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Bank Policy and Paypal-New Policy or just Confused?

Started by mrearlygold,

26 posts in this topic

mrearlygold

mrearlygold

Posted
Posted

Spoke with my bank here in Port Charlotte earlier and was told that to do internet sales using paypal, ( I will copy and paste her email next with some editing of names )

 

Now the paypal is another animal altogether. We have to do background checks on yourself and XXXXX, we have to have a CD put up for Peninsula Bank in the amount to be determined by compliance and it has to stay there for 1 year after your account closes. Things can come back to the bank. Thanks, XXXX

 

Has anyone heard anything like this before? Sounds like tales of the bizarre to me

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ant

ant

Posted
Posted

that sounds rediculious!!!!!!!!!!!!!!!!!

 

ive never herd that in my days! backround check 27_laughing.gif all u need is a debit or credit card and u in then you use the same email for ebay and paypal then done.

 

i wouldnt trust that!

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ant

ant

Posted
Posted
Find another bank. Don't even waste your time trying to work with that.
893applaud-thumb.gif

 

you r not required to tell your bank what you are doing. the only thing banks hate r online gambling and US cant play those anymore.

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michael

michael

Posted
Posted

more laws and patriot act regulations for information collection and revenue generation

 

someone has to pay for the policies costing into the hundreds of billions of dollars might as well be you as it will not be those in power

 

as the golden rule states

 

thems that has the gold makes the rules

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jgrinz

jgrinz

Posted
Posted
Spoke with my bank here in Port Charlotte earlier and was told that to do internet sales using paypal, ( I will copy and paste her email next with some editing of names )

 

Now the paypal is another animal altogether. We have to do background checks on yourself and XXXXX, we have to have a CD put up for Peninsula Bank in the amount to be determined by compliance and it has to stay there for 1 year after your account closes. Things can come back to the bank. Thanks, XXXX

 

Has anyone heard anything like this before? Sounds like tales of the bizarre to me

 

I must be missing the point or SOMETHING ... Whats your bank have to do with ANYTHING you do with Internet sales and PAYPAL EXCEPT to accept your transfers OF CASH from your paypal account to thier bank and your bank account. Its just like any other wire transfer or deposit ... via another LARGE bank ( Which PAYPAL is NOW ) .. Am I lost on this or what hahahahahah

 

Go to another bank - Open account for internet sales ONLY which uses paypal transfers between PAYPAL and it and yer done

 

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carson city

carson city

Posted
Posted

Not ridiculous at all. Every bank has different policies regarding any number of transactions, loans, returned checks etc. If you don't like their policy---change banks. Try Bank of America, very user friendly.

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mrearlygold

mrearlygold

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I think they just want you to buy a big CD and keep it with them for as long as they can get you to.

 

That will not happen. I'm surprised as heck over this and already told them that they will essentially lose a customer if they ever mention that again. 893naughty-thumb.gif

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farthing

farthing

Posted
Posted

I wonder what a banks exposure is if a Paypal chargeback comes through on a closed account? If the bank has any exposure to making good on the chargeback it would not surprise me if more banks don't start trying to protect themselves.

It sounds like the CD requirement is to cover any Paypal chargebacks that could occur after account closure.

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jgrinz

jgrinz

Posted
Posted
I wonder what a banks exposure is if a Paypal chargeback comes through on a closed account? If the bank has any exposure to making good on the chargeback it would not surprise me if more banks don't start trying to protect themselves.

It sounds like the CD requirement is to cover any Paypal chargebacks that could occur after account closure.

 

Very Good Point

 

This bank may have been a reciever of such a problem and so the new rules there ... because of PAYPALS stand on the buyer is always right is the catalyst for this action in my opinion

 

I think the bank has a valid point as a LOT of sellers are using a singular account for PAYPAL transactions to protect themselves from PAYPAL. The Bank may be having trouble collecting on a closed account specifically used for PAYPAL transactions and/or Internet Sales.

 

I believe this will not be a singular event and ALL banks in order to protect themsvlves will probably do the same SOON ... Unless you have an incredible amount of MONEY in the account o rest thier fears smile.gif

 

Excellent Question and responces ...

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mrearlygold

mrearlygold

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I wonder what a banks exposure is if a Paypal chargeback comes through on a closed account? If the bank has any exposure to making good on the chargeback it would not surprise me if more banks don't start trying to protect themselves.

It sounds like the CD requirement is to cover any Paypal chargebacks that could occur after account closure.

 

That's how it was explained to me . So "on the other forum" I asked a question, and that is "does anyone know what banks liabilities are on a paypal dispute" and thus far nobody has answered that question.

 

I think it's key.

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ldhair

ldhair

Posted
Posted

Please correct me if I'm wrong but banks have no exposure to transactions on an account. It's either funded or it's not. A closed account is just that. No funds are there.

The bank has no responsibility to cover it.

 

With that said, I don't understand why the topic of Paypal would come up in opening an account. You open it and use it as you wish.

 

pendragon1998.

Please look twice at your view of BofA. The situation in the link you posted is looked at by most all in the real banking world as nothing but BS. The folks at BofA are some of the best.

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mrearlygold

mrearlygold

Posted
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Please correct me if I'm wrong but banks have no exposure to transactions on an account. It's either funded or it's not. A closed account is just that. No funds are there.

The bank has no responsibility to cover it.

 

With that said, I don't understand why the topic of Paypal would come up in opening an account. You open it and use it as you wish.

 

 

 

Who said anything about opening an account?

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ldhair

ldhair

Posted
Posted
Please correct me if I'm wrong but banks have no exposure to transactions on an account. It's either funded or it's not. A closed account is just that. No funds are there.

The bank has no responsibility to cover it.

 

With that said, I don't understand why the topic of Paypal would come up in opening an account. You open it and use it as you wish.

 

 

 

Who said anything about opening an account?

 

My mistake mrearlygold, I should have said this.

I don't understand why the topic of Paypal would come up with any bank I have an account with. I'll shut up now.

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pendragon1998

pendragon1998

Posted
Posted

pendragon1998.

Please look twice at your view of BofA. The situation in the link you posted is looked at by most all in the real banking world as nothing but BS. The folks at BofA are some of the best.

 

Looked twice - (example)

 

and looked some more

 

Google "bank of america illegal immigrant" or "bank of america problems" or "bank of america sucks"

 

My wife, who works in the banking business, also has a low opinion of them.

 

There's even a Bank of America Sucks website

 

In any case, I don't want to further derail this thread.

 

EDIT FOR CLARIFICATION:

I'm familiar about the guy who was arrested from following the story in the news. I also tried to keep up with the illegal alien credit card scandal. The other links here are just examples which I pulled up by doing simple google searches, so I'm not totally familar with them.

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ant

ant

Posted
Posted

yes that is the best info ive had in yrs.

 

i recently had missed a 25$ payment to my citi bank card.they call me everyday 7-10 times a day(just different ppl in same biz). i have payed all my bills for 3 yrs with them. then i get 25 behing 1 month and they harass me. ive asked them many of times not to call so much(in biz meating,on biz calls,wwhile im asleep,1am,6am11pm.......) they just say we r required to call and do this.

 

im going to send them the do not call note!

 

does any1 know the legal "colections" process or where i can find it?

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