Paypal Holding funds for 6 months

waamo

You might not like it but it's correct. If they suspect money laundering they have to investigate.

Using a false identity will throw up massive red flags. They are duty bound to investigate under current regulations. That can take time.

wirralite

Ok fair enough. But they have not said that they are "investigating anything". They have said that they have closed the account and will hold funds for 180 days.

I could understand if they are investigating. I could help them with their investigation by providing any documentation they require.

They do not appear to be providing that opportunity. Surely that cant be lawful?

George_Michael

And another one to add to my list!
https://forums.moneysavingexpert.com/discussion/5955114/a-not-what-i-want-to-hear-vent&highlight=

As for not giving your legal name.
From Paypal's terms and conditions:

9. Restricted Activities

9.1 Restricted Activities. In connection with your use of our website, your Account, or the Services, or in the course of your interactions with PayPal, a User or a third party, you will not:

e. Provide false, inaccurate or misleading Information;

I would have hoped that anyone entering into a financial contract would have had a reasonable idea that their true identity would be required. Nick names are fine for anonymous forums but certainly not for legally binding financial contracts.

George_Michael

wirralite wrote: »

I could understand if they are investigating. I could help them with their investigation by providing any documentation they require.

They do not appear to be providing that opportunity. Surely that cant be lawful?

They won't be investigating anything but as you signed up with a false name, you could be a scammer of some sort. (I'm not saying that you are, simply how it could look to them).
Because of their buyer protection and credit card chargeback procedures they could be liable for refunding any of your customers for the next 6 months and as they don't know your correct details, they are simply holding your money until this period has passed and they are no longer at risk of having to pay out.

Undervalued

George_Michael wrote: »

And another one to add to my list!
https://forums.moneysavingexpert.com/discussion/5955114/a-not-what-i-want-to-hear-vent&highlight=

As for not giving your legal name.
From Paypal's terms and conditions:


I would have hoped that anyone entering into a financial contract would have had a reasonable idea that their true identity would be required. Nick names are fine for anonymous forums but certainly not for legally binding financial contracts.

Quite!

I am astonished that anybody could think that signing up for a financial product with a false name was OK.

If the OP genuinely made that mistake then it is fortunate that they are not suffering more than the marginal inconvenience of waiting a few months for a couple of hundred quid.

As you have quoted, it is very clearly in PayPal's t&c which I would have hoped the OP read carefully before signing up.

DoaM

Undervalued wrote: »

As you have quoted, it is very clearly in PayPal's t&c which I would have hoped the OP read carefully before signing up.

OP has that one covered

wirralite wrote: »

I have had a look through their T&Cs (briefly, because they are very long and verbose),

Comms69

wirralite wrote: »

I love rude people. you should win an award.

You're right, I should. Maybe I can buy a trophy using my PayPal

nyermen

To OP, regret that you feel some of the responses are blunt, sometimes they can be, but what they're saying is law with regards to AML checking.
You should be aware that Paypal can declare what has happened to CIFAS. That would create a much larger headache for you than a couple of hundred pounds.
There are categories for false identity fraud (1) and application fraud (3 - facility granted) among others. These would stay on your record for up to 6 years, and are used by banks (including to check existing account holders who often have their accounts then closed) as well as by certain employment types (such as financial services). For everyone who reads this today or in the future - please be cautious.

[Deleted User]

wirralite wrote: »

I love rude people. you should win an award.

I love idiots who use a false name with a financial institution. Congrats! You have won first prize! It's a 6 month wait for your money.

Well done. *golf clap*

askmeaboutsofas

From PayPals verbose ts and cs which I had cause to read for myself today:

1.7 Eligibility. ...
If you are not acting for the company that employs you, the new Account must be in your own name only. This Agreement applies only to Users who are residents of the United Kingdom and Relevant Countries. If you are a resident of another country, you may access your agreement from the PayPal website(s) in your country (if applicable).
...
9. Restricted Activities 9.1 Restricted Activities. In connection with your use of our website, your Account, or the Services, or in the course of your interactions with PayPal, a User or a third party, you will not:
...
e. Provide false, inaccurate or misleading Information;
...

They go on to describe how they will hold your funds while they investigate your account if it looks to be a risk, but as you broke their ts and cs they are legally allowed to close your account and refuse to provide their services to you.

You could try phoning them and asking them politely if there's anything you could do to help speed up the process so you can get your money, but you can't force them.