PayPal Question

I've heard so many horror stories about PayPal that I'm afraid to make any little move, because who knows what will upset them and have them lock my account or snatch my money.

Here's the scoop: I have two PayPal accounts - one I used to use for business purposes, and then my personal account (which is a "premier" account).

I no longer plan to use the business account I had, but it still has some funds in it, with no bank account attached to it (thus meaning I cannot withdraw or transfer the funds). So can I remove the bank account from my personal account, attach it to the business account, withdraw the funds, then re-attach that same bank account back to my personal account? Or will it get flagged for some sort of laundering scheme or something?

Or can I use the PayPal debit card I have for my personal account, use it to verify my business account, withdraw the funds, then remove the debit card from the business account?

I'm not sure what to do. :shrug:

 

hmmmm.. I've not had a single problem with PayPal in the 4 yrs I've been using them.

 

Ditto, what are these problems you're hearing Nick? I've been using PayPal for years now and other than the transaction fees I have nothing to complain about.

I suspect your first idea might get flagged as you suggested adding it then removing it like that. Can you not have the same bank account associated with two different accounts? Perhaps you should email them and inquire about that.

 

I understand that you don't want to pay fees for your own money, but have you considered sending the money from your business account to your personal account?

I believe that if you transfer your bank account info to your business account you may need to go through the whole verification process again, but I might be wrong on that.

I've done that, but I don't remember what the process was. :o

 

I'd love to do that, but I can't since there is no account attached to the business account. The only things I have to attach to it are my checking account (which is currently attached to my personal account) and my PayPal debit card which is from my personal account.

 

What I mean is "Send Money" from one account to the other within PayPal, as if you were purchasing something from one account to the other.

 

Yes, I understand. But you cannot send money from an account that doesn't have a bank account or credit card attached to it.

 

Really?!? I'm sorry, I'd never heard of that. :doh:

 

See image:

 

Why don't you attach a credit card then erase the account afterwards??

 

Send a request for payment from the personal to the biz account.

 

And then the money will be stuck in the business account... since he has no credit card attached to it.

 

We're probably reading the same horror stories Nick. I always wondered how so many can complain yet every decent person I know has no problems.

I'd inquire with Paypal before attaching the same checking account to a different paypal account then trying to re-attach it to the original account. They may let you attach the checking account to your personal account but then not back to the business business account.

A similar thing happened to me, I detached a credit card (which was actually my checking account's debit card) as a backup funding option and a couple months later PayPal wouldn't let me reattach the same card. I wound up getting a new debit card from my bank just for the new number.

All in all I've had very little trouble with Paypal, in fact the only problem I've had is them taking over year to replace my Paypal debit card after I lost my first card.

I realize their support is practically non-existent but I'd email them with the information on both your accounts and explain what you want to do even if it's just as a safety net so that if you get burnt you can tell them see I wasn't trying to scam, I even asked you folks if it would be okay.

Here's a link that may give you some ideas: eBay Answer Center: How-to combine 2 paypal accounts ... .. I did a quick Google and it appears having more than one account is a no-no.

Just my .02,
Dan

 

That would be odd if they didn't allow you to maintain both a business and a personal account. It would be a shame if you were forced to do both types of transactions within a single account.

I believe I read somewhere (not on the PayPal website) that you are allowed to have one business account and one personal account.

 

You are, I had before one Business account(SD) and my personal account. Both were linked with my credit card and when I didn't need SD's I just cancelled and the money I sent it to my personal one.

 

But what if you have more than one business???

 

Why not send the funds from your business account to your personal account, then just withdraw them?

I agree PayPal is pretty shitty, and anyone who keeps any sort of balance on hand with them is insane. They can snatch it up without reason and keep it. I've read about it happening to all kinds of people, and read that they'll say in 6 months they'll release the funds, but never do. Thats why I never keep a balance in my paypal account.

 

^^

http://www.adminaddict.net/forum/miscellaneous-discussion/paypal-question-5050/#post59682

 

TY


<---Does a good job not reading replies rite?

 

Sorry I misread a business & personal account is okay but more than one of each account isn't Kosher.

I guess if you could technically have more than one business account as you can have more than one corporate identity so it wouldn't count as the same business having two accounts but that's outside of the scope of this thread.