Mistakenly sent money from Coinbase to a merchant account, thinking it was a personal account
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My parents had some bitcoin and wanted to cash out, they're elderly and I was taking care of this for them. I was going to attach my mothers PayPal account to Coinbase to transfer their money but it wouldn't work because the Coinbase account is in my fathers name. So I went to set up a PayPal account for my father and found that one already existed, so I recovered his password and added his account to Coinbase. After I transferred the money to PayPal, we checked the account and there was a red banner on the account page saying that there was a hold on the received payment and we needed to provide a tax ID. Turns out that this was a merchant account that they had set up years ago for my fathers business, he's long been retired and it didn't dawn to them that it was a business account. I have no idea what to do.
- Labels:
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Holds
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Receiving Money

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