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Old 04-28-2011, 10:21 PM   #48 (permalink)
Gibberish's Avatar
Join Date: Mar 2010
Location: North Georgia
Posts: 8,005

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:

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.

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.
They have been forced to make changes

They cannot ask for account numbers from Credit cards except for verification of those on file and only the last 4.

They cannot ask for your SS# any more but can demand multiple utility bills.

The one thing that stops them dead is a photocopy/Fax of your current Tax records.
See, to question that they will have to file a dispute with the IRS under its fraud rules relating to Tax Identification information,who will then get involved and paypal doesn't cross the IRS

Per gifts...big damn deal
Paypal is a waste after this year and ebay is a joke in June

Going to start looking for a superior alternative and push it like a mad man
I Collect Marbles,Amazing Spider-man comics and tears! Mr. Sensitivity at your service
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