Paypal are scaring me...

MrPayless

Hi

I have used paypal to receive payment for both used and new things Ive sold on ebay.

Last week I received an email from Paypal which says:

"We are sending you this notice because you have received more than 4,500.00 GBP in total payments to your PayPal account.

PayPal is required by law to comply with European Union Anti-Money Laundering regulations to collect information from customers when they receive more than the set limit in total payments".

To say Im worried would be an understatement - can anyone please explain???

HairyHatMan

I had this and was equally concerned.

You account is still fully functional except that you can't close it.

I did as they asked which entailed giving them a land line tel no which they verify by calling and setting up a direct debit facility to a current account which they verify by creditting two small amounts.

All seemed above board and no problems.

MrPayless

HairyHatMan,

Is it some kind of "tax" investigation??? What happens if I dont respond (theoretically speaking of course -I do intend complying).

Hintza

This is big brother (the government) just fill in the forms and do as they ask. It is all part of the government's anti money laundering system.

Just follow the instructions.

Unless of cousres you have had less than £4500 going through your account.

Hope you are upto date with the tax man?

beadysam

I had one of these and I sent it to spoof@ebay.com as they are part of paypal. I had an email back saying this was a spoof. DO NOT GIVE ANY PERSONAL DETAILS!

MrPayless

Hintza

Well I have sold a few things but literally the profit has been no more than a few quid at best and a loss at worst!

However, if you sell something for £30, paypal records it as £30 so how can anyone work out what amount of tax is payable (in most cases it would be nothing because Ive not made anything!)

Hintza

Looks like its a spoof in this case but paypal do ask you to verify your details at £4500.

It will have it up in flashing light when you log onto paypal if its genuine.

Do not click on any links!!!!

MrPayless

No its 100% genuine - they have no links - just says log on.

robnye

so if you log in, does the your account screen have the same message......?

MrPayless

yes it tells me to the same

MissG_2

Hi Mrpayless,

best thing to do is log onto paypal by typing the address into your navigation bar yourself. Click on the resolution centre (just under merchant tools), It should show up outstanding resolution or somthing like that in the resolution centre.

Just fill in the details landline number, bank a/c details etc.

If you are only getting rid of your old stuff, log your account as a sole trader.

That should be fine, i would imagine if you fail to do this paypal will add further restrictions to your account and you may not be able to send/receive payments of any amount.

If in doubt contact paypal and they will advise you further, they do have a number for the UK. There really is no need to worry honest.