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Originally Posted by garyjohnson Hi,
I set my Paypal up to go to a friends bank account. He had the small deposits in so that we could withdraw money from my PayPal into his account. That bank account has now frozen his funds until he provides more information. Paypal hasn't done anything as of yet, just the bank. |
Your PayPal is connected to his bank account. Banks forbid this, but your friend could be let off the hook especially if he comes clean. It's your friend's account so the bank won't talk to you yet.
Paypay isn't going to do anything because they are unaware. Whether or not he supplies the bank what they've asked for, PayPal is unlikely to hear of it - so you're fine to keep selling. You can add one or more other bank accounts to the PayPal but before you do; you should make a PDF snapshot of the Activity page, withdrawal history and account information details. He’d need to hand these to the bank.
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Originally Posted by garyjohnson 'We're getting in touch because sometimes we need to ask for more information about how a customer is using their account...These guidelines mean we need to understand, and in some scenarios obtain evidence of where our customers are receiving money from (known as source of funds). We can see that you have received a large number of payments into your account from PayPal, which is not consistent with a personal account. Could you please help us to understand the reason for the payments? |
I don’t know why the both of you criss-crossed your PayPal to his bank, but if you did this because you’re in business together and need to keep a tab on what the other person is doing, then you and your friend should explain that to the bank IN WRITING.
Many first-time traders do not know all the rules - so your friend may not have known trading with personal accounts was against the bank's TOS. Your friend should explain if he was unaware.
Take snapshots of your eBay account showing your business information, listings and possibly feedback page. Add a cover letter introducing yourself and confirm your business relationship with your friend. Include invoices for the goods or services you sell.
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Originally Posted by garyjohnson If the PayPal account used to send the money is in your name, please provide us with two screenshots: one of the screen showing that the PayPal account is in your name and at your address, and one of the screen showing your PayPal transaction history, so that we can match up the payments into your U account. In addition, we need to know where these funds are coming from – for example, if you are running a store on eBay, we would need to see screenshots of these same two screens from within your eBay account. |
Provide screenshots. Add a small note referencing the letter above, which explains your business relationship with your partner. That should solve the mismatch problem. The bank knows quite well that the PayPal account isn’t in your friend’s name. They can see your name on every transfer from PayPal to the bank. If you phake anything here and you’re caught, you’d either be defending yourself in court for money laundering charges or at best forfeit ALL monies in that account.
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Originally Posted by garyjohnson The more detail you provide about these transactions, the easier it will be for us to complete our review. Any evidence you can supply will also help us speed things up. |
The above is true.
If you leave out some of the requested documents, the banksters will likely keep your money.
If you supply phake docs and you’re caught, you may lose your money and perhaps fight to keep your freedom.
They can legally keep your money for a maximum of 90 days if you meet all their requirements, but if you go the extra mile, you’d probably get your money released within 1 or more weeks.
Consider the following:
1. Adding other relevant information such as tracking numbers with successful delivery. Make sure delivery dates predate the day your friend's BA was locked.
2. Notarise important docs that would have aroused suspicion.
3. Add an affidavit to help substantiate your letters.
4. Add letters/notes from suppliers and perhaps an action plan showing corrective steps you wish to implement, such as correspondence showing inquiries to open a business bank account, etc.
Some of us here have had name mismatch troubles with banks for larger sums. If you’re truthful and meticulous in your pursuit to recover your money, your chances for success will be high.
Good luck.