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- PayPal Talk
( https://www.aspkin.com/forums/paypal-talk/)
| Gladiator | 03-06-2018 07:39 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by LuckyGuy99
(Post 905681)
PP don't force us to link a bank account. There is one more option, to link a debit card.
| I'm sure most people on here choose bank accounts to get their deposits given the stealth nature of most of their accounts. So, logically, this shouldn't be a big deal for anyone whose doing business regularly through any particular account. |
| smartguy | 03-07-2018 09:59 AM |
Re: PayPal TOS Update - Transfers for verified people only!
until you need to pay your supplier with paypal too ... |
| phaz0rz | 03-07-2018 10:00 AM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by smartguy
(Post 905783)
until you need to pay your supplier with paypal too ...
| Paying a supplier with PP adds 4-5% to your total and tells Paypal exactly where your inventory comes from. Definitely not the best way to use PP funds.
Even still, it's not hard to add a VBA. Yet. |
| smartguy | 03-07-2018 10:04 AM |
Re: PayPal TOS Update - Transfers for verified people only!
Who says they will verify that information with a VBA only? |
| yankee | 03-07-2018 10:05 AM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by smartguy
(Post 905788)
Who says they will verify that information with a VBA only?
|
VBA is a bank account in paypals eyes. That is the point of Virtual Bank Accounts. I dont understand your question. |
| phaz0rz | 03-07-2018 10:16 AM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by smartguy
(Post 905788)
Who says they will verify that information with a VBA only?
| You have a good point.
Going by PP's current definition of "verified", that means adding a tax ID or a bank account to a US account. Let's hope they don't change their definition of verified.
If they were to change it to where you have to submit docs to become verified, right around the same time eBay is breaking up with Paypal, they would probably go out of business. |
| Ebayorbust | 03-07-2018 10:21 AM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
If there were to change it to where you have to submit docs to become verified, right around the same time eBay is breaking up with Paypal, they would probably go out of business.
| They've effectively had that requirement on EU Paypal for years and it hasn't affected their business. |
| phaz0rz | 03-07-2018 10:24 AM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by Ebayorbust
(Post 905800)
They've effectively had that requirement on EU Paypal for years and it hasn't affected their business.
|
After 2500 Euro though, right? Do you think they'd be doing so well if you had to verify every stealth identity at signup? |
| Ebayorbust | 03-07-2018 10:29 AM |
Re: PayPal TOS Update - Transfers for verified people only!
If they asked for it at sign up, I doubt it would have a significant impact on their sales.
A large proportion of payment processors require ID verification before you can do anything.
Surely you guys in the States would prefer ID verification over the SSN requirement? One is far easier to sort than the other. |
| LuckyGuy99 | 03-07-2018 11:06 AM |
Quote:
Originally Posted by phaz0rz
(Post 905801)
After 2500 Euro though, right? Do you think they'd be doing so well if you had to verify every stealth identity at signup?
| Absolutely agreed. |
| LuckyGuy99 | 03-07-2018 11:10 AM |
Please read the update carefully:
"If we have not verified your identifying information, a balance in your PayPal account can generally only be held in your PayPal account and transferred to a linked bank account or debit card."
That means even if your PP linked with a card or a bank account, PP still will ask you to verify your identity. |
| phaz0rz | 03-07-2018 11:21 AM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by Ebayorbust
(Post 905803)
Surely you guys in the States would prefer ID verification over the SSN requirement? One is far easier to sort than the other.
| Providing your SSN is part of verifying your identity with any US financial institution. If Paypal were to require identity verification before any US seller can touch payments, sellers would probably be forced to provide their SSN because social security cards are government issued ID.
The only reason this site exists is becuase Paypal has always chosen not to act as a traditional payment processor so they aren't required to be as stringent with ID verification. It's fraud to give a real merchant account provider "stealth" info but it's not with Paypal, because Paypal outsources their banking operation rather than forming their own bank.
I guess we'll see where this goes. :violin: |
| dallis | 03-07-2018 11:27 AM |
Re: PayPal TOS Update - Transfers for verified people only!
"If we have not verified your identifying information, a balance in your PayPal account can generally only be held in your PayPal account and transferred to a linked bank account or debit card."
Got to say I picked up on that too and that sounds ominous, and it's coming on April 1, less than 60 days away. |
| suspendedfoe | 03-07-2018 11:59 AM |
Re: PayPal TOS Update - Transfers for verified people only!
well this thing happened to me with about 10-20 accounts that were made in 2017..first payment would be held with a "claim it" link. your money becomes available and you either provide SSN to get the money to be in your balance or directly transferr to bank/debit.
