So I heard PayPal requests SSN / EIN when you are processing more than a certain amount per month...

does anyone have any idea of how much this is?

Thanks

Originally posted by joephill
So I heard PayPal requests SSN / EIN when you are processing more than a certain amount per month...

does anyone have any idea of how much this is?

Thanks

$500 a month I believe is the most you can withdrawal out of your account before they request SSN info and the like.

Richard

Actually, you don't have to provide a SSN/EIN if you jump through 2/3 of the other hoops they ask you to do such as verify your bank account, credit card, and a phone verification (automated thing).

Unless you want to get interest from the money market and such, you really don't have to provide it.

However I would imagine that if you process a LOT of money they will want more information eventually.

I see.. I have everything verified on my account even debit cards and they frooze my account once because I was buying a lot so they have a lot of documents from me.

I just dont want to give out my SSN to them.

When they froze your account how long had you been with them? Had you already verified your account? BTW it isn't always the debit/cc that verifies an account; it is the number of transactions.

From what I recall it was like 20 or so transactions before they considered you truly verified. At least that was the case for sellers and at the time recall them mentioning something similar for buyers.

Also note, that once they have your name and birthdate the rest of the information can be gotten--including SSN. It's kind of funny how people want to protect their SSN, but they freely give out their birthday. I guess they don't understand what information can be retrieved with it.

Once you get over 4k either spent or received they will ask you for SSN/ITIN and/or proof of valid address along with other stuff. And papers of incorporation if it's a business. The same applies for international customers but you don't have to provide SSN/ITIN instead they ask for Passport or National ID card.

And if you ask me it's a good thing they do that to prevent money laudering and other stuff like that. Makes perfect sense.

Originally posted by Paulo
Once you get over 4k either spent or received they will ask you for SSN/ITIN and/or proof of valid address along with other stuff.
Do you know if that is 4K over a specific time frame? Or since you opened the account? If it is over a year that would make sense. If it is over the life of an account it would seem silly to trigger an information quest for a five year old account.

Is this from experience or is it stated somewhere?

I am not quite sure on that. What I know that on both my 3 business accounts I was asked the same thing once I got over 4K and the same on my personal account last month.

They open a file every time and you are ask them to fax all the data, utility bill with address, ssn or ein even if the account if verified and in good stand. It seems a standard procedure cause it happend the same on every account of mine.

Originally posted by Paulo
What I know that on...my 3 business accounts I was asked the same thing once I got over 4K and the same on my personal account last month. Call me a cynic, but I think it has more to do with business/personal income tax that money laundering.

I processed something like $80,000 through PayPal last year and they still don't have my SSN on file. When I click on "Money Market" in my account it asks me to fax in my SS card and other verification stuff. I just ignore it.

wow... Dan nice to know that.. I just sent some extra documents they requested..

One thing is good about they freezing your account is that in the near future it wont be frozen when you are processing a lot.

Lets be realistic what merchant account on earth allows you to process any amount of money without documents and an aprooval process..

PayPal has no aprooval process they are shooting in the blind they must have a large amount of fraud but when they see a large volume of money being sent or received they will obviously ask for documents...

I don't know then :)

I speak for personal experience in all my accounts I got that.

I do not use Money Market. Maybe there are other factors involved that I am not aware.

Originally posted by joephill
wow... Dan nice to know that.. I just sent some extra documents they requested..

One thing is good about they freezing your account is that in the near future it wont be frozen when you are processing a lot.

Lets be realistic what merchant account on earth allows you to process any amount of money without documents and an aprooval process..

PayPal has no aprooval process they are shooting in the blind they must have a large amount of fraud but when they see a large volume of money being sent or received they will obviously ask for documents...

Maybe it's because they have everything else they could possibly know about me.. multiple verified bank accounts, credit cards, 2 confirmed addresses, and I've been a member for 6 years.

I also have 2 verified bank accounts, credit cards and confirmed addresses and I still had to send them the incorporation papers, ein, etc...

The USA Patriot Act requires them to verify your identity. Even if you do not give them your SSN, they are authorized to obtain it through other means. They now have mine on file even though I never gave it to them.

Maybe they get it via bank information or credit card information in some cases (Just guessing)