Topic Wiki

DEAD - 10/13/14

READ THE WIKI! IT IS VERY CLEAR!

The Basics:

You can send up to $1,000/month directly from your CCs or GCs, and receive the same amount, which can then be withdrawn to your bank account. (No, you don't withdraw the money to your CC or GC.) These limits reset on the 1st of the calendar month at 12am Pacific Time.

Setup:

1. Although AP requires a SSN, you will not get a hard pull against your credit. You will not get a 1099-K unless you are receiving over $20k per year AND have done 200 transactions.

2. The driver's license number on the account need not be a real number, only the same format.

3. You need to connect and verify a bank account to be able to send $1,000/month. Otherwise, only $500 will be allowed. (Also, you will have difficulty withdrawing money to your bank account if it is not connected to your account.)

4. Verification can sometimes be instant if you log into your bank account through Amazon, but sometimes (particularly with smaller banks or CUs, it seems) the only working option is to allow AP to make two small deposits to you account (less than a dollar, often much less) and then reporting the exact amounts thereby verifying that the account is yours. (If you want to use AP as described here, don't even think about trying to profit from the small deposits by opening up a ton of accounts. You have been warned.)

5. The receiver account must add a credit card to be able to capture the funds sent.

Sending Money

1. Make sure to select "Goods and Services" when sending money. This is important so that the transaction codes as a purchase (for which you will get CC points/miles) and not a cash advance (for which you will not).

2. For some reason, when sending the value from GCs, AP will often prevent the full value from being sent unless, when connecting the GC with your account, you first enter the wrong expiration date and then change it to the correct one. <blinkblink>... <shrug>... but it works.  Or wait a week after putting the GC into your account for the hold to be removed from the funds.

3. And no, Amazon Gift Card balance cannot be used with Amazon Payments.

Multiple accounts:

1. It is highly recommended not to access both accounts of a transaction from the same IP address. Please see the IP Information section below for more... IP Information.

2. Most people didn't have problems opening two accounts per SSN even if they link to the same bank account, but it is risky to send money back and forth between them. Some report a similar risk with sending or receiving with a spouse who has the same bank account linked to their account.

3. Sending money using the same CC from different accounts is a known cause of shutdown.

Error messages and potential delays

1. If you get a message stating "We are unable to complete your transaction until further review. It can take up to 24 hours to complete this transaction. We apologize for any inconvenience this delay may cause," relax and be patient. It is perfectly normal.

2. Withdrawals are never authorized immediately. Be patient. It usually doesn't even take a full day. Likewise it's perfectly normal for you to get a message that your withdrawal has succeeded but it doesn't show up in your bank account yet even as pending. It will be there soon. Be patient.

3. Verifying a bank account via the deposit method can take a few days. Please anticipate and account for the extra time needed for the deposit method if you are planning to set up and use an account for the first time late in the month.

IP Information:

1. To check the IP address of the device you're using, Google "how to check my IP address"

2. All devices using the same WiFi router have the same IP address.

3. A computer connected to the Internet with a router has a different IP than it does if connected to the Internet without a router.

4. Browsing incognito or in private mode does not change your IP address.

5. To change the IP address of a computer, turn off the computer, wait a few minutes, then turn it back on. Check if you have a new IP address. If not, turn it off for 8+ hours (overnight or something) and check again. You will likely have a new IP address.

6. On a phone or other device (with it's own data) switch WiFi off. To change IP addresses, switch to 'airplane mode' and switch back and you will usually have a new IP address. Note: If your phone or tablet has WiFi only, it will always have the same IP address as other devices that connect through the same WiFi.


PBaruch's suggestions:

1. It is no longer generally considered safe to have multiple AP accounts for the same person.  Yes, there are exceptions and some people have had luck but I would caution against it.  If you are the reckless type go to number 2 below.  If not, please proceed to number 3 below.

2. If you do decide to try your luck and open 2 or more AP accounts for the same person, do not send $ back and forth between these two accounts.

3. Do not send $ back and forth between people in the same household.  Again, there are exceptions and some people have had luck but it is a trigger for a shutdown.  The way AP views it is if you are in the same household, give em cash. 

4. If there are multiple AP users in the same household, do NOT use the same IP address.  If you do, be warned.  You will very likely be shut down.

5. If you are shut down, you may have luck reopening your AP account by varying the spelling of your name and changing your address. 

6. If you want to send $ to a spouse, it helps if he/she has a different last name and address.

7. I would caution against any complete circles or triangles.  For instance, do not send A-B-C-A.  Rather, send A-B-C-D.

8. If you need bank accounts to link to AP, it is VERY easy to open multiple accounts (with no fee) by using Capitol One 360: https://home.capitalone360.com/ (Be aware that this is likely a hard pull.)

9. Do NOT do instant account verification. Let them send deposits instead to verify the account.  By doing so, I do not believe that they know who owns the account. This may be useful if you use some of my other suggestions.

These are my suggestions based upon personal experience and my gleaning of other posts.

Poll

Were you shut down?

Yes, but i got it back! :)
7 (2.9%)
Yes. :(
55 (22.5%)
No, B"H!  :)
149 (61.1%)
Yes and No (I have more then 1 account)
33 (13.5%)

Total Members Voted: 244

Author Topic: Amazon Payments Master Thread (RIP 10/13/14)  (Read 1122857 times)

Offline elikay

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #360 on: December 22, 2011, 09:52:34 AM »
A device is trackable in more ways than the ip (most notably cookies), use incognito and close (even then there are still ways to track) , before doing the next one.
« Last Edit: December 22, 2011, 10:51:01 AM by elikay »

Offline Saver2000

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #361 on: December 22, 2011, 04:58:49 PM »
When transferring funds from AP,  How long does it take for funds to show up in checking acct?

