PayPal won't let me transfer funds from my bank account now unless I cough up my SSN.
They haven't frozen my account, though, because I just made a purchase today using PayPal funds.
I have never received money via PayPal. I have never sold anything on eBay.
I created my PayPal account and a dedicated small bank account to make occasional purchases only (usually where CC is not accepted and on eBay).
My PayPal usage is very limited -- at most a couple hundred bucks worth of purchases per YEAR.
I successfully transferred funds from my bank account on January 20, 2012. I thought this law went into effect in 2011? Must have had a compliance grace period.
Those who insist that this new requirement only applies to high-volume users are dead wrong.
I'm not sure why the IRS thinks it needs my info, given the very small amount of dollars being handled via PayPal on my account -- and ZERO income.
I'm never giving my SSN to PayPal, eBay or anyone else online, EVER. With ID theft an ever worsening problem, it boggles the mind why the US gummint would seek to put its citizens at increased risk, especially in cases where the amount of money involved is far below what's even reportable (ZERO income, even!). It's just stupid. My bank has my SSN, but I forked that over in person -- the alternative is to hide cash under the bed, et al.
Looks like I won't be shopping on eBay anymore. That's a shame, as I found lots of items that weren't available elsewhere. Oh well, it's eBay's loss -- guess they didn't have powerful enough lobbyists to prevent these new tax laws.