50k tied up paypal questions about transfering

[H4ck]

anyways......i have approximately 50k tied up in 4 separate stealth paypals and i will have access to it 180 days from now.......

i have bank of america opened i will have to create new bank of america savings account to age it for awhile.

my question is, would bank of america flag the transaction when i attempt to transfer in 8k-11k on one transfer in a mismatch name 6 months from now?

does anyone have experience with this situation? any tips would be appreciated.

[iceman420]

Originally Posted by jarsky541

anyways......i have approximately 50k tied up in 4 separate stealth paypals and i will have access to it 180 days from now.......

i have bank of america opened i will have to create new bank of america savings account to age it for awhile.

my question is, would bank of america flag the transaction when i attempt to transfer in 8k-11k on one transfer in a mismatch name 6 months from now?

does anyone have experience with this situation? any tips would be appreciated.

waay too much, do under 900 per move /month

[nickopedia]

This is likely going to be a problem. As the poster above said, do smaller transactions per account/month, like under 1k. Gradually move up after a couple months, but keep it slow and steady.

Just curious why you let the amounts in the accounts build up to such a high amount?

[H4ck]

Originally Posted by nickopedia

This is likely going to be a problem. As the poster above said, do smaller transactions per account/month, like under 1k. Gradually move up after a couple months, but keep it slow and steady.

Just curious why you let the amounts in the accounts build up to such a high amount?

i wasn't anticipating being instant permanent limited by paypal.......been using paypal for 2 years now left 30k plus and just withdrew enough to pay bills...next time around the mistake will not be made again.

[H4ck]

its funny you say keep it under 900,

when i had an amazon acct under my real name i never had any issues transferring in 4 to 5 figure sums like 1 week i transfer in 5k next week i transfer in 8k through ACH to my CHASE bank.

i never was ever questioned it was all normal business through regular personal checking chase accounts.

[MM78]

Is it $50K Funny?

[H4ck]

Originally Posted by MM78

Is it $50K Funny?

the point i am trying to make is, i transferred much higher amounts into the 5 figure numbers weekly into my chase account of course the difference is that their was no name mismatching.

i guess name mismatches make a huge difference? what if i open a business bank of america checking account would the rules still be the same do under 900? or would the limits of moving money to the business bank of america have higher limits for name mismatching.

i think i read awhile back that name mismatching for business bank accounts are far more common than personal bank accounts and its not seen as suspicious.

[nickopedia]

If the account(s) are already limited, what do you've really got to lose?

Yes, 50k is not "funny". It's a large enough sum that PP may very well prevent you from taking it all out at once, or even at all after 180 days. There are many threads on this forum from people that have attempted to take their large sums out after the 180 day window only to be told by PP to provide documents/ID, etc.

The point I'm trying to make is unless you have a really good reason to pull all this money out in large "five figure" chunks, it's recommended you keep it lower not to bring attention to yourself, esp. with the large third party ACH transfers hitting your bank.

[BaggaDonuts]

It won't matter to Paypal, it may matter more to Bank of America. There are anti-money laundering systems in place to send up a red flag for things like this in their system. Literally many people whose full time job it is to look at these types of transactions and gauge the risk level and whether it is ML or just business as usual.

[nickopedia]

^ Exactly this.

You should worry more about your bank when it comes to having large third party deposits coming in under a different name. Some banks will flag your account for potential fraud, file an SAR (Suspicious Activity Report) with FinCEN, or even take actions such as closing the account and holding your funds.

I seem to recall some guy on this board awhile back who claimed Chase Bank held a large sum from him because of this exact thing. The bank told the customer they wouldn't give him his money until the "third party" showed by with ID in person.

AML (Anti-Money Laundering) is a BIG deal for banks when it comes to compliance issues; they will put the smack down you you pretty fast with big money coming in like that, so be aware.

