[Rhodes22-list] PayPal Issues - Tool Update

[Rob Lowe]

Brad,
The Federal Government requires all transactions of $10K or more to be
reported to them.  Part of the war on drugs (anyone remember that war).  I
would assume that PayPal adopted the same ceiling just to avoid the whole
issue. - rob

----- Original Message ----- 
From: "Brad Haslett" <flybrad at gmail.com>
To: "The Rhodes 22 mail list" <rhodes22-list at rhodes22.org>
Sent: Tuesday, April 24, 2007 7:40 AM
Subject: [Rhodes22-list] PayPal Issues - Tool Update


> The good news is I finally won a couple of auctions for Snap On tools
using
> Hank's suggestion - ezsniper.com.  The bad news is that when I went to pay
> using PayPal I had to update my bank info.  I hadn't used PayPal in awhile
> and realized my credit card expiration date hadn't been updated.  I took
> care of that and it still wanted to verify two small deposits in my bank
> account.  I called PayPal and spoke with a live human being.  She said
that
> the reason was I had hit the $10,000 mark and that was PayPal's policy (I
> hadn't realized I bought that much stuff over the last four years but
> playing on eBay isn't cheap).  She wouldn't explain the reasoning behind
the
> policy.  I contacted the sellers and explained the problem and begged
> forgiveness for not settling payment until Thursday.  Now here's the
> question: has anyone else faced this issue?  If so, what is so special
about
> the $10,000 number?  Is this a banking or Homeland Security reg?
>
> Brad
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