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Old 04-19-2011, 10:28 PM   #29 (permalink)
ND3
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Quote:
Originally Posted by Rick View Post
I've been trying to tell you guys this for months. lol

I have a Paypal account currently frozen since December 17th for 180 days (6 months) with $10k in it. It's locked until June 17th.

I was sending a lot of Gift payments to a lot of people & I was sending Gift payments for my thread on here:
http://www.blowoutcards.com/forums/n...s-etc-etc.html

They sent me an email saying there was suspicious activity & they needed my license, a bill to my confirmed address, phone bill to verify the number they had on file etc all to be faxed to them.

I figured no problem & sent them what they asked for.

They then emailed me back saying the fax wasn't clear. I went to Fedex/Kinkos & the fax was fine. So I did it again & they sent an email saying they needed a fax of my social security card & a credit card statement in my name to my confirmed address. I felt like that was way too much information to be sending to India. (And before you ask, this was not a scam, always updated IN Paypal & always verified by calling Paypal).

So finally when I told them I wasn't going to send them a copy of my SS# & credit card information, they told me they are locking my account for 180 days (6 months) & I'll have to wait until that time is up to withdraw my money or request a check.

After all this happened to me, I started doing my research & it seems Paypal shuts down a TON of accounts every day for any kind of reason.

I now never send any payments as gift or anything personal through the Paypal account that I still have running. If that account were to also be locked, my business would be devastated.

They are cracking down on money laundering and I guess with all of the gift payments being sent every which direction it's easy to launder money around.

EDIT:
I would advise to never keep any kind of substantial amount of money in the account because Paypal can lock it at any moment without a reason. Paypal is NOT a bank, they don't have the same rules as banks do. Paypal can & will lock your account for any reason they see fit. They have over 10k of mine locked up for 6 months invested in a money market account gaining THEM interest. Will I see any of that interest? NO.

I have read that at any given time Paypal has over $1 Billion dollars locked up collecting interest.
I have been trying to tell people this for years. I sweep out most of my money on a regular basis for that reason.
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