FF transactions for his business, (not coins).

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    MsMorrisineMsMorrisine Posts: 32,203 ✭✭✭✭✭

    depending upon which bank I'd want to travel to, I'd transfer between accounts. guess that's over.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
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    JimTylerJimTyler Posts: 3,055 ✭✭✭✭✭

    I hardly use PayPal. They dropped my credit limit from $7000 to $1500 lack of use. I suppose I’ll be to zero eventually.

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    VanHalenVanHalen Posts: 3,807 ✭✭✭✭✭

    Ironically, just today I tried to set up a PayPal account for a local non-profit business account. I am the treasurer.

    PayPal immediately flagged it as a fraudulent account and shut it down within minutes. I had entered all the EIN info exactly as it appears on IRS statements and (tried to) link our non-profit's checking account.

    After talking with them they think a computer probably kicked it out as a bot created account. Who knows. They said they'd try to get it straightened out on their end and get back to me. We will see.

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    VanHalenVanHalen Posts: 3,807 ✭✭✭✭✭

    Well after three long phone calls with PayPal they have removed the limitations from the new account. Now we'll see if it actually allows me to link our checking account. I was able to transfer a small amount of $ into the account to see how it goes. Hoping for best.

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    Coll3ctorColl3ctor Posts: 3,314 ✭✭✭

    PayPal greed :(

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    FrankHFrankH Posts: 773 ✭✭✭✭✭
    edited July 1, 2022 7:35AM

    Paypal SENSE. Good to hear. PayPal REGULAR service has the payment guarantee.

    Checks when cleared is also good. But I will never use the F&F. :)

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    moursundmoursund Posts: 3,207 ✭✭✭✭✭

    @FrankH said:
    Paypal SENSE. Good to hear. PayPal REGULAR service has the payment guarantee.

    Checks when cleared is also good. But I will never use the F&F. :)

    Don't you have any friends or family? :'(

    100th pint of blood donated 7/19/2022 B) . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
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    JimTylerJimTyler Posts: 3,055 ✭✭✭✭✭

    I don’t get it ? Why would a business account need fee free (friends and family) it’s a business account for business. You get a personal account for personal stuff.

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    FrankHFrankH Posts: 773 ✭✭✭✭✭

    @moursund said:

    @FrankH said:
    Paypal SENSE. Good to hear. PayPal REGULAR service has the payment guarantee.

    Checks when cleared is also good. But I will never use the F&F. :)

    Don't you have any friends or family? :'(

    Doesn't coin collecting exclude you from that?

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