Are this new paypal policy what i think?

[cazador]

Hello guys i just receive an email today from PP,About new changes in their policies in early next month,and in the way i understand (hope i am wrong) we have to update our information with our SS# And Tax ID?,Here is the email,idon't know if this is only to US Or everywhere

PayPal
Dear Barack Obama,
In an effort to keep our customers informed of changes which may impact their normal anticipated experience, we wanted to take this opportunity to share with you some changes that you can expect beginning in April 2012.

In July 2011, the Bank Secrecy Act was amended. In summary, money service businesses (such as PayPal) will be required to verify customers’ personal information prior to providing certain services or customer elected product offerings.

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What changes can I expect?
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For some specific products or balance funding options, PayPal may ask you to ensure your full legal name, address, date of birth, and the last four digits of your social security number are accurate. If your information is already on file with us, you may be asked to re-verify this information. If we do not have your information, you may be asked to provide or update this information before we can process your request for a particular product or balance funding action. We may refund monies to your funding source in the event that more information is needed.

PayPal will only ask you for this information if you are logged into your account. If further information is needed, PayPal will contact and direct you to resolve any concerns via our secured Resolution Center beginning in early April 2012.

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What can I do to help ensure my information is updated?
=========================================

The next time you log into your PayPal account, please ensure your full name, address, and tax ID information are accurate.

If you need to make an update, you can complete the process by following these instructions:

1. Log in to your PayPal account.
2. Click "Profile" near the top of the page.
3. Click "Update" or “Change” beside the Name, Address, or Tax ID Number field(s).

We appreciate your business and look forward to our continued partnership.

PayPal



© 2012 PayPal Inc. All rights reserved. PayPal is located at 2211 N. First St., San Jose, CA 95131.

[hackteck]

barak obama? you seriously made a stealth account with the name of the president?

[Hugh Jass]

So we just have to wait and see...Who knows what pp say. They are always so vague( intentionally).

[mrcvs1]

I think this new changes is for specific products, but who knows.

[imjustme]

Originally Posted by cazador

Here is the email,idon't know if this is only to US Or everywhere

I guess it's only in the US, since other countries don't have SS#.

But please tell me you didn't make an account with Barack Obama's name, because that could be considered identity theft of the US President and some pretty nasty charges. eBay and PayPal might be the least of your worries for the next 90,000 years.

[cazador]

LOL Of course i did not make an account under the presidents name,i just change my name

[Bingo]

US sellers please give your idea.

[cazador]

So if what i think is right..well.,i think more than 80% of the stealth accounts will be going to hell so we have to test some methods to bypass those requirements,i maybe burn my accounts in the try's.

[user3657]

it sounds like its only to fund accounts....atleast thats what i get from it.

[gregory]

In any case, with PP requiring more ID processing this is NOT a positive development. In the end this new policy could end up being a huge roadblock to future stealth players. I think its only a matter of time (few weeks?) before it really gets the boards attention.

[Bingo]

Originally Posted by gregory

In any case, with PP requiring more ID processing this is NOT a positive development. In the end this new policy could end up being a huge roadblock to future stealth players. I think its only a matter of time (few weeks?) before it really gets the boards attention.

I don't think so since this is not Paypal policies, this is the amended Bank Secrecy Act.

[gregory]

Sure, but whatever pieces of legislation the govt passes has a direct effect on paypal policy. Such is the case here. Funding is a thing of the past. Only need clarification on "specific products".

[UnderBites08]

Only time will tell. Im about to make 40 accounts soon.

[jamblix]

"PayPal may ask you to ensure your full legal name, address, date of birth, and the last four digits of your social security number are accurate"

Don't think this is going to change much, been this way for years now. Pp will lose money if they ask every single seller to provide #ssn not only the stealth ones either.

I also believe the number of stealth users out there are far more then what people actually think. We are not insignificant enough to just cast aside, eb and pp would lose a chunk of change without it's stealth users.

[Bingo]

Do all of you here receive this email from Paypal?
I, myself, don't receive any single email from PP, and my friend received only one email among 3 of his accounts.

[jamcocktail21]

I did not receive any emails too

I think you received that email cause of your NameAbama

[gregory]

I recieved the e-mail as well as my dad and a few friends. Its getting out there slowly.

[Hugh Jass]

I haven't received it. Looks like many didn't either and it's almost the end of March. pp is frowning upon this Act it looks. If it was to their advantage, they would have acted much quickly.

[elitepowersales]

Paypal is not a bank, which is why they can screw their customers with impunity. The do not have to follow any Bank Secrecy Laws if they did not want to. They do have to adhere to money laundering regulation being a US company.

[jeffweico]

Actually, the Bank Secrecy Act was updated and now includes "money transfer businesses" which includes PayPal.

[beeker]

I received this email several weeks ago.

[yotano211]

I looked through all my accounts and nothing. The only way around this is to make real companies with a EIN number.

The only thing i noticed was this on paypal


Amendment to the PayPal User Agreement

Effective Date: April 1, 2012

Section 2.3 of the User Agreement (Identity Authentication) is being amended because we are making changes to our customer identification program as a result of changes in the law. Section 2.3 will now read:

2.3 Identity Authentication. You authorize PayPal, directly or through third parties, to make any inquiries we consider necessary to validate your identity. This may include asking you for further information, requiring you to provide your date of birth, a taxpayer identification number and other information that will allow us to reasonably identify you, requiring you to take steps to confirm ownership of your email address or financial instruments, ordering a credit report, or verifying your Information against third party databases or through other sources. We may also ask to see your driver’s license or other identifying documents at any time. If you use certain PayPal Services federal law requires that PayPal verify some of your Information. PayPal reserves the right to close, suspend, or limit access to your Account and/or the PayPal Services in the event we are unable to obtain or verify this Information.

Section 4.12 of the User Agreement (Micropayments for Digital Goods) is being updated to increase the maximum amount received in Taiwan New Dollars (TWD) that may be subject to a reversal without requiring a Dispute escalation from 10.00 TWD to 249.00 TWD.


Amendment to the PayPal Privacy Policy

Effective Date: April 1, 2012

We have made amendments to the PayPal Privacy Policy to reflect the way PayPal collects, stores and processes your personal information. A few of the changes to the Privacy Policy are highlighted below, however, we recommend you review the updated Policy in its entirety. The amended Privacy Policy is effective April 1, 2012 for existing users and effective upon acceptance for new users.

How we collect information about you. We have amended this section to address how PayPal collects data from your computer, mobile phone or other access device. We may also collect information about your use and interaction with our website, application or the PayPal Services.

How we use cookies. We have amended this section to reflect our use of session and persistent cookies, Local Shared Objects (commonly referred to as “Flash Cookies”) and the use of pixel tags. The help section of most browsers or browser add-ons provides instruction on blocking, deleting or disabling cookies.

Marketing. We have amended this section to address opting-out of notifications via our application and SMS messages.

How you can access or change your personal information. We have amended this section to include information regarding our account closure process.

How you can contact us about privacy questions. We have amended our disclosure of PayPal’s recognition as a TRUSTe Privacy Seal holder to comply with TRUSTe’s Website Privacy Certification program requirements.