This will not end stealth but I like to have a lot of small accounts that small balance (100 bucks or less)...so for me this would be a headache if I'm required to attach a real bank/debit just to use the money |
| donkeykong2012 | 03-07-2018 12:04 PM |
Re: PayPal TOS Update - Transfers for verified people only!
"We’re changing the balance functionality for your PayPal account depending on whether we have been able to verify identifying information that you provide to us. "
"If we have not verified your identifying information, a balance in your PayPal account can generally only be held in your PayPal account and transferred to a linked bank account or debit card."
My interpretation is the Bank Account would need to be verified via Bank Deposit before funds could be utilized. I don't think it is about providing ID. And this will apply to both new and established accounts. |
| phaz0rz | 03-07-2018 12:17 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by donkeykong2012
(Post 905845)
"If we have not verified your identifying information, a balance in your PayPal account can generally only be held in your PayPal account and transferred to a linked bank account or debit card."
My interpretation is the Bank Account would need to be verified via Bank Deposit before funds could be utilized.
| The way it's worded, it sounds like adding a bank account will no longer be enough to verify yourself.
It says clearly that if they haven't verified your identity you can only transfer funds to a linked card or bank. This implies additional steps will be required after adding a bank to become verified. IF Paypal will be cool with stealth users adding a bank to withdraw but not completing ID verification (so you'd have an account where you can only withdraw but never spend funds) then stealth can live on. But if they're going to start limiting everyone who adds a bank account but doesn't verify their identity, then US stealth will be done. |
| LuckyGuy99 | 03-07-2018 12:20 PM |
Quote:
Originally Posted by phaz0rz
(Post 905846)
The way it's worded, it sounds like adding a bank account will no longer be enough to verify yourself.
It says clearly that if they haven't verified your identity you can only transfer funds to a linked card or bank. This implies additional steps will be required after adding a bank to become verified.
IF Paypal will be cool with stealth users adding a bank to withdraw but not completing ID verification (so you'd have an account where you can only withdraw but never spend funds) then stealth can live on. But if they're going to start limiting everyone who adds a bank account but doesn't verify their identity, then US stealth will be done.
| Is there a risk that PP will apply this update to all PP accounts in the world? |
| donkeykong2012 | 03-07-2018 12:23 PM |
Re: PayPal TOS Update - Transfers for verified people only!
I find it hard to believe they will simply limit anyone with Paypal balances who want to spend or transfer money, who do not provide ID.
It is not in Paypal's interests. The flow of cash makes them money. This policy change impacts buyers NOT sellers.
I don't believe this is a doomsday scenario but we will see. |
| empirestate | 03-07-2018 12:23 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by phaz0rz
(Post 905846)
The way it's worded, it sounds like adding a bank account will no longer be enough to verify yourself.
It says clearly that if they haven't verified your identity you can only transfer funds to a linked card or bank. This implies additional steps will be required after adding a bank to become verified.
IF Paypal will be cool with stealth users adding a bank to withdraw but not completing ID verification (so you'd have an account where you can only withdraw but never spend funds) then stealth can live on. But if they're going to start limiting everyone who adds a bank account but doesn't verify their identity, then US stealth will be done.
| We need someone who has banks added to one of these "Claim It" accounts to make sure it works for withdrawal. LET'S NOT SPECULATE.... |
| suspendedfoe | 03-07-2018 12:27 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by LuckyGuy99
(Post 905849)
Is there a risk that PP will apply this update to all PP accounts in the world?
| Possibly
I also wanna add the payments that had the claim it issue we're only through eBay...anything else was fine like a regular PayPal invoice or a company paying you like Swagbucks |
| donkeykong2012 | 03-07-2018 12:34 PM |
Re: PayPal TOS Update - Transfers for verified people only!
|
| phaz0rz | 03-07-2018 12:36 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by donkeykong2012
(Post 905850)
I find it hard to believe they will simply limit anyone with Paypal balances who want to spend or transfer money, who do not provide ID.
It is not in Paypal's interests. The flow of cash makes them money. This policy change impacts buyers NOT sellers.
I don't believe this is a doomsday scenario but we will see.
| I really hope you're right for all of our sake.
I have to point out though that this update impacts sellers a lot more than buyers. Someone who doesn't sell doesn't receive payments into their PP. Anyone buying things with a Paypal balance which they've funded from their attached bank account is a normal buyer and not a stealth buyer. |
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