Re: Paypal & the FSA

"I'm not crazy" <mad@xxxxxxxxxxxx> wrote in message
news:55l41sF25ft7tU1@xxxxxxxxxxxxxxxxxxxxx
Now that my Paypal receipts have exceeded £4,500 since opening the
account, Paypal have advised me that the Financial Services Authority
requite them to ask for more verification details - this time, my credit
card.

I have already verified my bank account, whereby Paypal make two nominal
deposits and I tell them the amounts. This time, Paypal want to debit a
small sum from my card - which will be credited back.

so far, so good - and I understand the rationale behind all this vis-a-vis
money laundering and other criminal activities.

My question is, am I letting myself in for any unforeseen or unfortunate
consequences by undergoing this further verification procedure? I have
spoken to Paypal - but they suggested that I took any concerns to the FSA,
which wasn't entirely helpful.

Perhaps I'm being unduly suspicious but I can't say that I entirely trust
Paypal, and would like to know what this next step implies for my account.

I'm not a business user - in fact, had it not been for a couple of mix-ups
over fairly large payments (where the sale money was refunded by me, and
then re-credited by the purchaser, thus adding to the cumulative total) I
wouldn't even be at the £4,500 threshold.

Any advice gratefully received.


Nah safe as houses, I had to do it quite a while ago and have never had any
problems with Paypal.

To be honest the vast majority (99.99%) of complaints about Paypal are made
by people who don't understand/accept the legal obligations or haven't read
& accepted the user agreement .... then refuse to accept responsibility for
anything. If you disregard these I doubt anyone would have any genuine
concerns about the trustworthiness of Paypal.
--

Niel H
http://stores.ebay.co.uk/Snowdon-Computers
http://www.ebayfaq.co.uk/


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