[rookprop]

Originally Posted by jarsky541

i wasn't anticipating being instant permanent limited by paypal.......been using paypal for 2 years now left 30k plus and just withdrew enough to pay bills...next time around the mistake will not be made again.

I CALL BULL****. NO ONE leaves that kind of money untouched.
STOP WITH THE BULL**** THREADS. Screen shot the paypal account that has 30k in it. Until then, youre full of it.

And you lack total common sense thinking there wont be an issue ALL OF A SUDDEN sending 8k to a bank account that has NO OTHER ACTIVITY in it except a paypal account that has a mismatching name. Sure they dont normally check names but I promise you, IN THIS CASE, it gets turned over to a whole other department that investigates that type of activity. You will LOSE THAT MONEY when it comes time to verify why someone WHO IS NOT YOU, deposited 8k into a new account.

I still call bull**** by the way


Another thing. Creating stealth accounts may be a grey area but sending 8k to a bank like that with mismatching names is A FEDERAL OFFENSE.
Its called money laundering and a few other federal codes they can nail you on. Aside from the IRS getting involved

[BiN4RY]

Originally Posted by rookprop

I CALL BULL****. NO ONE leaves that kind of money untouched.
STOP WITH THE BULL**** THREADS. Screen shot the paypal account that has 30k in it. Until then, youre full of it.

Aww is someone a bit jealous about others being able to make more money than you?

[bjammin]

If your paypals do not match the bank account then I would withdraw smaller amounts. The bank can always reject the transfer. The bank will definitely look harder at a 5k transaction then a 1k transaction. And if paypal gets a returned payment then youll have to attach a new bank, which randomly is harder to do to a limited account as opposed to an account that gets limited with a bank already attached.

You would definitely be smarter to be cautious. Getting the money out in 180 days can turn into getting your money out never if paypal suspects you are not the rightful account owner

[rsot]

Don't just use Bank of America when the 180 days are up - go for other banks too now...like Chase, PNC, etc - spread

[H4ck]

Originally Posted by bjammin

If your paypals do not match the bank account then I would withdraw smaller amounts. The bank can always reject the transfer. The bank will definitely look harder at a 5k transaction then a 1k transaction. And if paypal gets a returned payment then youll have to attach a new bank, which randomly is harder to do to a limited account as opposed to an account that gets limited with a bank already attached.

You would definitely be smarter to be cautious. Getting the money out in 180 days can turn into getting your money out never if paypal suspects you are not the rightful account owner

i wonder if i should put in some BBB complaints because i see reports on the bbb website of people complaining about the 180 day hold after like 60 days and the office of paypal escalations desk which is a different office has more sympathy and when they look into the account and dont see any disputes or chargebacks they release the funds which i read happened for several people at the 60 to 90 day mark when they brought their complaint to the BBB.

The people in the limitations department have no sympathy whatsoever the last guy i spoke to was really rude, his attitude was like the chances of you getting your money out before 180 days is less than 1% and he spoke to me with a very condescending tone.

the people in the limitations dept dont care if you have family to feed, bills to pay, or even homeless they will withhold every penny until 180 days.

this is where you have to contact a third party and give them some form of bad publicity to get them to cooperate. because holding 100% of funds from what i read from other complaints on BBB is unreasonable, their should be a rolling reserve of some sort like xx amount of dollars gradually released....people have businesses and families to take care of for them to not see that is sad.

BBB is just a waste of time with paypal. I used to recommend it, but not anymore.

First of all, they purposefully string you along. Paypal can take 1+ month for each response, asking the BBB for an extension each time. But the BBB only gives you a few days to reply. The paypal rep only helps when they feel like it, 99% of the time they will just quote paypal ToS to you.

And in the end of the case if you are still not satisfied with the outcome and report that to the BBB, they will close the case and say paypal did everything they could. Why? Because they pay the BBB.

Look no further than their A rating and 94% unsuccessful cases to know you will waste your time: https://www.bbb.org/losangelessilico...jose-ca-210387