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.
What recently caught my attention, however, was a Google Adsense advertisement I saw online. 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 (WARNING: We do NOT endorse this website. Visit the site at your own risk.):
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- Can funds be withdrawn without the owner having to send verification documents to Paypal?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- In the extraordinary event that the funds were indeed withdrawn, how can the owner be sure that his share of the funds will indeed be paid to him?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.
If you have information how this is done or, better, how exactly to withdraw funds from a limited Paypal account, let us know by posting in the comment section below.
Update: We have received several replies from commenters below, giving us more details about this scheme. It does appear now that this is ultimately a FRAUD and a SCAM that will just steal your money so beware!
Replies from our commenters:
1. 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.
2. 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. But I think PayPal doesn’t accept VMI cards any longer. Baka may bago. (There might be new alternatives.)
3. 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 required 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.
4. 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.
5. Isn’t this illegal?
Yep. Through and through.
Click for more interesting, useful and related posts:
- limited paypal account withdraw
- ppbuyer@gmail com
- limited paypal
- buying paypal funds
- how to withdraw funds from limited paypal account
- how to withdraw paypal funds limited
- paypal limited my funds
- paypal withdraw after limited