Any trouble with bank when withdraw large amount? - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > Platform Discussions > PayPal Talk

PayPal Talk PayPal Forums. General issues related to PayPal.

Reply
 
Thread Tools
  #1  
Old 12-15-2015
Junior Member
 
Join Date: Aug 2012
Posts: 70
Thanks: 10
Thanked 8 Times in 7 Posts
Activity: 0%
Longevity: 67%
iTrader: (1)
Default Any trouble with bank when withdraw large amount?

hi guys,
I'm withdrawing around $11,000 from Paypal to bank account (JP Morgan Chase), mismatch name. I did several times before but smaller amount (1-2000)
Do you have any idea will the bank ask or hold the fund or some kinds of trouble?

Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 12-15-2015
phaz0rz's Avatar
Executive [VIP]
 
Join Date: Nov 2015
Posts: 10,832
Thanks: 2,076
Thanked 4,022 Times in 3,010 Posts
Activity: 0%
Longevity: 48%
iTrader: (2)
Send a message via ICQ to phaz0rz Send a message via AIM to phaz0rz Send a message via Yahoo to phaz0rz
Default Re: Any trouble with bank when withdraw large amount?

I recommend spreading the withdrawal over 2 weeks or so. I withdraw right under $1k/daily on my main account to avoid scrutiny from paypal, and have been doing so for quite a while with no issues. Paypal even gave me the "settlement withdraw" option after a while of doing this. It's worth noting though that I did not start doing this immediately after starting the account. It took about 3 months for my daily withdrawals to reach where they are now. So, if it's an account you've been using for a while, I recommend a "staggered" withdrawal.

I think if you were to withdrawal $11k all at once, that would raise red flags for paypal and your bank (and possibly the feds, especially with mismatched names, lol).
Reply With Quote
  #3  
Old 12-15-2015
phaz0rz's Avatar
Executive [VIP]
 
Join Date: Nov 2015
Posts: 10,832
Thanks: 2,076
Thanked 4,022 Times in 3,010 Posts
Activity: 0%
Longevity: 48%
iTrader: (2)
Send a message via ICQ to phaz0rz Send a message via AIM to phaz0rz Send a message via Yahoo to phaz0rz
Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by himaster View Post
but smaller amount (1-2000)
Will they even let you withdrawal $1? I know they have some minimum amount..
Reply With Quote
  #4  
Old 12-15-2015
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0%
Longevity: 60%
iTrader: (2)
Default Re: Any trouble with bank when withdraw large amount?

Just withdraw usual amounts and make several withdrawals.
Reply With Quote
  #5  
Old 12-15-2015
rsot's Avatar
Executive [VIP]
 
Join Date: Dec 2009
Posts: 75,851
Thanks: 5,926
Thanked 8,909 Times in 8,202 Posts
Activity: 99%
Longevity: 83%
iTrader: (7)
Default Re: Any trouble with bank when withdraw large amount?

I agree with phaz0rz on this one. @OP, if you have made withdrawals up to 2k without problems....then slowly withdraw those same amounts and spread it out.

Banks have been noted to do reports of incoming money over 9999....
Reply With Quote
  #6  
Old 12-16-2015
Junior Member
 
Join Date: Dec 2015
Posts: 1
Thanks: 0
Thanked 1 Time in 1 Post
Activity: 0%
Longevity: 48%
iTrader: (0)
Default Re: Any trouble with bank when withdraw large amount?

I withdrew 7500$ in one day but spreded it into 3 transactions.
The last one was pending for 22 hours but the first 2 one were instant
750 + 3000 + 3750
Reply With Quote
The Following User Says Thank You to manager25 For This Useful Post:
himaster (12-16-2015)
  #7  
Old 12-16-2015
Junior Member
Threadstarter  
 
Join Date: Aug 2012
Posts: 70
Thanks: 10
Thanked 8 Times in 7 Posts
Activity: 0%
Longevity: 67%
iTrader: (1)
Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by phaz0rz View Post
Will they even let you withdrawal $1? I know they have some minimum amount..
I meant 1000-2000.

Thank guys

Here is my update: I withdrew the whole amount at once. I submit the withdrawal request at around 4PM, and at around 11pm the SAME DAY, I receive the fund in my bank.
Reply With Quote
  #8  
Old 12-16-2015
empirestate's Avatar
Banned
 
Join Date: Mar 2015
Posts: 3,138
Thanks: 44
Thanked 667 Times in 486 Posts
Activity: 0%
Longevity: 52%
iTrader: (1)
Default Re: Any trouble with bank when withdraw large amount?

You withdrew 11k to your bank at once with no problem? Isn't the bank required to report to IRS when you make a deposit of 10k or more?
Reply With Quote
  #9  
Old 12-17-2015
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0%
Longevity: 60%
iTrader: (2)
Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by empirestate View Post
You withdrew 11k to your bank at once with no problem? Isn't the bank required to report to IRS when you make a deposit of 10k or more?
Who cares if they do?
Reply With Quote
  #10  
Old 12-17-2015
Executive [VIP]
 
Join Date: May 2009
Posts: 2,578
Thanks: 214
Thanked 673 Times in 502 Posts
Activity: 0%
Longevity: 86%
iTrader: (5)
Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by yankee View Post
Who cares if they do?
Trust me, the last thing you want is the government asking you where you're getting a ton of money in different names from.
Reply With Quote
  #11  
Old 12-17-2015
GreenBean's Avatar
Executive [VIP]
 
Join Date: Sep 2007
Posts: 42,343
Thanks: 5,612
Thanked 9,142 Times in 7,106 Posts
Activity: 0%
Longevity: 96%
iTrader: (6)
Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by empirestate View Post
You withdrew 11k to your bank at once with no problem? Isn't the bank required to report to IRS when you make a deposit of 10k or more?
Actually, actually the banks have two different amounts where reporting happens.
For your own interest check put the Bank Secrecy Act.

https://www.fincen.gov/statutes_regs/bsa/

It is serious.

