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Bank querying paypal transactions
 

Hi All,

First post here so HELLO !

I have recently received a phone call from my bank querying the amount of paypal withdrawals on my account and asking questions about whether I am running a business using my current account. I do a lot of business on Ebay and have been withdrawing money from PP every time someone buys from me (in fear of pp limiting account and holding funds).

I am an experience ebayer and have experience with stealth but this is the first time my actual BANK are the problem.

I tried to register another bank account on paypal but I forgot that I upgraded my paypal to business name and this is causing an issue because the name on my pp account does not match my personal name on my bank account.

Can you guys think of any way around this ?

I have a solid (stealth) ebay account with £120k a month limit and a good paypal account but my bank is the issue.

I am scared to make a wrong move here so need to tread carefully when attempting to add another account.

Any advice would be most welcome,

Thanks

Re: Bank querying paypal transactions
 

How much money are you getting into the bank account? Which bank is this?

If you get too much money into an account that is meant to be a personal account the bank will sometimes ask about it

HSBC are pretty hot on this at the moment

Re: Bank querying paypal transactions
 

Paypal cannot see the real name on the bank account. It doesn't matter whether it is a business Paypal or a personal Paypal.

Re: Bank querying paypal transactions
 

get business banks, most free for 12 months

Re: Bank querying paypal transactions
 

Thanks guys,

Couple of answers,

There has been between 3-5K per month going through my account from paypal in the last few months.

The bank is the Halifax

I added another current account from the halifax and went to check my statement to get the paypal code but all I get is a jumbled heap of letters and numbers after the paypal deposit..........I cannot see a 4 digit code. I think this is because my paypal account for some reason names my account as business name and not my personal name.

The funny thing is when I withdraw funds to my old banks account (the one that halifax are querying) the withdrawal goes through with my personal name (stealth obviously) but when I go to withdraw into my new registered account the withdrawal show as my business name (I have not chance withdrawing on my newly registered account yet) - I am scared the halifax will refuse it as it will show as a business name ?

Sorry if this all seems confusing.

Re: Bank querying paypal transactions
 

Dan, I have a business account for a dormant limited company I have but the name of my paypal business account does not match.

Re: Bank querying paypal transactions
 

It is not that I am worried about, it is more my BANK seeing the name on my paypal account - do banks see this information ?

Re: Bank querying paypal transactions
 

Yes they do.

Sounds like you DO need to upgrade to a business bank account. Think yourself lucky you have had in effect a warning from Halifax. It is not unknown for banks just to close all your accounts because of this kind of activity.

Re: Bank querying paypal transactions
 

Christ, I hope not, I hold 6 accounts with Halifax....

One other way round this I can think of is to use my wifes legitimate paypal account on all my ebay listings, would this be OK to do in the meantime ?

Re: Bank querying paypal transactions
 

No that would be a bad idea

You just need to add business bank accounts to the PayPals

Re: Bank querying paypal transactions
 

One more thing, don't open anymore. I have 6 also and would regard this as an absolute max with Halifax.

Re: Bank querying paypal transactions
 

OK, Just tried to confirm another account - passed the phone confirmation but the paypal code in my account looks like this -

PAYPAL CODE PAYPAL CODE PPRD00000000590YUO 134262 10

I am being asked for a 4 digit code - how am I supposed to get a code out of that lot ?

Why is it like this ?

Re: Bank querying paypal transactions
 

The code is supposed to show something like this -

PAYPAL CODE Auth: PP*4721CODE,89584369001,GBR

The bold part is the code you need