topic Re: Verifying accounts in Selling

Verifying accounts

ceewi1 — Sun, 08 Dec 2013 01:35:39 GMT

Hi,

Just wondering if it's absolutely necessary to verify paypal accounts?

Re: Verifying accounts

lyndal1838 — Sun, 08 Dec 2013 01:48:21 GMT

Yes, it is necessary or paypal will close your account. They have to comply with Australia's Money Laundering Laws.

Re: Verifying accounts

ceewi1 — Sun, 08 Dec 2013 06:29:51 GMT

Thanks so much for your response. There is conflicting advice on different websites. I contacted paypal about a year ago with this same question and their response was that it was advised but not necessary. At that time, it only affected buying/selling limits. Do you know if this is still the case or will they actually close paypal accounts.

Re: Verifying accounts

tstore — Sun, 08 Dec 2013 10:02:53 GMT

You don't need to verify. As long as you don't hit $1000. Mine comes up with the alert each time I log on ... For more than a year 😉 If you do need to add another bank account however you will not be able to whilst the alert pops up

Re: Verifying accounts

lyndal1838 — Sun, 08 Dec 2013 13:24:12 GMT

The money laundering laws bite at $10,000. If you spend that amount of money paypal will suspend your account until you do provide the requested ID.

Much easier to get it over and done with.

tstore I am not sure where you get $1000 from....I spent that amount in the first 6 weeks I was on ebay but it did not trigger any requests to verify.

Re: Verifying accounts

thecatspjs — Sun, 08 Dec 2013 13:56:33 GMT

It may also depend if you are buying or selling Lyndal, not sure though.

A few years back now, but the first sale transanction I had a payment received over $1000 was held until ID verification was sent and approved.

Re: Verifying accounts

lyndal1838 — Sun, 08 Dec 2013 16:45:57 GMT

Maybe the $1000 limit is triggered when you receive a payment as a seller for that amount but it is not a general limit. My OH has received personal payments for more than that and it has not triggerd any reaction from paypal.

But I do know that the Australian Money Laundering Laws kick in when an amount of $10,000 has gone through the account, no matter whether it is in or out. It not only requires a personal identification but the usual 100 point verification required by Australian Law for bank accounts.