Paypal money laundering check question

charlie12

I received a message from Paypal a few weeks back stating that I've received £4500 since I opened my Premier account 5 years ago.

For "money laundering checking", they asked me to add a credit card and confirm it, set up a direct debit, and add some business information, all within 45 days.

I've done all this and my account is back to regular standing now.

I don't like the fact that Paypal have a direct debit set up and a card in my profile that I don't use (I have a second personal account for paying for items with a different card).

My question is; can I now cancel the direct debit with my bank and remove the credit card from my account? Surely the fact that I've given them the information they require is enough?

Cheers

OllieLong

You could just delete it and see what happens, you have nothing to lose.

motorguy

charlie12 wrote:

For "money laundering checking", they asked me to add a credit card and confirm it, set up a direct debit, and add some business information, all within 45 days.

I've done all this and my account is back to regular standing now.

I don't like the fact that Paypal have a direct debit set up and a card in my profile that I don't use (I have a second personal account for paying for items with a different card).



Cheers

you're right to worry. if you ever had a chargeback done on you - for example if (like happened to me) you sold an item for (not that i am bitter and twisted about it) £470 and the paypal transaction cleared, you posted it off and six weeks later (d'oh - i feel one of my turns coming on) paypal reversed it because the guys bank had refused the transaction (as the barstand had no money in it) OR if it was just fraud full stop they could without asking for your authorisation reverse the transaction and take the money directly from your bank account (right wheres the keys to the shotgun cupboard??)

they can and do do it. paypal look after themselves first, the buyer second, then way down the line just below pond life, the sellers.... https://www.paypalsucks.com

charlie12

thanks guys I will remove them asap

pgilc1 - as far as I'm aware, paypal can't take funds from c/c or DD without permission - I thought it was illegal for them to do so? I know they can take funds from your paypal account to fund a chargeback, and if the account goes into negative they can issue debt collectors. Scary stuff

us,thecat&thedebt

hi
i had problem with paypal dd what you have to do is contact your branch and cancel the dd to paypal if i was you i would put in writting that you do not wish paypal to recieve money through dd to bank so if they do pay a dd to them you can challenge it..
paypal have a habit of resetting your dd if you cancel it so just keep an eye
if you use internet banking check your dd once a week...

hope this helps

charlie12

thanks for that

It is rather worrying that they could reinstate the DD if you cancel .. without asking! Cheeky buggers

I will cancel the DD with my bank and inform paypal, and will keep an eye out in case they try to set it up again.

Just had another thought, maybe if I totally remove my bank details, cancel the DD, and then add the details again, but not confirm it (i.e. it won't set up a DD - theoretically). I'll give it a go.

I only need a bank account registered to withdraw funds to, there is absolutely no reason why I would use DD to make payments when credit cards are more secure (i.e. I can make chargebacks). Plus cards cost Paypal more in fees, which is always a good thing!

The fact that they make DD the default payment method (even if you have a CC registered) is truly taking the P*** :rolleyes:

Bernie

The whole thing sounds like a con to me, some-one trying to fool you into revealing DD/Visa details.

Did you log on to Paypay through your normal link/method? ...or use a link provided on the email?

If you used the former, then you've just done some unnecessay admin on the Paypal site.

If the second - you may have unwittingly passed your details onto a crook and should speak with your bank.

motorguy

charlie12 wrote:

thanks guys I will remove them asap

pgilc1 - as far as I'm aware, paypal can't take funds from c/c or DD without permission - I thought it was illegal for them to do so? I know they can take funds from your paypal account to fund a chargeback, and if the account goes into negative they can issue debt collectors. Scary stuff

as someone who has had it done to them by paypal, yes they CAN take funds without permission!!

they put my account into a negative balance because of a fraudulent transaction - ie, the seller had no money in their current account to pay payal - this was FOUR WEEKS after the item sold, then direct debited it out of my current account.

motorguy

Bernie wrote:

The whole thing sounds like a con to me, some-one trying to fool you into revealing DD/Visa details.

Did you log on to Paypay through your normal link/method? ...or use a link provided on the email?

If you used the former, then you've just done some unnecessay admin on the Paypal site.

If the second - you may have unwittingly passed your details onto a crook and should speak with your bank.

its not a con, its how paypal operates. its how they get people to become 'verified'. if the OP goes in to paypal there will be instructions in there on how to do it. for example they make small lodgements into your account of a few pence and you have to log on and enter into paypal what the amounts were to confirm you have access to account transaction details.

plus its NOT unnecessary admin if you want to become a verified paypal user, the 'benefits' of which are on their site...

charlie12

Bernie wrote:

The whole thing sounds like a con to me, some-one trying to fool you into revealing DD/Visa details.

As Paul said, it's not a phishing attempt - thanks for your concern though

I never click on links in emails - in this case the warning came up when I logged into Paypal, saying that I've received over £4500 and they need me to set up a DD and CC within 45 days to comply with their security checks.

charlie12

pgilc1 wrote:

as someone who has had it done to them by paypal, yes they CAN take funds without permission!!

Wow, that's shocking

I've removed my bank account and CC details and I'll re-add the bank details (without DD) in a few days.