Controversial! +13 Paypal Verification Required!!

[Gary D]

Hi all. Has anyone received an e-mail from Paypal telling you that when once you reach a preset dollar limit (that you were notified about when you signed up) you will need to link your bank account to Paypal as from then on the money from purchases are automatically deducted from your chequing or savings accounts instead of your credit card? I think their reasoning is fees they are charged from bank accounts are less expensive than what credit card companies charge. They stand behind "verification required" as a way of mitigating fraud with credit cards but in reality it's all about maximizing profits. I read about this by googling and clicking on a NY Times article.
To me this might mean the end of me purchasing figures from companies that only take Paypal as I don't feel comfortable sharing my bank account information with anyone. I don't care if Paypal is a "safe" company, hackers can access just about anything they want if they try hard enough.
http://www.nytimes.com/2010/03/28/your-money/28haggler.html?_r=0

It turns out that the preset limit (in my case $11,900) is a cumulative number and not a one off purchase limit. I never realized that over the years I had purchased that amount in total and it seems rediculously high, but there you are.

Gary D

 

[Gary D]

The e-mail from Paypal:

Dear Victor Daugherty,
We wanted to let you know that you're just $189.78 CAD away from hitting your initial PayPal sending limit of $11,900.00 CAD. This is the maximum amount of money you can send or use for purchases before you need to become Verified.
Why do I need to verify my account?
We place initial limits on all accounts to increase security and help prevent fraud. Once you link and confirm a bank account, your account will be Verified and you'll be able to make as many payments as you like with PayPal.
How do I get Verified and lift my sending limit?

• Log in to your PayPal account at www.paypal.ca and click Get Verifiedat the top of the page.
• Follow the instructions to link your bank account to your PayPal account. We'll deposit 2 small amounts in your bank account to confirm that it's yours.
• Check your bank statement in 3-5 days and note the 2 amounts. Then log back in to your PayPal account and enter these amounts.

Lift Limit
Sincerely,
PayPal

 

[Steve]

Call Paypal. This is obviously a scam. I have used it for years and never heard of such a thing.

 

[Gra30]

This is perfectly normal.Paypal set limits and unless you link to a bank account, ie verify the account, you are restricted on money in and out.
Pm if you need more info, I had a private and now business, both are the same and need to verify.

 

[Gra30]

https://www.paypal.com/helpscr?cmd=...lutionTab&ps=solutionPanels&solutionId=163435

This is direct from the PayPal site and explains all

 

[Gary D]

Thanks guys. Steve, you might not be near your limit yet and therefore haven't received an e-mail from Paypal asking you to do the same.
I checked on Paypal's website and this isn't a scam. It's all there.
Gary

 

[Gra30]

No worries Gary,
Those with business PayPal accounts don't need the customers to be PayPal registered, our fees are a little higher but it enables customers to pay as a one off using a normal debit card, same as any other online payment. Now you mention it it may be worth emphasising this on my future releases

 

[Steve]

Well thanks for the correction! I am so conditioned to reject requests via the web for bank info that I made a hasty call. I KNOW THAT WILL SHOCK EVERYONE WHO KNOWS ME.

 

[Mark S]

Steve, you were right to suspect a scam though. I get scam Paypal emails on a regular basis, the only clue being an extra letter in the fake email address.

 

[JonP]

Yes this is normal practice from Paypal. Once you are verified you can still use your credit card as your primary payment method. I think one of the reasons for verifying accounts is in regard to money laundering regulations.

 

[Tubby-Nuts2]

What struck me was the, 189.78 CAD!...left from a limit of 11,900 Cad !!... 'STOP', ..buying figures! your grey army must rival, 'Julius Caesar's legions! LOL!

Mark

 

[Gary D]

Funny enough Mark, my grey armie isn't that big. (maybe 40 or 50 figs). so I have no idea how they can claim I have purchased close to $11,710 as I'm looking around and don't see anything that would add up to that number.

Gary

 

[DEL]

There you go.

 

[Mirofsoft]

Never was asked anything of the sort
Before buying I always transfer a certain amount on my Paypal account and never buy above that . If even I win more lots on eBay going above this amount , I simply make a new tranfer .
I was never asked anything else