What Law is this (Paypal query)
Discussion
Having used PP for a while, buying only, They now inform me that I can no longer send any more of my own money via their system unless I allow them full access to my Bank account. This is apparently a 'Legal' requirement. I am curious as to which Law covers this. Anyone here know the answer ?
Apparently come the anniversary of my signup this limit resets back to Zero like some weird financial odometer.
Apparently come the anniversary of my signup this limit resets back to Zero like some weird financial odometer.
Define 'full access'?
I have my bank account(s) set to be able to withdraw from paypal to them, but no way in hell would I have it so money can be pulled from my bank accounts to paypal.
Perhaps authorise it to allow access to fulfill their checks, and then edit/remove it accordingly? I seem to remember I did something vaguely like this years ago.
I have my bank account(s) set to be able to withdraw from paypal to them, but no way in hell would I have it so money can be pulled from my bank accounts to paypal.
Perhaps authorise it to allow access to fulfill their checks, and then edit/remove it accordingly? I seem to remember I did something vaguely like this years ago.
Thanks for the replies guys. It was a genuine message on the logged in account. Their terms and conditions are unacceptable. They do not answer emails, turnover not an issue as I do not sell nor will I ever. As for money laundering, this was petty cash stuff, piddling little amounts for vintage bits & pieces. The account is now closed, I do not trust these people who will not answer a simple enquiry and invent 'Laws' to serve their own ends.
Is this the "attach your account to paypal to verify you're a real human being" thing? Means they can verify you've got an actual account and aren't a fake person using PayPal to launder money or shift it around. Only becomes a requirement after you've moved a few thousand around. It's not "full access", it's entering a verification code.
All they do is ask you for your bank account details, then they take a small amount £1 with the transaction having a validation code on your account. You enter this code into paypal and your account is unlocked and the £1 refunded.
As a UK bank account has been verified already, this is an easy way for paypal to make sure their account isn't from a hijacked bank account and being used to launder money.
Their game, their rules. Don't sweat it, it's nothing nefarious.
As a UK bank account has been verified already, this is an easy way for paypal to make sure their account isn't from a hijacked bank account and being used to launder money.
Their game, their rules. Don't sweat it, it's nothing nefarious.
Mr2Mike said:
cootuk said:
Their game, their rules. Don't sweat it, it's nothing nefarious.
Apart from giving a company well known for underhand tactics and dire customer service direct access to your bank account...Oh wait.....
duckwhistle said:
Despite all the helpful contributions, I have yet to identify the 'Law' which paypal rely. Nor can they tell me. Thanks again for your interest but please consider this closed now.
It'll be the money laundering regulations. https://www.gov.uk/topic/business-tax/money-launde...
Slurms said:
duckwhistle said:
Despite all the helpful contributions, I have yet to identify the 'Law' which paypal rely. Nor can they tell me. Thanks again for your interest but please consider this closed now.
It'll be the money laundering regulations. https://www.gov.uk/topic/business-tax/money-launde...
What i don't understand though is why you would not set up a separate bank account for use with people like PayPal? I have my 'normal' account but also have a bills account where any DD's or anything that i do not have 100% real time control over comes out of. I would not risk linking that account to someone as well known for their jiggery pokery as PayPal so if I ever set up another account with them it will be linked to a bank account that is only used for PayPal. Everyone is a winner as everyone gets what they want.
Rude-boy said:
Slurms said:
duckwhistle said:
Despite all the helpful contributions, I have yet to identify the 'Law' which paypal rely. Nor can they tell me. Thanks again for your interest but please consider this closed now.
It'll be the money laundering regulations. https://www.gov.uk/topic/business-tax/money-launde...
What i don't understand though is why you would not set up a separate bank account for use with people like PayPal? I have my 'normal' account but also have a bills account where any DD's or anything that i do not have 100% real time control over comes out of. I would not risk linking that account to someone as well known for their jiggery pokery as PayPal so if I ever set up another account with them it will be linked to a bank account that is only used for PayPal. Everyone is a winner as everyone gets what they want.
a) there would be mass panic and nobody would use them; and
b) if you were to ever spot such a transaction you would report it to your bank and they would:
i) Get the money back for you and alert the authorities
ii) Blacklist PP and start flagging to you every time there's a transaction with them to check that it's real (via their real-time transaction monitoring systems)
As mentioned above, this is for money laundering regulations, identity theft etc.
Angrybiker said:
<---- work in banking.
As mentioned above, this is for money laundering regulations, identity theft etc.
Work as a solicitor so you can imagine how much joy and fun i have had over the last 6 months or so dealing with all of the above.As mentioned above, this is for money laundering regulations, identity theft etc.
Yes i know that my approach is perhaps ott but it does mean that i have 100% control and 0% worry about anyone or anything rogue getting into the system.
When i was about 22 i had my card skimmed and a fraudulent transaction for about £300 was put through on my account. Of course it would have to have been a Friday night 200+ miles from home, empty fuel tank, with no cash and when i found out that i only had about £5.70 to my name. As it happened i have my Credit Card and so it was more of a ball ache than a disaster and the bank were great about sorting it all out but the one thing i knew was that i didn't have to worry about the mortgage payment that was due out on the Monday as that was in a totally separate account which has no card.
Rude-boy said:
Angrybiker said:
<---- work in banking.
As mentioned above, this is for money laundering regulations, identity theft etc.
Work as a solicitor so you can imagine how much joy and fun i have had over the last 6 months or so dealing with all of the above.As mentioned above, this is for money laundering regulations, identity theft etc.
Yes i know that my approach is perhaps ott but it does mean that i have 100% control and 0% worry about anyone or anything rogue getting into the system.
When i was about 22 i had my card skimmed and a fraudulent transaction for about £300 was put through on my account. Of course it would have to have been a Friday night 200+ miles from home, empty fuel tank, with no cash and when i found out that i only had about £5.70 to my name. As it happened i have my Credit Card and so it was more of a ball ache than a disaster and the bank were great about sorting it all out but the one thing i knew was that i didn't have to worry about the mortgage payment that was due out on the Monday as that was in a totally separate account which has no card.
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