__________________
REAP WHAT YOU SOW. LIFE IS SO NOT FAIR.
Reply With Quote
  #12  
Old 12-17-2015
Senior Member
 
Join Date: Apr 2014
Posts: 2,242
Thanks: 449
Thanked 419 Times in 333 Posts
Activity: 39%
Longevity: 57%
iTrader: (1)
Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by rsot View Post

Banks have been noted to do reports of incoming money over 9999....
It's the law for them to report any movement above $10,000.

I don't see why a bank wouldn't comply with that law either....
Reply With Quote
  #13  
Old 12-17-2015
Senior Member
 
Join Date: Apr 2014
Posts: 2,242
Thanks: 449
Thanked 419 Times in 333 Posts
Activity: 39%
Longevity: 57%
iTrader: (1)
Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by yankee View Post
Who cares if they do?
Who cares if they report 11K to the IRS?

They if they want can look into it. Not saying they will but why in world would you purposely risk it when you can just as easily wait 2-3 days and get the other half?

I wouldn't even do above $1,500 myself, but I don't make millions of money.

By doing 10K you automatically increasing security on your paypal account, bank account, and getting a report filled to the irs. Regardless of what happens and most likely nothing its just simply not worth it.

Really just creating complications that are unnecessary.
Reply With Quote
  #14  
Old 12-17-2015
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0%
Longevity: 60%
iTrader: (2)
Default Re: Any trouble with bank when withdraw large amount?

I must live in a different world than all of you guys.

My businesses would be crippled if I was paranoid about withdrawal amounts, payment sizes, etc...

It is like saying I would not take out more than 5k at the bank because it is reported. So, what if I needed, say 50K? Should I pass a deal from paranoia?

Quite simply, business would be impossible to run. Imagine if Kraft or Walmart was worried about the size of a deposit, especially such an insignificant amount of money in the whole scheme of things.
Reply With Quote
The Following User Says Thank You to yankee For This Useful Post:
dan_ebay (12-17-2015)
  #15  
Old 12-17-2015
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0%
Longevity: 60%
iTrader: (2)
Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by BiN4RY View Post
Trust me, the last thing you want is the government asking you where you're getting a ton of money in different names from.
Trust you why?
What is your experience?

What I can say is, Trust me, IF I handled money like you are all suggesting, I would be out of business within the year. This mentality would cripple cashflow, vendors would not get paid, etc...
Reply With Quote
  #16  
Old 12-17-2015
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0%
Longevity: 60%
iTrader: (2)
Default Re: Any trouble with bank when withdraw large amount?

I like this thread

My point is just because one persons actions may be deemed risky, does not mean it is risky for everyone.

By all means be cautious and SMART but don't let simple, everyday things hold you back either.
Reply With Quote
  #17  
Old 12-17-2015
Senior Member
 
Join Date: Jan 2013
Posts: 4,410
Thanks: 242
Thanked 1,595 Times in 1,075 Posts
Activity: 0%
Longevity: 65%
iTrader: (0)
Default Re: Any trouble with bank when withdraw large amount?

Quote:
Originally Posted by yankee View Post
I must live in a different world than all of you guys.

My businesses would be crippled if I was paranoid about withdrawal amounts, payment sizes, etc...

It is like saying I would not take out more than 5k at the bank because it is reported. So, what if I needed, say 50K? Should I pass a deal from paranoia?

Quite simply, business would be impossible to run. Imagine if Kraft or Walmart was worried about the size of a deposit, especially such an insignificant amount of money in the whole scheme of things.


I think the issue here is not just the amount of money , which is fine , but making a 11K withdrawal from PayPal to your bank in a mismatched name may cause an issue with the bank.

There may be a manual review with that amount and than once they see the name is mismatched they could freeze the account until they verify that the paypal account is your account.

I dont know if this happens for sure, there are many ways to avoid mismatched names, for accounts that i have large deposits i either open a business bank account or i will make my paypal business name my real name and than add the bank account, so any withdrawal to that account will always be in my real name.
Reply With Quote
The Following User Says Thank You to Dmshark25 For This Useful Post:
yankee (12-17-2015)
  #18  
Old 12-17-2015
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0%
Longevity: 60%
iTrader: (2)
Default Re: Any trouble with bank when withdraw large amount?

I'm with you Mr. Shark, everything runs through a business for me and I have many paypal accounts in the same names. Same exact business names as well. A name is just a name.

But this kind of stuff goes far beyond what most of this forum handles. As for IRS reporting, they happen for every single normal person yearly. Anyone who gets a bonus check, sells an asset and cashes a check, writes a big check or withdraws peti cash.
It is nothing unusual and for small businesses, can easily be a daily occurrence.

Now, my original advice was to make a couple normal withdrawals. All can be done within minutes of each other. I still recommend that because of paypal. Not from hiding from bank reporting or whatnot.
Reply With Quote
Reply



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Can i use someone to recieve a large amount of money? varld PayPal Talk 9 11-07-2013 05:29 PM
Large Amount of money to PayPal? All_Sortz_2013 PayPal Talk 2 03-14-2013 02:37 AM
big trouble or would i be ok? - paypal withdraw from bank sommer33 PayPal Talk 1 01-08-2013 05:05 PM
Large Amount Sales madrid95112 Paypal Limited 8 11-21-2011 10:17 PM
Is there an amount limit w/ someone sending large Paypal amount under GIFT option? inquisition PayPal Talk 2 08-26-2011 02:55 PM


Aspkin Group

All times are GMT -5. The time now is 10:13 AM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58