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914Sixer |
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#1
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914 Guru ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 8,920 Joined: 17-January 05 From: San Angelo Texas Member No.: 3,457 Region Association: Southwest Region ![]() ![]() |
I got this notice from Paypal. IF your sales exceed $2K a month they CAN HOLD your money for up to 21 DAYS (3 weeks) for the amount OVER $2K. (IMG:style_emoticons/default/WTF.gif) I applied to up my amount to $5K. Said they would get back to me. IS this the IRS going after you and me? Back to checks and money orders
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mepstein |
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#2
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914-6 GT in waiting ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 19,334 Joined: 19-September 09 From: Landenberg, PA/Wilmington, DE Member No.: 10,825 Region Association: MidAtlantic Region ![]() ![]() |
I don’t believe it’s an irs thing. The $20k to $600 tax reporting got delayed another year. It’s probably just a response to fraud. Banks get hit with millions in fraud every year. It’s only increasing so they continue to take measures to deal with it.
I once worked at Sallie Mae bank. I didn’t deal directly with fraud but it occupied a big department at corporate headquarters. I was in sales, so a lot of the approvals ran through the fraud department for verification and other issues. I didn’t get a similar notice but I have a PP business account that’s been active for over 10 years. Your pp history does make a difference. |
914Sixer |
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#3
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914 Guru ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 8,920 Joined: 17-January 05 From: San Angelo Texas Member No.: 3,457 Region Association: Southwest Region ![]() ![]() |
Paypal user since 2003.
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mepstein |
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#4
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914-6 GT in waiting ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 19,334 Joined: 19-September 09 From: Landenberg, PA/Wilmington, DE Member No.: 10,825 Region Association: MidAtlantic Region ![]() ![]() |
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Craigers17 |
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#5
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Senior Member ![]() ![]() ![]() Group: Members Posts: 759 Joined: 5-August 17 From: Rome, GA Member No.: 21,317 Region Association: South East States ![]() ![]() |
I love PayPal, but use it mostly for either paying for purchases or invoicing/reporting for my business. Even so, when invoicing, I usually create the invoice in PayPal, but then convert it to a PDF and send it via email.
That way my customers can pay via check and I don’t get fees taken out by PayPal. Granted, it adds a few steps and isn’t as convenient, but it works. |
worn |
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#6
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can't remember ![]() ![]() ![]() ![]() Group: Members Posts: 3,193 Joined: 3-June 11 From: Madison, WI Member No.: 13,152 Region Association: Upper MidWest ![]() ![]() |
Paypal user since 2003. I’m sorry for your 20 years of pain - lol. I use PayPal but I’ve never liked it. They take way too much control of my money and transactions. Yeah, but they made eBay possible, and with that all of the cyber buying for better and worse. |
Superhawk996 |
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#7
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914 Guru ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 5,993 Joined: 25-August 18 From: Woods of N. Idaho Member No.: 22,428 Region Association: Galt's Gulch ![]() ![]() |
It’s always about control - doesn’t matter who’s doing the controlling.
Even the most benign explanation is that they would like to basically take a 21 day zero interest loan - at your expense. Will always support you Mark even if that means by carrier pigeons |
SirAndy |
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#8
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Resident German ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Admin Posts: 41,707 Joined: 21-January 03 From: Oakland, Kalifornia Member No.: 179 Region Association: Northern California ![]() |
Your bank does the same thing on larger deposits. In fact, i remember BoA regularly hitting me with holds on cash (!) deposits. And that was some 20+ years ago.
Fwiiw, I had my limit bumped to 5k with PayPal without any issues. (IMG:style_emoticons/default/popcorn[1].gif) |
Mikey914 |
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#9
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The rubber man ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 12,684 Joined: 27-December 04 From: Hillsboro, OR Member No.: 3,348 Region Association: None ![]() ![]() |
Just because you are paranoid, doesn't mean that they are not out to get you.
Unfortunately, the only thing you can do is move to bank clearing credit cards, or going strictly to cash or check. Either way, it's a whole industry based on taking their pound of flesh. The question is how much and where? |
914_teener |
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#10
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914 Guru ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 5,208 Joined: 31-August 08 From: So. Cal Member No.: 9,489 Region Association: Southern California ![]() |
Just because you are paranoid, doesn't mean that they are not out to get you. Unfortunately, the only thing you can do is move to bank clearing credit cards, or going strictly to cash or check. Either way, it's a whole industry based on taking their pound of flesh. The question is how much and where? Money changing is a very age old issue (making money from somebodies elses money) and it started long before Paypal. Same story different actors, different plot. |
bkrantz |
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#11
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914 Guru ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 7,835 Joined: 3-August 19 From: SW Colorado Member No.: 23,343 Region Association: Rocky Mountains ![]() ![]() |
Just because you are paranoid, doesn't mean that they are not out to get you. Unfortunately, the only thing you can do is move to bank clearing credit cards, or going strictly to cash or check. Either way, it's a whole industry based on taking their pound of flesh. The question is how much and where? Without getting too political, PayPal has been active in trying to control financial exchanges among people they think are political foes. |
jim_hoyland |
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#12
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Get that VIN ? ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 9,334 Joined: 1-May 03 From: Sunset Beach, CA Member No.: 643 Region Association: Southern California ![]() ![]() |
It may be a play to earn overnight interest on all that money they are holding.
