posted on October 7, 2000 10:19:31 PM
If I were to upgrade my personal PayPal account to business/premier status; is a listing of a social security number required now or is there information that leads one to believe that it will be required in the future? (My status right now shows unverified. When I first registered, PayPal would not take my bank number because the account number did not have enough digits???!!! New local bank with low account numbers but not enough for paypal.) If one registers a bank account, isn't the social security number actually accessible to paypal but not necessarily direct? I'm concerned about future access to sales under a specific social security number and implications (tax or otherwise) that may lead to. (Please don't tell me if I'm doing a business that this shouldn't be a concern. I've got neighbors making more money per year having multiple garage sales. I'm doing the same thing but only "on line" I read these boards alot and haven't really seen that this question has been asked or answered unless someone can provide a link for this specific case.
Thank for your time....
posted on October 8, 2000 04:17:14 PM
No your social Severity number will not be readily avalable to them just based on giveing them your checking account number and routeing number.
in fact nothing about your account is readily avalable to them but the privilage to direct deposit or transfer money in to it.
just giveing the account number off the check dont even allow them to withdraw money
your account number and routeing number is on every check you ever write out.
They honestly can not get no personal info from your bank on you at all this is why when you verfiy your account they transfer two amount of money to you, you must call or go get the desposit amounts from your bank and put them in the verfication the same two matching ammounts this is proof to them its your account.
They cant find out the balance of your checking or banking account either and truely can not take any dollar amount out of it with out your ok in writeing on paper.
even when you sign up with AOL and use a checking account instead of a credit card for payment you get a permision slip in the mail you must sign athorizeing them to deduct there payments from your account or the bank will not allow the withdrawal at all.
same goes for auto paying car loans mortgages and so on.
There is a post on this message board right now about paypal charge back of $1000 from a checking account without permission from the account holder this thread is total bunk BS .
Paypal could only do this if you signed writen permission form and filed it with paypal and your bank.
the only thing the account and routeing number will get them is funds in not funds out they cant force funds out of a credit card either with out your ok but this would be far easier for them to pull off then robbing your bank where your checking is with your route and account number.
problem with getting charge backs on your credit card is that you can disput the charge and it would be charged back to your account no questions asked.
IRS law requires companys you will be makeing more then $400 a year from to report this for tax reasons since paypal isnt paying you nothing its just a money tranfer station inless they plan on paying big $$$ interest they wont need to ask you for an social security number at all .
if you have any further doubts or question contact the local bank you do business with they will happily provide you with this information.
with checking money in is done with your number money out is done authorized signature only .
posted on October 8, 2000 05:07:07 PM
toybuyer, it is most important that you sit down with someone at your bank and ask all your questions and get definite answers from them - banks differ very much in their policies.
posted on October 8, 2000 06:29:36 PMPaypal could only do this if you signed writen permission form and filed it with paypal and your bank.
I don't know about this. About six months ago I signed up with the local YMCA. The only way you can pay is by automatic withdrawal from your checking account. I signed an authorization but I did not have to 'file it with my bank'. I never talked to the bank, the YMCA handled everything.
That's what (still) worries me about Paypal. They say they "wouldn't" transfer anything out of your bank account without your express permission but I'm still afraid that they *could* (and their promises don't mean a lot to me at this point).
posted on October 8, 2000 08:21:36 PMPaypal could only do this if you signed writen permission form and filed it with paypal and your bank.
Completely incorrect. ANY financial institution (that has access to the Automated Clearing House network) with your account number and the bank's routing number can initiate an ACH withdrawal against your account at any time without ANY authorization from you on file with the bank. And most banks will honor it unless you have specifically told them not do allow ACH withdrawals or told them to require written authorization from you for each withdrawal. It happens all the time.
I read these boards alot and haven't really seen that this question has been asked or answered unless someone can provide a link for this specific case.