» Why Does Paypal Require A Social Security # To Receive More Then $500 A Month?

Why Does Paypal Require A Social Security # To Receive More Then $500 A Month?

I love paypal for it’s convieniance but why is it that they require a SS # to get your money out if it’s more then $500 a month?

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"Why Does Paypal Require A Social Security # To Receive More Then $500 A Month?" was posted on Saturday, October 24th, 2009 at 4:38 am.

“Why Does Paypal Require A Social Security # To Receive More Then $500 A Month?”下有11 Responses条评论.

Smart dude(2009-10-24):

Hi, I use to be an employee in Paypal’s fraud department. To answer your question the reason why we would require to have a Social Security Number on profile is because not only it allows you to have more funds in your account, but also proves you say who you are. Also depends on what country. But also we use your social security number so you can apply for a Paypal Debit Card, Paypal Credit Card, or Paypal Money Market. Paypal also runs a check on your Social Security Number to look at your credit report to ask you a series of questions, (this is only happens if the computer system can’t verify your address and name don’t match the credit report profile).
Hopes this helps!
♥HAZEL♥F(2009-10-24):

Tax
Cali-Gal(2009-10-24):

Paypal is a money market account and it draws interest. Paypal needs your social security for 1099-INT purposes. Paypal has to report to the IRS any interest paid to their account holders for tax purposes.
There may be other reasons that I am not aware of.
Momof4:n(2009-10-25):

tax purposes
Psycrime(2009-10-25):

Because it is an income you are doing at that level and they have to report to the IRS for large income of money.
It is to make sure that you do not do some tax fraud.
shekitte(2009-10-25):

Wow didn’t know that. Why don’t you take $450.00 out at a time then.
yeah.(2009-10-25):

because would you get suspicous is someone took 3,000$ out of their bank acount they need that incase your creditcard is stolen or your acount
Nicole t(2009-10-25):

Because anything over $500 will have to be reported to the IRS. They will have to mail you a tax form at the end of this year and you will have to report that income on your taxes.
Initial Underwriting Group(2009-10-25):

It all comes down to the income that you will be making. To ensure that a business pays taxes it must have a registered EIN number (tax-id). If you are running a business, such as ebay selling or anything else that requires the internet please consult a professional service first. A lot of small business owners receive heavy penalties due to the error. Start out by searching the web for “strong business credit” to find out more info on this.
Sincerely,
Ilya Bodner
Small Business Owner
scoop(2009-10-26):

probably to keep tabs on you to make sure you aren’t committing fraud.
Brad R(2009-10-26):

federal laws due to funding of terrorism

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