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GregAmy |
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#13
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Advanced Member ![]() ![]() ![]() ![]() Group: Members Posts: 2,314 Joined: 22-February 13 From: Middletown CT Member No.: 15,565 Region Association: North East States ![]() ![]() |
Use Zelle. Almost all banks support it now.
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mepstein |
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#14
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914-6 GT in waiting ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 19,334 Joined: 19-September 09 From: Landenberg, PA/Wilmington, DE Member No.: 10,825 Region Association: MidAtlantic Region ![]() ![]() |
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Mikey914 |
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#15
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The rubber man ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Members Posts: 12,684 Joined: 27-December 04 From: Hillsboro, OR Member No.: 3,348 Region Association: None ![]() ![]() |
It may be a play to earn overnight interest on all that money they are holding. Used to be a thing. I actually flew bank checks for Ameriflight for about a year. The small branches would consolidate in small townsm fly into Portland. Portland, San Diego, and LA would fly to San Francisco, to the Federal reserve, and the then They would be flown to a destination mid US for exchange with the East coast and central check, and fly back. At the end, the trans cons could have over a Billion dollars worth of checks. Not quite the same now. The interest alone made economic sense to operate the planes. |
VaccaRabite |
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#16
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En Garde! ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Admin Posts: 13,475 Joined: 15-December 03 From: Dallastown, PA Member No.: 1,435 Region Association: MidAtlantic Region ![]() |
As Mark said, fraud is a BIG thing these days. Its as simple as that, and a lot of banks have similar policies. They have to, in order to protect themselves.
Zach |
Billy Bumpsteer |
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#17
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Newbie ![]() Group: Members Posts: 14 Joined: 2-July 20 From: UK Member No.: 24,443 Region Association: England ![]() |
Paypal = Great to send (apart from the outrageous exchange rates they use), shyte to receive
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GregAmy |
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#18
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Advanced Member ![]() ![]() ![]() ![]() Group: Members Posts: 2,314 Joined: 22-February 13 From: Middletown CT Member No.: 15,565 Region Association: North East States ![]() ![]() |
I like Zelle for many reasons. It’s not the right platform if you are not sure about the person you are sending money to but if you are confident on that, it’s the way to go. Concur. It does not offer the seller protections that PayPal does. However, it's also not subjected to the 1099K requirement (which will eventually happen, as required by law; VITA tax prep guy here, not looking forward to that). The IRS can get access to your bank records records whenever it wants to... Paypal = Great to send (apart from the outrageous exchange rates they use), shyte to receive As a consumer, I tend to disagree. PayPal is very much supportive of the sellers when there's a dispute; I've been shafted by a few scam sellers (not here) that used that to their advantage. For that reason I generally will not use PayPal for purchase transactions unless I know the individual/company; I get a lot more seller protection using credit cards directly. And the PayPal/eBay connection has destroyed eBay's attraction as an individual non-commerical seller (of anything, not just car parts). Given the fees between the two, plus increasing shipping costs, I'm at the point where I'm just throwing away/scrapping things instead of trying to sell them, the juice and worth the squeeze. |
targa72e |
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#19
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Member ![]() ![]() Group: Members Posts: 263 Joined: 11-September 16 From: colorado Member No.: 20,392 Region Association: None ![]() ![]() |
I am truly puzzled why people have so much trouble paying 3% to use paypal when they pay the same amount for every credit card transaction they do at 90% of retail outlets, its just built into the price so you don't see it. If you decide to pay cash you are just increasing that vendors profits. Some places will offer a discount to pay in a means that doesn't have a transaction fee. There is a % price for convenience.
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davehg |
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#20
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Member ![]() ![]() Group: Members Posts: 190 Joined: 19-September 17 From: PNW Member No.: 21,443 Region Association: Pacific Northwest ![]() ![]() |
There are federal regulations that companies like PayPal and Stripe have to comply with, intended to verify that transactions are legit and no money launder8ng is taking place.
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