get a lawyer, get an accountant, get incorporated.
I made $200K and PayPal locked my account
231–240 of 298 posts
Re: I made $200K and PayPal locked my account
#232get a lawyer, get an accountant, get incorporated.
Re: I made $200K and PayPal locked my account
#233With any money transfer/payment service, DON'T keep money on it. Withdraw to cash every week, and spend or keep in a bank vault. I normally don't even put real mail address anywhere and ask different people to do ATM withdrawals. I am not doing anything criminal at all, but WHO KNOWS? It's always better to be protected especially when it doesn't cost me anything.
Re: I made $200K and PayPal locked my account
#234Get any job (#), including part-time and temp jobs, and you instantly get a US social security number.
That said, Paypal are acting like dicks, as usual, since you do NOT need an SSN to open ordinary bank accounts in the US.
(#) You may need written permission from your school to work.
Re: I made $200K and PayPal locked my account
#235Earlier quoted context omitted.
Getting an SSN does not solve the bigger issue of work authorization. That's right, but I didn't say getting an SSN will get you a work authorization. As an international student, you are legally allowed to be employed on-campus[1] on a part-time basis provided that you maintain your student status, which basically means you have an above minimum GPA and not serving any academic disciplinary actions. In order to get…
I'm not sure what you're point here is. Yes, getting an SSN is easy (just find an on-campus job), but cashing out the $200k could lead to the OP being deported for earning an income without proper work authorization. If you get an SSN, you are still only allowed to receive an income from authorized jobs/sources. On-campus jobs are one of them. But a self-run online business, does not count as one -- unless you get it…
I'm sorry I've missed your point too, let's say he against all odds now magically got a pre-completion OPT authorized (which takes A LOT OF persuasion of the school officials BTW), an EAD, and have enough money to get a lawyer and incorporate a C-corp or what have you, before Immigration gets to him, now what? He still violated the rules to maintain his visa status.
If indeed he is in danger of being deported, how is ANY of your suggested action going to save him? He's running against time here, he can try to change his visa status, which Uncle Sam could find out about this and deny by the way. But if he was successful, Immigration could still decide to immediate terminate his visa when they find out about this. He is under risk of being deported, whatever he does now might alert Immigration, which puts him under further risk of being deported. I'm sorry I've totally missed your point here, but wouldn't minimizing damage the best course of action under these circumstances? What's the best way to minimize damage? Oh right, getting his money back, transfer it out of the country and hope Uncle Sam doesn't find out, or do absolutely nothing and hope Uncle Sam doesn't find out and still have money to go to school.
OP said he's from Venezuela, did you hear they just decided to devalue their currency by a third? Assuming he doesn't get his money back, his family suddenly has to pay 150% of tuition before devaluation for him to stay in school in the US. I don't know about his financial situation, but sounds like a lot of burden to me. Tuition and living expenses for international students currently range in about $100K a year. Minimizing damage sounds like the best course of action here.
Re: I made $200K and PayPal locked my account
#236See what this poor guy is going through? There are a lot of bright people here. Sounds like a start-up opportunity for someone. He can't be the only person who winds up in this situation. Solving this could open the door for others who have the skills to make money like he did.
Re: I made $200K and PayPal locked my account
#237When you say you're an international student, do you mean you're in the US on an F-1 visa? If yes, you might be in violation of your visa terms. If you have not researched this, please start reading at http://www.justanswer.com/immigration-law/330cd-holding-f-1-...
I was an F-1 student too, and here's my suggestion: This coming Summer, apply for pre-completion OPT . You are allowed to start a company (register a corporation), and work for it under OPT status. I have inquired about this on HN before: https://news.ycombinator.com/item?id=1523021 I also verified with the DSOs (Designated School Officials) at my university, who are authorized to give legal advice on this matter, an…
You cannot do both 12 months of pre-completion and 12 months of post-completion OPT, you only get 12 months of OPT per degree level
Re: I made $200K and PayPal locked my account
#238I wont be much help but I can confirm that PayPal does this often and it IS reported upon frequently. I, personally, have had thousands of dollars held (just above 20k USD) for 8 months (6 month hold and 2 months of furious phone calls to get a check cut).
I will never use them again as I believe they stifle innovation and are a harm to small businesses that are "making it".
PayPal is very much one basket for all your eggs...don't get duped! Get other baskets!
Re: I made $200K and PayPal locked my account
#239Emmanuel,
If you get a job offer, such as a 5-10 hour a week job at your college, you are ALLOWED to apply for a SSN.
This is what I would recommend doing if you are just looking for an SSN. But do understand that working without permission is a huge no-no.
As far as applying for pre-completion OPT, you could do that... it will take 2-3 months to get approved and you will start using up the 12 months of OPT you get per degree level. If you choose to go this route, make sure you actually register your business with your local clerk's office and report it.
One other commmenter mentioned a STEM extension. The one problem with STEM is that you have to work for an e-verified company.
I hope I was helpful, I am an international student advisor, but I am not your advisor at your school who I would recommend speaking with.
Re: I made $200K and PayPal locked my account
#240Earlier quoted context omitted.
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.
Then PayPal should make this very, very clear. In fact, I'd go further: they should mandate that you provide an SSN before you can collect money. It's unethical to do otherwise: anyone who uses PayPal to collect money will want to withdraw it.
Paypal has no incentive here. They can just float the cash and earn a small % on it. Do it to enough people and you understand how they make a lot of money.