Would you like rapid delivery of your coins? I would not recommend PayPal.
ANACONDA
Posts: 4,692 ✭
A fellow recently sent me a little over $14,000 via PayPal. I rec'd a notification a week ago that it would take about 3-5 business days (if memory serves me correctly) for the money to be delivered to my checking account.
This evening, I get an email from PayPal telling me that my account has been ?restricted? for security reasons. They do not provide a more specific reason why.
They tell me that they are going to make two sub dollar deposits (!) to the checking account that I have had them make deposits to since the beginning of my relationship with PayPal and then await my revelation to them of the amounts before they will un-restrict my checking account.
What do you want to bet....it will take them 5 days to make these two small deposits (they already inform me that it will take several days) then 5 days to process my information and un-restrict my account. Then I?ll direct them to re-deposit the $14,000+ and then it will take them another 5 days to finally make the deposit. That is of course if whatever triggered this restriction is removed after the bull they are putting me through. (i can hear it now.....?I?m so sorry Mr. Crane to have unnecessarily put you through this process again. As you know, we take every precaution in giving out the money without regard to your needs as safety is our number one goal! Please don?t delay in spending your valuable time in trying to satisfy our needs. Thanks for the use of your money!?)
Prior to now, they have had no problem depositing many thousands of dollars into the exact same checking account that they now want to verify.
So, they get the use of the money that doesn?t belong to them, without permission and without even a good reason.
I am seriously considering not taking PayPal anymore. Those of you who use it to send money might want to know that this is apparently one (of many??) things that can happen that will prevent you from getting your merchandise in a timely way. I do not ship merchandise until after I?ve been paid. (Sounds like a reasonable policy, eh?)
Want to get your merchandise promptly? Think twice before you use PayPal.
adrian
This evening, I get an email from PayPal telling me that my account has been ?restricted? for security reasons. They do not provide a more specific reason why.
They tell me that they are going to make two sub dollar deposits (!) to the checking account that I have had them make deposits to since the beginning of my relationship with PayPal and then await my revelation to them of the amounts before they will un-restrict my checking account.
What do you want to bet....it will take them 5 days to make these two small deposits (they already inform me that it will take several days) then 5 days to process my information and un-restrict my account. Then I?ll direct them to re-deposit the $14,000+ and then it will take them another 5 days to finally make the deposit. That is of course if whatever triggered this restriction is removed after the bull they are putting me through. (i can hear it now.....?I?m so sorry Mr. Crane to have unnecessarily put you through this process again. As you know, we take every precaution in giving out the money without regard to your needs as safety is our number one goal! Please don?t delay in spending your valuable time in trying to satisfy our needs. Thanks for the use of your money!?)
Prior to now, they have had no problem depositing many thousands of dollars into the exact same checking account that they now want to verify.
So, they get the use of the money that doesn?t belong to them, without permission and without even a good reason.
I am seriously considering not taking PayPal anymore. Those of you who use it to send money might want to know that this is apparently one (of many??) things that can happen that will prevent you from getting your merchandise in a timely way. I do not ship merchandise until after I?ve been paid. (Sounds like a reasonable policy, eh?)
Want to get your merchandise promptly? Think twice before you use PayPal.
adrian
0
Comments
Is there a van parked across the street from your house.
Oh, I see. They want to make sure that the money, potentially sent for illegal purposes, is getting into the right account.
I don't accept it anymore but will use it if I'm permitted and only on my credit card so that I have some real recourse if I get shafted.
They did the same thing to me about six months ago. The "restriction" came out of nowhere. They refused to explain in a many email exchange (their responses were idiocy, lunacy, and out of "1984"). Suddenly, the restriction disappeared after about 10 days. No explanation. Really a pain - idiots to deal with, but also like the Gestapo
C'Mon, people it's not the 3% they care about it's the float. A friend's dad started a travel company and a foreign investment bank just for this reason.
People pay for travel up front, ship the money offshore, play with it, make some of your own, bring theirs back and pay the vendors. Walla, instant free money.
I'm sure paypal, since it is a bank, per se, does the same.
Michael
There probably is a certian dollar amount that when reached extra security measures kick in to "protect" you.
great.
I doubt if anything is there, my firm does class actions and my friend whose dad did the travel agency thing, specializes in nothing but class action, and I've already discussed paypal & ebay with him.
But give it a shot.
Michael
dragon
Anaconda, you shuold look into www.C2IT.com. It is like PayPal, but it is currently free for credit card purchases. No 3% taken from you. I've used it a few times and it's worked smoothly.
Back to Anaconda's situation. I wonder if being owned by ebay has caused some changes in paypal policies? I am amazed that money can be transferred so readily and inexpensively as with paypal, maybe fraud is starting to catch up with paypal.
