Dont want to get verified

[tj_thompson79]

I don't want to get verified but it wont let me pay for my items from eBay.  I haven't reached my limit yet what's going on.....

[embreesmith]

the reason for the 10K limit, is the IRS Reporting Rules on Transactions over 10K

Congrats ...

If You " verify " your bank account

You will be reported on !!!

[Rheinhard]

The IRS rules pertain to single transactions in excess of $10,000, not multiple small transactions adding up to that sum.  This is a plot on the part of PayPal to steal your money.  If you look over the last few years, PayPal has gradually moved to block out all other venues of payment.  Once they finally narrowed it down to where it is inconveniently difficult to purchase without them they are going for the jugular.  This has been their plan all along.  This is not something new.  PayPal and eBay are the same company so this is not a case of one working for or against the other.  It is a united plot to invade and capture personal bank accounts.  Either only purchase from sellers that take money orders or give up eBay.  There are other on-line auctions such as Craig's List.  I have opted to give up all business that involves PayPal.  I think boycot is the best legal option to hurt PayPal, though I have filed complaints with a myriad of law enforcement agencies both state and federal.

[mike1515]

i dont have a choice i dont have a bank

[_88]

What is the single factor that drives most corporate decisions?  Money.  Plain and simple.  The reason PayPal wants everybody to become verified involves money.  Not stealing it, however.

Whenever you make a purchase using a credit card (or a debit card for that matter), there is a transaction fee involved.  In the case of a credit card, I believe it is based as a percentage of the purchase price.  In the case of a debit card, if I recall correctly, it is a fixed fee.  In either case, the transaction charge goes to the bank that issued the card.  By linking directly to your bank account, they are able to bypass this charge.  As an alternative, if you use a PayPal card, they would be in effect charging themselves, so that 's another way around paying the transaction fee.  Once you are verified, they don't block you from using your credit card, or from using a card different from your PayPal card (if you went that route instead of linking your bank account), but they Do make the direct bank or PayPal card the default payment method.  In other words, they make it a bit more inconvenient for you not to use the method that's most cost-effective for them.  My suspicion is that the reason they don't push for these options initially is to allow customers time to get used to, and more importantly become dependent on their service.  That being said, there's nothing diabolical in what they're attempting to do, but I do take issue with two things: 1) If you protest and simply state that you do not wish to provide your bank account information, and do not wish to apply for their credit card, that should be the end of it.  They shouldn't back people into a corner.  You should be waivered out and allowed to continue as before, plain and simple. 2) This B.S. about being verified being more secure, valued by merchants, blah, blah, blah.  Explain the situation as it really is, and rely on people's common sense to win out.  For instance, the alternative might be that they have to start charging people an annual fee to use their service if they don't become verified, and this will end up saving the customer a bit of money.  Don't B.S. the customers and assume that they're stupid  enough to buy into an obviously false explanation (read as "lie");  Verification is really best for YOU.  This is a GOOD thing.  WE'RE doing YOU a FAVOR by verifying you.)

[wizardofog]

I've been reading alot on this topic and I think your post hits it on the head. It's purely a business decision. Heavy-handed, but this is the land of the free...!

Unfortunately, I'm sure most people will be lead like sheep to slaughter and will comply with one of their two options and their profitability and stock options will benefit. Those of us unwilling to comply will not be great enough to offset their "successes".

I would caution anyone about giving PayPal your bank information. If you are going to bite the bullet, sign up for their credit card and keep your eyes peeled in the years to come on fee increases, onerous interest rates and transaction charges. Because they currently have a "monopoly" on the PayPal system credit card market, competitors can not keep their greed in check.

Wiz

[Rheinhard]

Of course it is about money.  If you do not believe they plan to steal it, but only bypass fees, read the previous note stating that PayPal did, indeed, enter his bank account and withdraw or transfer funds.   also note that you have a complete list of the corporate structure and the officers of your bank, a physical address where you can serve sumons & complaints, phone numbers where you can call bank staff to discuss redress.  You have nothing from PayPal or eBay.  In fact they hide all this information as best they can do deny you access to them and prevent you from performing service.  Why would anyone choose to give their most personal financial data to a company that considers themselves clandestine?  Why are they clandestine?  If they are so honest why do they hide and set up security barriers to prevent you from finding out who they are?

     If you open a PayPal account and deposit money, they freeze it at any whim that strikes them.  They will not even allow one to close the account and retrieve the remaining funds.  To deny access of a person from funds that they own is called larceny.  To my knowledge that is a crime in all 50 of the United States.  I have 3 personal acquaintances to whom this was done.  They all had to go to court to retrieve their money.  PayPal lost all three cases.  They know very well that this is illegal but they persist in following this behaviour regardless of the law.

     There is ample evidence and previous activity to validate a claim of nefarious purposes on the part of PayPal/eBay.  Unfortunately I suspect that enough people will give in so that they will feel no pressure to change for the few that boycott them.  In addition, my bank considers PayPal insecure.

[pugsy]

Regards eBay/PayPal withholding sellers fees unless you get verification with PayPal and your Bank in the USA,I am a UK buyer/seller of many years,I had the same problem in the Uk in 2007,PayPal refused to release a buyers payment into my Bank account,unless I opened a Direct Debit with PayPal,I refused and took PayPal to my local County Court,PayPal then tried to deposit a sum of money into my Bank account,I returned that money to PayPal and Stated,that should PayPal deposit any money into my Bank account without my agreement,that payment would be treated as a payment to my Charity,Help the aged,,PayPal finally settled out of Court,I agree with All those Buyers/Sellers who will Stand up to eBay/PayPal and say,Enough is Enough,get stuffed.

[Cauthon]

"also note that you have a complete list of the corporate structure and the officers of your bank, a physical address where you can serve sumons & complaints, phone numbers where you can call bank staff to discuss redress.  You havenothing from PayPal or eBay"

They must have an address somewhere.  Anybody own stock?  They have to give some information out to the stockholders.  

[mad_and_fed_up]

Actually, the 10k transaction that is reported to the IRS is on one single transaction. It is not cumulative.

However, I too, do not understand some of the recent business practices of Paypal and Ebay. There is no way to sell anything and actually make any kind of profit. They charge, charge, charge a seller for everything from a listing fee and final value fee, to a withdrawal fee when you want your own money you have worked hard for. By the time all is said and done you are paying Ebay and Paypal numerous times on the same transaction. It is absolutely no longer worth the work involved. One example: Where I live we do not have mail delivery service. I only receive mail at a PO BOX which is not acceptable to withdraw funds by check from Paypal. My verified credit cards come to that PO BOX address but that is not acceptable to Paypal. I cannot get my money through electronic means through my bank, because of a divorce and name change, or by check because of the PO BOX. I also do not like the fact that you MUST use your Paypal funds before you can use a credit card for a purchase. If I want to make a personal purchase I MUST use my business Paypal funds? Bull****.  I have struggled to build a small business on Ebay and I will quit as soon as my stock is depleted.  They are just too big for their britches! Time to move on....

[elka]

I wonder if the verification process infringes on antitrust laws. It is an obvious attempt to eliminate competition (other credit card issuers)