Mums Finance

When you sign up with PayPal and opt for just the basic account at the start there is one thing you have to bear in mind and that is that there is a set limit as to how much money your account will process. Two limits actually - a monthly limit and an over-all yearly limit.

I have just recently hit the buffers myself on the monthly limit without realising it - when you have a nice little earner on the side and the payments are clocking up you tend to forget about the fact that your account has that set limit. Net effect is that once you hit the buffers your account gets blocked. Depending on the volume of incoming payments you will get a warning from PayPal and then a series of steps have to be taken. Bear in mind this all has to do with security…they just want to make sure that your payments are coming from legitimate sources and you aren’t a drug dealer or something like that.

They will want you to confirm your address and your bank account. They will phone you or post you some info just to ensure your address is correct and that you actually live there. If you’ve given them some duff details such as regarding where you live you will have to verify other details and they will not give you access to your money until they have been satisfied that all is on the level.

After they are happy with everything chances are that they will advise you to upgrade your PayPal account - this increases your withdrawal limits, but bear in mind this will carry a percentage charge fee by PayPal.

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