US Bank Account,IRS, ACH and Paypal - 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 > Marketplace Discussions > PayPal Talk

PayPal Talk PayPal Forums. General issues related to PayPal.

Reply
 
Thread Tools
  #1  
Old 06-22-2012
Junior Member
 
Join Date: Jun 2012
Posts: 8
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 57%
iTrader: (0)
Default US Bank Account,IRS, ACH and Paypal

Hello
I have some question, maybe someone can help.

I have some money in my Paypal account (10,000+) that I want to transfer to my bank (bank of america)
my paypal acc is verified, i have transferred money before, (a couple of hundreds)


1- Should I transfer all the money at once??
2- I know if you hit the limit of 10,000 in CASH deposit, the bank sends a report to the IRS..does this apply for ACH transfer also??
3- whats the best way to transfer money to bank without being flag by paypal, example:less than 1000 every week??


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

  #2  
Old 06-22-2012
Junior Member
 
Join Date: Jun 2010
Posts: 48
Thanks: 12
Thanked 14 Times in 10 Posts
Activity: 0%
Longevity: 73%
iTrader: (0)
Default

you WILL be limited immediately if you try to transfer even a quarter of that to a bank account.

It's insane that you would even leave that amount of money in a paypal account
Reply With Quote
The Following User Says Thank You to StealthAssassin For This Useful Post:
bansheezone (07-20-2012)
  #3  
Old 06-22-2012
Executive [VIP]
 
Join Date: May 2009
Posts: 2,575
Thanks: 211
Thanked 667 Times in 499 Posts
Activity: 0%
Longevity: 81%
iTrader: (5)
Default

Quote:
Originally Posted by StealthAssassin View Post
you WILL be limited immediately if you try to transfer even a quarter of that to a bank account.

It's insane that you would even leave that amount of money in a paypal account
Nonsense.

Paypal would not limit you for bank withdrawals if you've received these funds after a reasonable amount of time, and are legitimate funds.
Reply With Quote
  #4  
Old 06-22-2012
Junior Member
Threadstarter  
 
Join Date: Jun 2012
Posts: 8
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 57%
iTrader: (0)
Default

thanks for the reply,

I have been receiving this money for several months, from eBay sales, i have 100% positive feedback and always ship items with signature confirmation to avoid any problem.
I have received some charge backs from credit card companies, but since I ship with signature confirmation paypal releases my money the same day.

what about my bank? if I transfer all the money they will report the transaction??

thanks
Reply With Quote
  #5  
Old 06-22-2012
Bunneh's Avatar
Executive [VIP]
 
Join Date: Sep 2011
Posts: 4,943
Thanks: 666
Thanked 1,062 Times in 814 Posts
Activity: 28%
Longevity: 63%
iTrader: (24)
Default

I have found when i withdraw a large sum from paypal, it usually trips the security check which times out after 72hours and then gets transferred anyway.

So since your account is reasonably old, it shouldn't be a problem. However it might look suspect if you withdraw the whole $10000.. so i would do it in random amounts to be safe, because if you dont withdraw for 7 months and then next thing you withdrawing the whole $10k.... you get my point
__________________
*FOR SALE* AGED UK ACCOUNTS WITH SELLING FEEDBACK
BUY 3 AND GET ONE FREE HIGH LIMIT ACCOUNTS ENTER MY STORE HERE
GET A DEDICATED IP ADDRESS FOR EBAY & AMAZON HERE
Reply With Quote
  #6  
Old 06-22-2012
GreenBean's Avatar
Executive [VIP]
 
Join Date: Sep 2007
Posts: 41,969
Thanks: 5,467
Thanked 8,998 Times in 7,022 Posts
Activity: 0%
Longevity: 95%
iTrader: (6)
Default

Quote:
Originally Posted by jogitoxxx View Post
Hello
I have some question, maybe someone can help.

I have some money in my Paypal account (10,000+) that I want to transfer to my bank (bank of america)
my paypal acc is verified, i have transferred money before, (a couple of hundreds)


1- Should I transfer all the money at once??
2- I know if you hit the limit of 10,000 in CASH deposit, the bank sends a report to the IRS..does this apply for ACH transfer also??
3- whats the best way to transfer money to bank without being flag by paypal, example:less than 1000 every week??



thanks
Correct figure is $5000.
Dont forget if you earn money, you pay taxes
__________________
Ever look at someone and think “WhyTF has no one hit you with a shovel yet?
Reply With Quote
  #7  
Old 06-22-2012
Junior Member
Threadstarter  
 
Join Date: Jun 2012
Posts: 8
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 57%
iTrader: (0)
Default

I got your point, and yes my paypal account is like 6 years old and never had a problem with it.

well I'll withdraw the money in parts to avoid any problem.


