Paypal verification
Discussion
So I've hit the limit on my account and they won't let me withdraw any more funds until I do a DD agreement.
They say: 'Complete Direct Debit Agreement. We are legally required to ensure that you complete the Direct Debit Agreement in order to link your bank account to your PayPal account for instant purchases and bank transfers.'
I realise I have no choice to get the money out, but what law says they have to 'link my bank account to me Paypal account'? They already have my bank details as that account is used to fund purchases when Paypal has a zero balance, but they say that is not enough.
I just wondered if they are playing with a straight bat or whether there's a bit of smoke and mirrors going on.
They say: 'Complete Direct Debit Agreement. We are legally required to ensure that you complete the Direct Debit Agreement in order to link your bank account to your PayPal account for instant purchases and bank transfers.'
I realise I have no choice to get the money out, but what law says they have to 'link my bank account to me Paypal account'? They already have my bank details as that account is used to fund purchases when Paypal has a zero balance, but they say that is not enough.
I just wondered if they are playing with a straight bat or whether there's a bit of smoke and mirrors going on.
they are a bunch of rip off merchants who will try any means of making money from you - do anything you can to avoid using paypal it offers you NO real protection whatsoever - if you get ripped off they will only refund your money if the seller has funds in their paypal account - if not they will just say they are unable to refund you!
My account was hacked the other week, but I always have it linked to an account with virtually a nil balance. There were 2 transactions by the hacker for items from the usa and the delivery address was given as vietnam. Paypal were notified immediately to stop these transactions, yet 10 days later they still attempted to remove the funds from my account, I am now being charged by the bank for unpaid direct debit charges for both transactions. When I called paypal they said they were unable to stop funds from being removed from my account once it was in their system WTF!?!? complete clowns.
My account was hacked the other week, but I always have it linked to an account with virtually a nil balance. There were 2 transactions by the hacker for items from the usa and the delivery address was given as vietnam. Paypal were notified immediately to stop these transactions, yet 10 days later they still attempted to remove the funds from my account, I am now being charged by the bank for unpaid direct debit charges for both transactions. When I called paypal they said they were unable to stop funds from being removed from my account once it was in their system WTF!?!? complete clowns.
I had that problem with out business account a few years ago. At the time, our "bank" account wouldn't allow direct debits, so I had to contact PayPal and provide a load of documentation to prove we were legit. They use the DD as a way of shortcutting money laundering ID verification requirements, ISTR.
[quote=hedgefinder]do anything you can to avoid using paypal it offers you NO real protection whatsoever - if you get ripped off they will only refund your money if the seller has funds in their paypal account - if not they will just say they are unable to refund you!/quote]
^This is incorrect.
To the OP, they are legally obliged to do it for Money Laundering purposes.
^This is incorrect.
To the OP, they are legally obliged to do it for Money Laundering purposes.
Sarnie said:
To the OP, they are legally obliged to do it for Money Laundering purposes.
That's what they say, I just wanted it confirmed as I put Paypal in the same business category as Ryanair.It would be nice if they cited the actual legislation - and is it really that, or as someone said, just a shortcut? Perhaps they mean they are 'legally required to confirm the identity of the account holder', and the DD thing is an easy route.
In reality, my Paypal account is linked to a bank account and money has gone back and forth for years. Indeed, if I buy something with Paypal and have insufficient funds there, it automatically takes them from my bank. Hence a DD is set up. It's worked fine for years. If that bank account was NOT connected to me, it would of course have been evident years ago. Therefore they know beyond reasonable doubt that it is mine...
Sarnie]edgefinder]do anything you can to avoid using paypal it offers you NO real protection whatsoever - if you get ripped off they will only refund your money if the seller has funds in their paypal account - if not they will just say they are unable to refund you!/quote said:
^This is incorrect.
To the OP, they are legally obliged to do it for Money Laundering purposes.
legally obliged to what? verify your account maybe, but the rest of what I wrote is entriely correct - THEY ARE RIP OFF MERCHANTS forcing people to use a service that they make a lot of money from.To the OP, they are legally obliged to do it for Money Laundering purposes.
They have an effective monopoly, yes, but we can't change that and have to work with it. What I wanted to determine was whether there is some ulterior motive for the process.
I think perhaps not, but they do not explain clearly how what they request meets ML regs. Hence my 'amber light' comes on.
There does seem to be an element of leverage as well; for example I cannot access my money until I play ball - and I resent that because it smacks of force majeure. Hoe many banks will let you pay in funds, but then say 'Ah no, you can't have it back until you dance three times round the square with a kipper'?
I think perhaps not, but they do not explain clearly how what they request meets ML regs. Hence my 'amber light' comes on.
There does seem to be an element of leverage as well; for example I cannot access my money until I play ball - and I resent that because it smacks of force majeure. Hoe many banks will let you pay in funds, but then say 'Ah no, you can't have it back until you dance three times round the square with a kipper'?
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