posted on April 8, 2001 03:58:26 PM new
Hi Paypal Damon,
I need to find out if I have done this the correct way, and if not, how to fix it.
I have a premier account. I use this for all of my sales for online auctions. It was my understanding that I could have one business account and one personal account. I opened a personal account a few days ago.
Have I done this right? Isn't my premier account a business account? Can I send money from my premier account to my personal account?
I have been with Paypal for a long long time. I couldn't find the specific info at paypal site, and I don't want to jepordize my standing with paypal.
posted on April 8, 2001 06:06:34 PM new
I'd like to know more about this also. I've got a premier and personal account. I've moved a very small amount to my personal account from my premier balance and I'd like to know more just to be on the safe side.
I do know not to use my personal account to get free 'cash advances' by sending $100.00 from my premier account via a credit card payment. I understand the illegality of that without being told.
You are allowed to have one personal and one business account. However, it could raise a flag in our system if you are moving money between the two accounts and I would discourage it to a large degree.
The thought is:
1. Business/Premier accounts are used for business activities.
2. Personal accounts-for moving p2p (personal to personal)
transactions or c2b (consumer to business) transactions.
I realize there may be circumstances to dictate doing it, but I would heavily advise against doing it on a regular basis.
posted on April 8, 2001 07:37:44 PM new
Thanks for the reply, PayPal Damon. I moved $40.00 to the personal account, because I thought it was the fastest way to get money in it, but I won't do it again. Also, when I opened the account, I did not give my premier account the $5.00 bonus, and I didn't collect any bonus in the new one.
I needed a personal account to pay others for non business stuff.
posted on April 8, 2001 11:43:08 PM new
I know that PayPal is not a bank, but I think the same thinking is what PayPalDamon is talking about.
In a bank, if you start depositing your own checks from another bank into your own bank account too many times, it sends a red flag up for the bank. It looks as though you might be "kiting" checks, which is not legal.
For example: I have an account with $50.00 at one bank, and I write a check to bank number 2 account for $100.00, withdraw $75.00, and go back to bank one and write a check from bank 2 for $200.00 to cover the check, and so on.
It creates inflated balances. If a bank thinks yours doing this they will put a hold on your deposit. The hold will bust the kiting and checks will start bouncing.
I think if someone is going to try and defraud Paypal, or use stolen credit cards, they might set up multiple accounts and start sending money back and forth.
posted on April 9, 2001 07:01:16 AM new
I am an International Paypal user. On the Paypal site, it states that if your bank does not accept ACH, then you will be charged a bounce fee of $20 when withdrawing to your bank account.
I have asked my bank and they do not know what an ACH is. It's obviously an American acronym. Can someone please let me know what it is?
ACH, if my acronym memory is correct, stands for automated clearing house (it is an electronic transfer of money, but a little bit slower than a wire).
The best way to avoid issues with bank registration is to contact the bank to see if they use a different routing transit nummber for ACH transactions. Ask them if the information on the check (routing transit number and account number) are the same items you have to use for electronic transfers (some international banks, as an example, are also very particular about the name on the account matching the name of the PayPal account. If a business account, register as a business. If a personal account make it a personal account)
Yes, you could move money from your personal account to your business account. But I do recommend against it for the reasons stated.
