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I had an interesting experience today with the PPBDMC. I finished loading $4000 for the month of November yesterday. Have a total balance of $4000-$4100.
Went to US Post Office today and tried to purchase a money order for $1000 (total cost of $1001.65). Payment did not go through. Postal clerk indicated that error code was "A02". Returned home and called PayPal. PayPal debit card specialist told me that transaction was rejected because it was a coded as a cash advance and there is a $400 daily limit on cash advances. He then asked me what I had tried to purchase. I told him that I was trying to send some packages and purchase a money order (actual transaction was limited to money order purchase). I indicated that it is not possible to get $1000 cash back from a debit card transaction at the post office and mentioned that I had actually declined the cash back options that had been presented to me. He then put me on hold and said that he needed to research the matter. Upon returning, he indicated that this was a known issue that was just reported yesterday and that the "technicians" are aware of it and would be investigating it. When I asked him to clarify the nature of this known issue, he simply said that purchases at some merchants (including the US Post Office) were being treated as cash advances. He then cheerfully added that I shouldn't have a problem making other purchases from other merchants. Let's hope this isn't a case of PP purposely putting the brakes on the amount of money orders that can be purchased, although I suspect that's what is happening. By the way, I've only been using the PPBDMC for three months. Have fully loaded it each month and liquidated most of the funds through ACH transfers to bank account and one previous purchase of $1000 money order from USPS. I have not received the letter from PP. My PP account has been open since 1999 and I previously ran several thousands of dollars through it each month in terms of eBay sales, but have not done so for the past few years. |
Originally Posted by kharlamov
(Post 23902742)
By the way, I've only been using the PPBDMC for three months. Have fully loaded it each month and liquidated most of the funds through ACH transfers to bank account and one previous purchase of $1000 money order from USPS. I have not received the letter from PP. My PP account has been open since 1999 and I previously ran several thousands of dollars through it each month in terms of eBay sales, but have not done so for the past few years. |
Originally Posted by kharlamov
(Post 23902742)
I had an interesting experience today with the PPBDMC. I finished loading $4000 for the month of November yesterday. Have a total balance of $4000-$4100.
Went to US Post Office today and tried to purchase a money order for $1000 (total cost of $1001.65). Payment did not go through. Postal clerk indicated that error code was "A02". Returned home and called PayPal. PayPal debit card specialist told me that transaction was rejected because it was a coded as a cash advance and there is a $400 daily limit on cash advances. He then asked me what I had tried to purchase. I told him that I was trying to send some packages and purchase a money order (actual transaction was limited to money order purchase). I indicated that it is not possible to get $1000 cash back from a debit card transaction at the post office and mentioned that I had actually declined the cash back options that had been presented to me. He then put me on hold and said that he needed to research the matter. Upon returning, he indicated that this was a known issue that was just reported yesterday and that the "technicians" are aware of it and would be investigating it. When I asked him to clarify the nature of this known issue, he simply said that purchases at some merchants (including the US Post Office) were being treated as cash advances. He then cheerfully added that I shouldn't have a problem making other purchases from other merchants. Let's hope this isn't a case of PP purposely putting the breaks on the amount of money orders that can be purchased, although I suspect that's what is happening. By the way, I've only been using the PPBDMC for three months. Have fully loaded it each month and liquidated most of the funds through ACH transfers to bank account and one previous purchase of $1000 money order from USPS. I have not received the letter from PP. My PP account has been open since 1999 and I previously ran several thousands of dollars through it each month in terms of eBay sales, but have not done so for the past few years. |
Originally Posted by BigB985
(Post 23903284)
No offense, but you are begging for a shut down and will most likely receive one in the near future. Transferring MyCash loads to bank account is one the fastest ways to have your paypal account locked/frozen/closed.
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Originally Posted by kharlamov
(Post 23903357)
No offense taken. That's good advice. I need to find alternative ways to liquidate aside from the small eBay purchases I occasionally make.