Offline HelpMe

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #362 on: December 22, 2011, 05:31:32 PM »
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Offline Saver2000

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Offline HelpMe

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #364 on: December 22, 2011, 06:26:01 PM »
  ???
I have so many different accounts it is hard to remember them all. I wanted to double check to make sure I was giving you the correct info. Withdraws done in the morning are in my CU account the next day.
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Offline Saver2000

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #365 on: December 22, 2011, 07:27:20 PM »
I have so many different accounts it is hard to remember them all. I wanted to double check to make sure I was giving you the correct info. Withdraws done in the morning are in my CU account the next day.

Thanx for confirming.
I'm assuming "CU" means checking account.

Online AsherO

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #366 on: December 22, 2011, 07:28:46 PM »
Thanx for confirming.
I'm assuming "CU" means checking account.
Credit Union(s), where they won't delay your deposits so they can play with your money until they post it to your account.
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Offline Saver2000

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #367 on: December 22, 2011, 07:33:11 PM »
Credit Union(s), where they won't delay your deposits so they can play with your money until they post it to your account.

Thanx.  So his confirmation doesn't really do much for me.

Does anybody know how long it takes for the funds to show up in my checking account   when transferring money from AP?

Offline HelpMe

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #368 on: December 22, 2011, 07:34:50 PM »
Thanx.  So his confirmation doesn't really do much for me.

Does anybody know how long it takes for the funds to show up in my checking account   when transferring money from AP?
This is to a checking account.
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Online AsherO

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #369 on: December 22, 2011, 07:55:13 PM »
This is to a checking account.

At a credit union, banks wouldn't be the same, at least not IME.

Does anybody know how long it takes for the funds to show up in my checking account   when transferring money from AP?

IME it takes like 2 business days for AP transfers to post to my Chase checking, but IIRC AP says it's officially up to 5 business days. My guess is it probably varies by bank but you can typically expect it to post within 2-3 business days at most.
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Offline HelpMe

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #370 on: December 22, 2011, 07:57:46 PM »
At a credit union, banks wouldn't be the same, at least not IME.
WRONG! BOA is also the next day when withdraw is done in the morning.
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Online AsherO

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #371 on: December 22, 2011, 08:03:26 PM »
WRONG! BOA is also the next day when withdraw is done in the morning.

Whoa!

I specifically qualified my post for trolls like you:

At a credit union, banks wouldn't be the same, at least not IME.

I also wrote:

My guess is it probably varies by bank but you can typically expect it to post within 2-3 business days at most.

So are you arguing with my experience? Or am I wrong that it varies by bank?
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Offline HelpMe

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #372 on: December 22, 2011, 08:09:17 PM »
It might be a good idea to post on experience or other members experience instead of opinion. It does vary by FI’s and has nothing to do with it being a CU or bank.
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Re: Earn miles/points with Amazon payments using a credit card
« Reply #373 on: December 22, 2011, 08:11:42 PM »
It might be a good idea to post on experience or other members experience instead of opinion. It does vary by FI’s and has nothing to do with it being a CU or bank.

I posted based on experience and suggested that banks (who are typically hungrier for revenue compared to CUs) tend to delay deposits. What part of that is wrong?
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Offline HelpMe

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #374 on: December 22, 2011, 08:18:05 PM »
I apologize. I interrupted your IME wrong.
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Re: Earn miles/points with Amazon payments using a credit card
« Reply #375 on: December 22, 2011, 08:32:25 PM »
I apologize. I interrupted your IME wrong.

Interpreted?
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Re: Earn miles/points with Amazon payments using a credit card
« Reply #376 on: December 22, 2011, 08:36:13 PM »
Interpreted?
Yes, I think i need some sleep!  :)
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Re: Earn miles/points with Amazon payments using a credit card
« Reply #377 on: December 23, 2011, 04:48:19 PM »
In case this wasn't mentioned before, no income or loss is recognized on transactions between spouses.  Thus, if you transfer money to your spouse for "goods/services" you're not going to taxed on that money even if you get a 1099. 

Similarly, if your basis in an asset equals the price you sell it at, you'll have no tax.  For example if you buy a watch for $600 and sell it to someone for $600 and your paid through AP, the $600 is not income and is not taxed. 

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #378 on: December 23, 2011, 05:59:30 PM »
In case this wasn't mentioned before, no income or loss is recognized on transactions between spouses.  Thus, if you transfer money to your spouse for "goods/services" you're not going to taxed on that money even if you get a 1099. 

Similarly, if your basis in an asset equals the price you sell it at, you'll have no tax.  For example if you buy a watch for $600 and sell it to someone for $600 and your paid through AP, the $600 is not income and is not taxed.
AP does not care if the payments you receive is considered income or not. Once you receive a 1099 you will have to claim this on your taxes. Do really want to have this situation in case of an audit?
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Re: Earn miles/points with Amazon payments using a credit card
« Reply #379 on: December 24, 2011, 06:49:08 PM »
Once you receive a 1099 you will have to claim this on your taxes.
Claim what on taxes?  Just because you get a 1099 does not mean you can't deduct everything as old items sold at a loss. 
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.