1. This website uses cookies to improve service and provide a tailored user experience. By using this site, you agree to this use. See our Cookie Policy.
    Dismiss Notice

Paypal Bananna Skin

Discussion in 'Business & Tax Advice' started by black1411, Feb 8, 2009.

  1. black1411

    black1411 Junior Member

    Dec 14, 2008
    Likes Received:
    Hi guys , hope this is the right section to post this.

    upon coming to this forum did i realize the possibility that Paypal can do weird things to your money. There i was thinking my funds were safe and secure. :rolleyes:

    Now currently, i have some funds in my 3 separate paypal account, which all are personal accounts (wanted to save on the transaction fee, mistake) . So i am now trying to figure out how to correct my mistakes

    1) Using personal accounts to receive and send money. Now my sending limit is reached and funds are stuck. So only option is withdrawal to bank i think
    2) Used non real name/alias for my account Name so having problems withdrawing to bank.
    3) have 3 accounts Hope they don't personalize/checked for this yet.

    Now i am trying to figure out how to withdraw my funds out without any trouble, also how should i proceed with paypal in the long term from now on

    For non real name issue, when i clicked withdraw money, Paypal advice was to email them , they wrote

    "Enter your name exactly as it appears on your bank account statement. If the names do not match exactly, the transfer will fail and a return fee will be charged."

    "Contact Customer Service if you need to change the name we have on file for you. Click Help on any PayPal page and select Contact Us. You may make this change for reasons such as a legal name change, a spelling mistake, or to add a secondary last name. For security reasons, you will need to provide supporting information. It?s not possible to put your bank account in another person?s name."

    If i really emailed them and request they changed the alias example "black1411" to real name "Johhny Smith" so i can transfer to bank without any problems, what will their response be? Will they grant my request or will i get into more trouble?

    I am still a newbie to dealing with Paypal, so any experienced advice will really be needed.
  2. omnipotentq

    omnipotentq Junior Member

    Jul 18, 2008
    Likes Received:
    Self-employed for the most part
    Central VA
    Why not change the name at your bank? I did for some business accounts and they had no problem with it, even before I explained why. Just tell them that you used an online alias with paypal, and that the names have to match up, and that it's easier to change the name on your bank account. Then deposit the money, and change the name back to your real one.
  3. aftershock2020

    aftershock2020 Senior Member

    Oct 19, 2007
    Likes Received:
    Actually, it is better to add a ' pen name ' to the existing bank account under a dba title approach. This is legal and the bank will recognize it as a legal action that way, not revealing your real name information, as long as you only do it no more than three seperate times. If you do it more than twice at a specific bank, they have to report you to the IRS for generating alias, which could cause some serious financial problems, as well as an audit or even fraud charges by ' conducting business and/or financial transactions under a ficticious name '...

    If it is your account with paypal, just assign a pre-paid credit card to it that you can get at any walmart and transfer the money onto that card for user. Just add like $5 or so that they can ping it and verify as well as to cover your charges for pulling the money off in cash, which walmart will do at their money center for like $3 or whatever it is now.

    You can activate as many of those cards as you want because they are pre-paid. I use them for everything..it's disposable credit at it's best. Just don't scam on them because they are protected by visa/mastercard and you will have it hit your credit if you try and overcharge on them and it clears the transaction and bounces on the payment.

    Another alternative is to open multiple checking accounts and tie one to each of your paypals. I've done this in the past, however it isn't the best option anymore with them being charge happy and taking money off the books, as they can ping your bank account and there is nothing you can do to stop it, where the credit card can be charged back and/or disputed and your credit card will defend you, as your bank may or may not, depending on their tos agreement.

    Hope this helps.