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Haven't ppl been shut down recently for bulk-buying MOs @ WM? Why should bulk-buying MOs from the post office be any different?
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Can you buy an ebay GC, overpay for an item and create a cash surplus to withdraw?
I've searched but haven't found anything. |
Originally Posted by kharlamov
(Post 23902742)
I had an interesting experience today with the PPBDMC. I finished loading $4000 for the month of November yesterday. Have a total balance of $4000-$4100.
Originally Posted by kharlamov
(Post 23903357)
No offense taken. That's good advice. I need to find alternative ways to liquidate aside from the small eBay purchases I occasionally make.
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And throw 1K a month in online debit loads onto your BB or Serve! You'll get $10 back for your trouble...
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I read through the thread and could not find an example of someone with 200 transactions who exceeded the $20k threshold due to MyCash deposits. Was anyone in that situation and did you receive a 1099?
Also, I saw these 2 posts from earlier in the year:
Originally Posted by ttlmmky
(Post 23100328)
They shouldn't count for your 20k/200 transaction thresholds. You can make sure of this. Not sure how to do it in the new layout of PayPal but in the old layout: under the History tab at the top click Reports. Then click Annual Financial Summary and select 2014 (year to date). Under Sales Activity you should see how much you've done this year thus far, and the Cash Cards shouldn't factor in. They'd be under "Transfers to PayPal Account". I'm pretty sure that's the way it is for me anyway
Originally Posted by CapitalAllowance
(Post 22835449)
So I have been doing business on ebay for some time and have been asking myself the same thing. Having called in multiple times, and getting multiple answers ( usually no, but I am paranoid about the IRS) I was able to speak to someone on the tax compliance team. After stating my concerns about being double taxed for trying to aggregate my funds into paypal she assured me that paypal mycash loads do NOT count toward the 1099k limit. Granted, I am going to get one anyway, but they will not be on the form, nor should they trigger the process....
As always, YMMV, but she seemed definitive and competent. |
Originally Posted by rrgg
(Post 23920394)
I read through the thread and could not find an example of someone with 200 transactions who exceeded the $20k threshold due to MyCash deposits. Was anyone in that situation and did you receive a 1099?
Also, I saw these 2 posts from earlier in the year: The post from CapitalAllowance is a little reassuring. However I checked my Annual Financial Summary that ttlmmky mentioned and the MyCash deposits are NOT under "Transfers to PayPal Account." They appear in "Payments received" which is a sub-category of "Sales Activity." That seems like a bad sign. My advice would be if you don't want to be at risk of a 1099 don't go over the limit. If you've already gone over the limit even if you call into Paypal you could always get a CSR who doesn't know the answer and gives you bad information. I would post back and let people know if you got a 1099 as a data point. |
Originally Posted by Astrophsx
(Post 23921481)
Personally I would just call Paypal if you have important questions. This rule of $20k/200 has only been around for a few years. Technically anyone could buy you a Paypal gift card and you could load those funds into your account. Though Paypal could see it as its intended use of only the account holder loading the funds? We've seen people with 3+ amazon payment accounts going over the threshold and not getting a 1099.
My advice would be if you don't want to be at risk of a 1099 don't go over the limit. If you've already gone over the limit even if you call into Paypal you could always get a CSR who doesn't know the answer and gives you bad information. I would post back and let people know if you got a 1099 as a data point. I asked here because if someone actually did this already, their experience is probably more reliable PayPal's words. For example CapitalAllowance was told by PP that MyCash cards don't count but says he got conflicting answers. |
No more loads to BB?
Hey guys - I've been loading my BB with PPMC for many months. Today, I logged onto by BB and tried to load $200 since it is the first of the month and it said that the issuer blocked the transfer. Did I miss something? Has this been closed?
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Originally Posted by jar2542
(Post 23922918)
Hey guys - I've been loading my BB with PPMC for many months. Today, I logged onto by BB and tried to load $200 since it is the first of the month and it said that the issuer blocked the transfer. Did I miss something? Has this been closed?
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