@GreenBean™ ..what you say is: If I transfer more than 5000 to my bank, they will report the transaction to the IRS??, thanks


Quote:
Originally Posted by Bunneh View Post
I have found when i withdraw a large sum from paypal, it usually trips the security check which times out after 72hours and then gets transferred anyway.

So since your account is reasonably old, it shouldn't be a problem. However it might look suspect if you withdraw the whole $10000.. so i would do it in random amounts to be safe, because if you dont withdraw for 7 months and then next thing you withdrawing the whole $10k.... you get my point
Reply With Quote
  #8  
Old 06-22-2012
jeffweico's Avatar
Executive [VIP]
 
Join Date: Mar 2010
Posts: 7,220
Thanks: 895
Thanked 4,058 Times in 2,168 Posts
Activity: 0%
Longevity: 75%
iTrader: (12)
Default

ACH deposits are not considered cash and do not trigger the Cash Transaction Reporting. HOWEVER - your bank is obligated to report ANY suspicious transaction over $5,000 regardless of the source of funds. Will your bank view it that way? Who knows. The law is written so broadly, almost ANY transaction could be considered suspicious. But if your bank account has been linked to the PayPal account for a long time, it would probably look OK, even with a large amount.

Still, Greenbean is correct about the taxes. The filing of a CTR or SAR does NOT mean you have done anything wrong or that you are in any trouble. But if the IRS finds income that you did not report, then you are in for a whole WORLD of TROUBLE! As long as you are propertly reporting and paying your taxes, and the money involved is from normal eBay sales, you should be just fine.
Reply With Quote
  #9  
Old 06-22-2012
Junior Member
Threadstarter  
 
Join Date: Jun 2012
Posts: 8
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 57%
iTrader: (0)
Default

thanks for the advice

Quote:
Originally Posted by jeffweico View Post
ACH deposits are not considered cash and do not trigger the Cash Transaction Reporting. HOWEVER - your bank is obligated to report ANY suspicious transaction over $5,000 regardless of the source of funds. Will your bank view it that way? Who knows. The law is written so broadly, almost ANY transaction could be considered suspicious. But if your bank account has been linked to the PayPal account for a long time, it would probably look OK, even with a large amount.

Still, Greenbean is correct about the taxes. The filing of a CTR or SAR does NOT mean you have done anything wrong or that you are in any trouble. But if the IRS finds income that you did not report, then you are in for a whole WORLD of TROUBLE! As long as you are propertly reporting and paying your taxes, and the money involved is from normal eBay sales, you should be just fine.
Reply With Quote
  #10  
Old 07-18-2012
Junior Member
Threadstarter  
 
Join Date: Jun 2012
Posts: 8
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 57%
iTrader: (0)
Wink

transferred all the money to my bank without any problem,
amounts under $1000


thanks
Reply With Quote
  #11  
Old 07-19-2012
Junior Member
 
Join Date: Jul 2012
Posts: 568
Thanks: 6
Thanked 40 Times in 36 Posts
Activity: 0%
Longevity: 56%
iTrader: (0)
Question

Quote:
Originally Posted by jogitoxxx View Post
transferred all the money to my bank without any problem,
amounts under $1000


thanks
was this a ssn verified paypal account?
Reply With Quote
  #12  
Old 07-19-2012
shearerpipes's Avatar
Subscribed [VIP]
 
Join Date: Mar 2011
Posts: 32
Thanks: 0
Thanked 9 Times in 7 Posts
Activity: 0%
Longevity: 67%
iTrader: (1)
Default

Quote:
Originally Posted by BiN4RY View Post
Nonsense.

Paypal would not limit you for bank withdrawals if you've received these funds after a reasonable amount of time, and are legitimate funds.

I agree 100%. I just transferred $23,546 and received my money exactly 31 hours after i transferred it. I Have done this at least 8 times a year or more with this amount or larger.. I Never even received a call asking if I made any transactions or to verify last 5 transactions. Nothing.
Reply With Quote
  #13  
Old 07-20-2012
shearerpipes's Avatar
Subscribed [VIP]
 
Join Date: Mar 2011
Posts: 32
Thanks: 0
Thanked 9 Times in 7 Posts
Activity: 0%
Longevity: 67%
iTrader: (1)
Default

good luck though....
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
Paypal Account Suspended 180days have past but Bank Account has expired on Account Adam2010786 UK eBay & Paypal 12 10-16-2011 05:00 AM
Withdrawing to a UK Bank Account from Paypal - Do bank details have to match ? stormrider100 Subscriber Discussions 20 07-08-2011 12:31 PM
Paypal Verification. Paypal wants Bank Account Info to match Stealth Account spongeboblopez PayPal Talk 2 10-13-2010 06:32 PM


Aspkin Group

All times are GMT -5. The time now is 05:19 PM.


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 - 2019, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts