Earlier quoted context omitted.
You're also not getting principal by letting that money sit with PayPal.
I think you flipped principal and interest there.
No, he's also not getting any principal. It's frozen.
I made $200K and PayPal locked my account
211–220 of 298 posts
Re: I made $200K and PayPal locked my account
#212[deleted]
Re: I made $200K and PayPal locked my account
#213Earlier quoted context omitted.
> And it's not because they are trying to be assholes, it's because fraud and money laundering are commonplace Actually, in large part, they are just being greedy assholes that are doing this because they can get away with it, and because it is profitable. They largely invented the freezing game, and they know how profitable it is. Of course fraud and money laundering are issues, however that is far from the OP's use…
What part of the law requires they look at his site? What part of having a really spiffy site on the internet instantly translates into someone running a legitimate company rather than a shell corporation? To be frank, you're talking out of your ass here. You have no idea of the problems that paypal is facing, and you are imaging that frozen funds are somehow identical to profit for paypal. That's not the case at all…
So if they don't look at his site, or his business, then how do they know he's a money launderer?
The problem is not that they freeze accounts, but there is no recourse to appeal. They require ID after freezing the account, but they should get this before setting up the account. If they are so upset about fraudsters, then I'd have thought they would attempt to ascertain the identity of their patrons before getting their knickers in a twist that their patrons aren't identified fully.
Re: I made $200K and PayPal locked my account
#214Sad story, I agree with folks who say you should seek out legal advice. HEADS UP FOR ANYONE ELSE CONSIDERING THIS: If you are going to receive funds with PayPal and they are going to exceed the 'occasional sale' guidelines (which some people interpret to mean the same guidelines at the rule for sending an IRS 1099 form which is First establish your business presence in the US, that means creating an LLC, getting an E…
Here's a related question. PayPal is officially in my country. Can I take money from anyone in the world and receive it in under my country's law?
Re: I made $200K and PayPal locked my account
#215So much for the kinder, gentler paypal. http://money.cnn.com/2013/01/21/technology/paypal-frozen-fun... I guess it was all talk. Never, ever, keep more than $100 in a paypal account (or as much as you are willing to lose immediately, forever). Also, if possible, close the bank account your paypal is tied to as they will draw from it as they see fit without your consent.
The kinder, gentler PayPal can't ignore the law, the tax code, or serious risks of criminal activity on its platform. They made a commitment to cut the red tape in the situations where it didn't make sense, not to throw out the rulebook and the rule of law. None of what happened here is inconsistent with their promise. This situation isn't some innocent trinket seller whose account was frozen without reason and witho…
Now we have paypal apologists and defenders.
I guess that's like how no-one can imagine cops as abusive and surely the person must have done something to deserve it.
I guess we'll have to wait until you are on the wrong side of paypal and then you can tell yourself you deserved it.
Ask yourself who gets to keep the $200k if he cannot jump through their hoops. Hint: it's not the government.
Re: I made $200K and PayPal locked my account
#216Earlier quoted context omitted.
why ? I thought you pay tax by residence in most cases. I know when I worked in US I elected to pay taxes in Canada because I wasn't moving to states (there is tax treaty)
I'm assuming you're selling the toys in the US. If you're selling them in somewhereelseistan, then you probably don't have a US paypal account and none of this matters. Unless you are using a US paypal account, in which case, whoopsie, should have sorted that out ahead of time. Don't funnel money through a country if you're not doing business in that country.
So, I bought new toys and had to pay tax. After some years I decide to sell it, I need to pay taxes for my old stuff ?!?!
Re: I made $200K and PayPal locked my account
#217Wow, the sheer quantity of unhelpful advice in this thread is simply mind boggling. Hey, let's all hate paypal because they "steal" people's money. Ignoring the seriously thorny legal bramble that the OP has run headlong into with nary a concern. There is a bounteous variety of comments of the form "Paypal sux! {Use X instead!}" Where X may be stripe, or wepay, or whatever. Ignoring the fact that stripe wouldn't help…
What, so PayPal allowed him to use their service with a Social Security number, then they take his money because he doesn't have one? PayPal is the one at fault here. Don't let someone use your service without adequate ID. Tell them and require it before you can use the service.
You can deposit the funds without any tax details or linking any bank account. But you cannot withdraw it without one.
If transferring money without SSN is illegal; I wonder how collecting it without one would be legal.
Re: I made $200K and PayPal locked my account
#218I once saw a topic where the new CEO requested that people with problems contact him in person.
I thought it was david@paypal.com, i'm not sure.
Re: I made $200K and PayPal locked my account
#219Earlier quoted context omitted.
I'm no lawyer, but I bet the issue is that the US will want him to pay taxes on that income and has no way to do so at present. http://www.irs.gov/Individuals/International-Taxpayers/Taxpa... Perhaps the obvious answer is to find a way to convince the government to let him pay the $50,600 in taxes he would owe on that $200k of income if he were a citizen with a SSN...
Isn't that the job of the IRS? What does PayPal have to do with that?
Paypal has to report these things over a certain amount
Re: I made $200K and PayPal locked my account
#220Earlier quoted context omitted.
legal confidentiality means... IANAL, but I don't believe you have attorney-client privilege until you formally hire the lawyer. So if you are calling ten lawyers and getting advice, there is no guarantee of privilege.
According to the lawyer across the table, privilege starts with the first conversation.
agreed. This is blackletter law and is taught early on in law school