Here's some more grist:
auctionbytes recently did a survey of sellers and this little tidbit was among the results: "10% of sellers have had a buyer do a chargeback on a purchase when using an online payment service, and 8% of sellers have had their account frozen by an online payment service due to a problem buyer or by error." As cynical about payment service as I am, these numbers scared even me. I would never have guessed that the problems were this bad. Even a 1% rate would be bad enough. Would you open an account with a bank that said, "We routinely shut down 1% of our accounts with no warning for security reasons"? Would you open a store where the landlord has the right to lock you out of your own store for weeks on an unsubstantiated complaint, even if he only did this 1% of the time? Why are sellers entrusting their entire business to a heavy-handed "partner" whose actions violate every rule of business management or ethics?
source for above quote and more
LSCC#1864
Ebay Stuff
I sell on Ebay as well but not even close to your level. I have not had any trouble so far!(Keeping fingers crossed!!!). I am thinking of not taking Paypal anymore becuase of the chargeback potential! People don't read anyway as I don't accept checks but get a few send a check each week anyway. I just wait two weeks before shipping! It is a hassle to keep track of the checks. I too take the money out of my Paypal account ASAP!
What recourse does a seller have on a chargeback? The coins are out the door!!!
I own a business where we run $40,000-$55,000 a month through our credit card machine and have never in 5 1/2 years had our account frozen. We get chargebacks but usually they are people who forget about using our service or forget the website they used and confuse us with other merchants.
The Ludlow Brilliant Collection (1938-64)
I've had over 800 transactions with paypal and never had a chargeback or any other problem. I'm happy with the service and like it a lot better than if I had to get a merchant account and accept credit cards.
Being careful. That's cool. But never once was I warned that my account could be "restricted" and that no reason would be given.
In fact, as I stated, they actually told me last week to expect the money....now. I told my buyer that i would ship "shortly".
Finally, verify an account. Great! They did that when I set up the account. Do it again? Why?
adrian
I wish I had $14,000 coins to sell.
Say would you give a BIG discount to fellow board members for your yatahey penny? Almost makes me think Indian pennies are way too cool.
Read the follwoing horror stories from Paypal:
Paypal sucks website
I dropped them about 5 months ago for all but the smallest of transactions. They are a dangerous organization. Read through the website link and you will never trust them again.
I wish the government would take CC fraud more seriously and we would stop all this nonsense of treating everyone like a criminal. Other countries treat it as a serious crime so there is little fraud. In the US we have foreigners committing fraud because they know nothing will happen!
You can pretty easily get screwed on a big dollar credit-card purchase too. In the event of any fraud the credit card bank will rip that money right out of your business checking account and ask questions later.
For large amounts I'd stick with a wire transfer if you don't know your buyer.
If it were the IRS and the $10K magic number, well, I thought that applied to "cash", but even if it applied in this case, it would/should pertain to the person removing the money; not the one receiving it. Heck, Anaconda hasn't even been credited with the funds, yet - that $10K rule can't apply to him, but the more we talk about it, the more I'm convinced it pertains to cash.
I hate it when you see my post before I can edit the spelling.
Always looking for nice type coins
my local dealer
Making Payments - Limits
What is PayPal's transaction limit?
To protect the integrity of our payments network, the maximum dollar amount for any single transaction is $10,000.
**Also....
**(Not sure what type of account you had, I would assume you had a business or premier given your advanced dealings in fine coins.)
Making Payments - Limits
Can Personal accounts receive credit card payments?
No. In order to reduce the cost of processing expensive credit card transactions associated with accounts that do not pay fees, the ability to receive credit card payments is reserved for Premier and Business accounts.
Any credit card payment will be held as "Unclaimed" until the recipient accepts it by upgrading to a Business or Premier account, or denies it (if payment is denied, the funds will be returned to the sender's PayPal account).
Personal accounts may still accept an unlimited number of payments which are funded from the sender's PayPal account balance or bank account.
**Converting a personal account to business or premier will involve the verification process of two deposits such as you are being subjected to.
**You may be able to find out more details on your situation by signing on to your account as noted here. This is a partial explanation I would assume. A $14,000 transaction would easily be considered "Unusual Account Activity" for a company that has a limit of $10,000 and typically handles transactions of a much smaller size.
Protection Policies - Limited Account Access
Why does account access become limited?
To protect our payment network, PayPal conducts regular screenings of the accounts in our system. If an account is flagged during one of these screenings, access to sensitive account features may be limited until the issue can be resolved.
Reasons for limited account access include violations of the User Agreement (such as registering false personal information), unusual account activity, or errors that disrupt account functioning (such as entering an incorrect bank routing number that leads to failed bank transfers).
Limited account access is usually easily resolved. The steps required to restore access vary based on the reason for the limited access; typically, a user is asked to update account information, fax proof of identification to PayPal, or send an email to our Account Review Department. If your account access is limited, simply log in and click the See Details link for full instructions .
Limited account access is a necessary measure that makes PayPal more secure for all of our users. We appreciate your patience and your shared efforts to safeguard our PayPal community.
Good luck.......