PayPal permantenly limited with £14k inside - But they told me to open a new one?

[SS1]

Hey guys,

Merry Christmas to me from PayPal: my business account just got permanently limited with £14,000 inside.

After reviewing your account, we've decided to permanently limit this account's functionality.

Our records indicate your business is registered in Hong Kong while you have a UK PayPal account. If this is the case, you should sign up for a new PayPal account in Hong Kong.

This is pretty much all my savings stuck in the PayPal and I owe eBay around £6000 in fees at the moment. The email from PayPal also says: If you want to use the same financial details on your new PayPal account, please remove them from this account. Be sure to withdraw any remaining balance before you remove your bank account. - However as the account is limited, I am unable to withdraw anything.

PayPal customer support is currently closed for Christmas and I am very stressed as I don't want to lose my eBay accounts with huge listing limits and 100% postitive feedback. eBay has given me until end of month to pay my balance and I don't have any funds available elsewhere.

Do you think PayPal will hold my funds for 180 days in this case, or should I get access to them earlier than this? As I haven't been banned from using the service, just told to open in a new country.

[oompaloompa]

no idea if you will get money earlier...it could be 180 days, small chance it could possibly be never......

up to you if you want to go stealth or if you want to pay the fees now.....

you have all this in writing?

did you get a chance to provide a UK address proof?

you should have withdrawn more regularly, leaving 14k was a bad mistake....

[slokor]

They will more than likely hold them for 180 days.
The question you SHOULD be asking is - will they actually release them after 180 days....because theres a good possibility they will not.

[SS1]

Originally Posted by oompaloompa

no idea if you will get money earlier...it could be 180 days, small chance it could possibly be never......

up to you if you want to go stealth or if you want to pay the fees now.....

you have all this in writing?

did you get a chance to provide a UK address proof?

you should have withdrawn more regularly, leaving 14k was a bad mistake....

Yes I got this in an email from them. I have given them proof of address, actually every document they recently requested. I also have a UK bank account and debit card. It seems just that they didn't like the fact I opened a company in Hong Kong recently and added the name of the company on my PayPal. I haven't done anything dodgy with the account though or broken their TOS.

Yes, leaving 14k was a very bad mistake indeed. Reason was that I got more cashback when purchasing in bulk from my supplier with PayPal.

Originally Posted by slokor

They will more than likely hold them for 180 days.
The question you SHOULD be asking is - will they actually release them after 180 days....because theres a good possibility they will not.

Why do you think they would not release them at all, out of interest? Since they haven't banned me from using their service - just told me to open a new PayPal in the correct country.

[empirestate]

The lesson you should learn from this: never leave an amount in PP that you are not willing to lose. Spread out your sales....

[SS1]

Originally Posted by empirestate

The lesson you should learn from this: never leave an amount in PP that you are not willing to lose. Spread out your sales....

Yes, had to learn the hard way. Anyways, giving up is not an option. Time to open a new legit PayPal in HK and some stealth on the side and get back to business.

[SS1]

Hey guys, just a little update. Had a very pleasant surprise today as I called PayPal and asked why I'm not able to withdraw. They said there has been another limitation put on by the "risk assessment team". After a while on hold, I was told to try again in 1 hour. Just managed to withdraw all my funds to my bank account and it's only been two weeks since the permanent limitation.

Now I will open a new legitimate PayPal in the correct country and continue business.

[Mygadgets]

Originally Posted by SS1

Hey guys, just a little update. Had a very pleasant surprise today as I called PayPal and asked why I'm not able to withdraw. They said there has been another limitation put on by the "risk assessment team". After a while on hold, I was told to try again in 1 hour. Just managed to withdraw all my funds to my bank account and it's only been two weeks since the permanent limitation.

Now I will open a new legitimate PayPal in the correct country and continue business.

Great everything work out fine. Congrats