Withdraw money from limited Paypal account?
May 20, 2008
A limited PayPal account is an account with restricted access to Paypal funds. Normally, a limited account:
- cannot send or withdraw funds
- cannot close and terminate account
- has limited view of transaction reports
- sometimes unable to receive incoming payments
Paypal provides instructions on how to lift the limit placed on the account and this usually includes sending verification documents to confirm the identity of the account holder.
(More of how to solve a limited Paypal account in our next article.)
What recently caught my attention, however, was a Google advertisement that showed up in my Gmail inbox. The ad proclaims:
I BUY limited Paypal funds
My fee is 50% of account balance
Accounts limited over 180 days only
The ad links to a Blogspot blog: http://limitedpaypal1.blogspot.com which contains the following proposal:
Withdraw money from a limited paypal account
All PayPal accounts from all countries and under any name can use my service.
I will provide you with bank info to withdraw the funds.
In order to withdraw the funds your paypal must be limited for over 180 days now.Why should you trust me?
Customers always ask this. Well I want to work with you in future.
and if you have more than one limited account then we will take this one account at a time.How long will it take?
it should take 3-5 business days to withdraw the funds, and I send money to you via Western Union on Thursdays
Personally I would be wary to deal with this person but, at the same time, I’m interested to know how he can help withdraw funds from a limited Paypal account.
What I want to know:
- Can funds be withdrawn without the owner having to send verification documents to Paypal?
- How can this be done considering that Paypal requires the bank account name to be similar to the Paypal account name?
- Why the condition that the account must be limited for more than 180 days?
- In the extraordinary event that the funds were indeed withdrawn, how can the owner be sure that his share of the funds will indeed be paid to him?
- Isn’t this illegal?
I have this feeling that the offer is a scam and merely a ploy to dupe account holders.
Anyway, if you have a limited Paypal account and are willing to risk just to attempt to withdraw your stuck funds, contact the person making this offer (email address: ppbuyer@gmail.com). Let us know what happens. Good luck!
--------------------
May 20th, 2008 at 6:28 am
Can funds be withdrawn without the owner having to send verification documents to Paypal?
Yep. Most of the time. You have to wait 180 days, and then PayPal will instruct you to withdraw your money.
How can this be done considering that Paypal requires the bank account name to be similar to the Paypal account name?
PayPal used to accept VMI cards. Some card sellers agree to creating fictitious accounts based on the name you used on your PayPal account. Kaya lang I think PayPal doesn’t accept VMI cards any longer. Baka may bago.
Why the condition that the account must be limited for more than 180 days?
Because one can only withdraw the money from a limited account without sending the require documents after 180 days. There’s also a chance that PayPal won’t allow you to withdraw your money even then, so this guy probably wants to ascertain the money is withdrawable.
In the extraordinary event that the funds were indeed withdrawn, how can the owner be sure that his share of the funds will indeed be paid to him?
Well, as I explained, it’s no extraordinary feat. I’ve seen numerous similar trades going on in some major forums. I presume this guy would claim to send the seller the money first.
Isn’t this illegal?
Yep. Through and through.
May 20th, 2008 at 12:16 pm
Hi, this maybe off topic. it is possible to apply for another EON card so I can verify my business type account in PAYPAL… thanks
May 21st, 2008 at 12:48 am
I am a verified Paypal user… I dont see any thing about limited paypal in my account…
May 21st, 2008 at 2:48 am
Biske, you really are the Paypal expert *idol* One thing I didn’t know before, which I learned again from you, is that funds stuck in a limited Paypal account may be withdrawn after 180 days. Had I only known that I wouldn’t have had wasted almost a hundred dollars just to call Paypal to follow up the status of my previously limited account. Anyway, thanks again for your insights.
Just to reiterate to other readers, if you intend to pursue with this offer, make sure you are aware of the risks.
Niel, yup it’s been written before that you can apply for and use another EON card to verify a Paypal account. Probably Biske can tell us more about this.
juler, Paypal limits only certain accounts. For example, one that was accessed in a country different from where the Paypal account was created or an account with transactions that Paypal finds suspicious. Better hope that your account will never be limited. ;)