paypal information

Morganpeace

Hello everyone. I have a question regarding information requested by paypal. I have been helping my grandma sell off some of her collection on Ebay for several years now to pay for medical bills/treatments ect. We've never had any issues until recently. About a month ago we sold two expensive key dates. Buyer received; was happy; left feedback ect. Now we get a request from paypal that we need to sign and notarize a "continuing personal guarantee" letter; submit 6 months of bank information; tell paypal where her coins are kept; type of insurance ect. I feel that this is way too much personal information requested, especially since we have had not problems with anyone regarding returns, chargebacks ect. The letter gives paypal the right to pull credit anytime they "deem necessary". We are not a store or big sellers; basically I am just trying to help my grandma sell off some of her coin collection as well as collectibles (china, personal home furnishings ect) to survive and pay her medical bills as she is quite ill with cancer. I would appreciate any insight from anyone regarding this request for information. Thank you all so much. Kay

ebaytrader

First, make sure that the request is really is from PP, and then either given it up or kwit.

derryb

same happened to me, got a call from paypal. Have a perfect ebay/paypal track record. Request was triggered by sudden increases in sales. Was able to provide info over the phone and forward via email recent bank statements. They also started withholding some of my funds so that there is always a cash balance in my account to cover in claims that might come up. Best to discuss with paypal over the phone. Let them know your circumstances - that you are not running a businness. You keep the coins in a safe deposit box, and your inventory is limited to what you have on hand (you are not buying and selling). Paypal is trying to protect themselves as sometimes small sellers with no business experience that go big tend to get over their head and end up stiffing paypal when they are unable to deliver. Paypal wants to make sure account holders are on solid ground. Let them know you are not running a business.

Your other option is to open other ebay and paypal accounts and limit your sales to one or two a month. You will need different banking and credit card accounts for each ebay/paypal account. You can use different variations of your name such as your middle and last name or an initial and your last name. You might do this and also consider selling big ticket items elsewhere such as here on the coin buy, sell and trade forum or your local coin dealer.

You might even suggest to paypal that they waive the info request and just hold your funds on each transaction until proof of delivery/feedback on each transaction. Simplist way out for both parties.

lasvegasteddy

" submit 6 months of bank information; tell paypal where her coins are kept; type of insurance ect."
nope...not on my watch
find your paypal customer service number and call
you can send this to their fraud alert under phising emails too

derryb

paypal is in fact gathering this information on account holders who could potentially put paypal at risk.

lasvegasteddy

not about assets and where one keeps assets
" where her coins are kept;"

derryb

Paypal has a vested interest in the security of your inventory and the financial soundness of your business that they are involved with. They feel they have a legitimate concern that your inventory is protected and available for delivery once they have collected money for it from one of their other customers. Paypal is in fact questioning security of inventory. Discussions with my paypal rep have revealed this. If their concerns will eliminate the scammers, I'll go along with them. I have no problem with them knowing my coins are in a bank's safe deposit box. If I don't agree that they should be concerned I will not do business with them. It's still my choice. For one's own protection, discussion of these matters should be done only with a phone call to paypal and not a reply to a possible phishing email.

It's a different world out there than it used to be. At the airport the other day I had to prove there was no weapon in my underwear before I could get on the plane. Of course the decision of whether I got on the plane was still mine.

The good thing about paypal's policy is that it is making ebay a safer place to buy and removing competition from those sellersthat refuse to play their game. As a seller on ebay I welcome the decision of other sellers not to play. As a buyer on ebay I miss the additional buying choices.

MadMarty

I got the same after selling 25th anniv sets for a dealer buddy of mine. I talked to the PP risk management people, explained that I'm NOT a coin dealer (not a BM store). I still have to provide invoices and checks paid out for the 25th anniv set and a picture of the inventory, oh yea and sign the gaurentee. All in all it was painless took 3 days. I think it's automaticly flagged on their end when you sales jump way up.

lasvegasteddy

<< <i>I got the same after selling 25th anniv sets for a dealer buddy of mine. I talked to the PP risk management people, explained that I'm NOT a coin dealer (not a BM store). I still have to provide invoices and checks paid out for the 25th anniv set and a picture of the inventory, oh yea and sign the gaurentee. All in all it was painless took 3 days. I think it's automaticly flagged on their end when you sales jump way up. >>



wow...this is legit then...who'da thunk

RGJohn

<< <i>Hello everyone. I have a question regarding information requested by paypal. I have been helping my grandma sell off some of her collection on Ebay for several years now to pay for medical bills/treatments ect. We've never had any issues until recently. About a month ago we sold two expensive key dates. Buyer received; was happy; left feedback ect. Now we get a request from paypal that we need to sign and notarize a "continuing personal guarantee" letter; submit 6 months of bank information; tell paypal where her coins are kept; type of insurance ect. I feel that this is way too much personal information requested, especially since we have had not problems with anyone regarding returns, chargebacks ect. The letter gives paypal the right to pull credit anytime they "deem necessary". We are not a store or big sellers; basically I am just trying to help my grandma sell off some of her coin collection as well as collectibles (china, personal home furnishings ect) to survive and pay her medical bills as she is quite ill with cancer. I would appreciate any insight from anyone regarding this request for information. Thank you all so much. Kay >>



No honest person or organization would ever request such info.

lcoopie

try greatcollections

derryb

<< <i> No honest person or organization would ever request such info. >>


Your banks require personal information. Anyone insuring your coins should ask how you store them. Paypal is insuring that you will have them available for delivery and has a financial interest in the success or failure of you to deliver.

AUandAG

Sell Grandma's coins here on our BST (BUY, SELL & TRADE) board. No fees and no hassle.

Good luck and glad you are helping kin!


Also, WELCOME and comeback often!



bob