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- PayPal Talk
( https://www.aspkin.com/forums/paypal-talk/)
| 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. |
| donkeykong2012 | 03-07-2018 12:38 PM |
Re: PayPal TOS Update - Transfers for verified people only!
People send funds to each other all the time. Family and Friends etc.
So yes it does affect Buyers. I see your point of course. It seems Paypal have a big problem with purchases paid with Paypal balances. |
| ebaystealth1974 | 03-07-2018 12:44 PM |
Re: PayPal TOS Update - Transfers for verified people only!
WTF?!?!
"For business accounts, we are changing the fee charged for our faster withdrawal option to an eligible debit card linked to your PayPal account to 1% of the transferred amount." |
| phaz0rz | 03-07-2018 12:48 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Generally when a real Paypal user is transferring money via F&F it's funded by their bank/CC and not a PP balance.
I'm not denying it will impact buyers but I think it will impact stealth sellers way more. |
| phaz0rz | 03-07-2018 12:49 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by ebaystealth1974
(Post 905858)
WTF?!?!
"For business accounts, we are changing the fee charged for our faster withdrawal option to an eligible debit card linked to your PayPal account to 1% of the transferred amount."
| Yeah, I saw that. But I've never done the debit card withdrawal thing anyway. Why pay when it's free the other way? |
| ebaystealth1974 | 03-07-2018 12:54 PM |
Re: PayPal TOS Update - Transfers for verified people only!
They know how to make money, that's for sure.
Do you know what the rate currently is? |
| Gladiator | 03-07-2018 01:20 PM |
Re: PayPal TOS Update - Transfers for verified people only!
I'm not surprised they are adding some new fees. They are gonna see a decent drop in their income around June when eBay allows an on-site payment options. I'd almost bet they raise their % on sales slightly soon too. |
| phaz0rz | 03-07-2018 01:42 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by ebaystealth1974
(Post 905863)
Do you know what the rate currently is?
| $.25 per withdrawal.
I don't know what kind of processing rates PP gets from the networks but I was surprised to see a flat fee when they rolled out the feature. They would have to be losing money if someone transferred a couple thousand dollars to their card and PP only charged $.25. |
| jackbooba | 03-07-2018 01:47 PM |
Re: PayPal TOS Update - Transfers for verified people only!
i need vcc for paypal |
| ebaystealth1974 | 03-07-2018 01:48 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by phaz0rz
(Post 905873)
$.25 per withdrawal.
|
Holy moly! Now it'll be $10 to withdraw $1000. Significant jump for people drawing big bucks, often.
Only time I'd ever use it is, if it was on a Friday. My money seems to go into the twilight zone until Monday, when I withdraw on Fridays lol |
| Gladiator | 03-07-2018 02:30 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by ebaystealth1974
(Post 905878)
Holy moly! Now it'll be $10 to withdraw $1000. Significant jump for people drawing big bucks, often.
Only time I'd ever use it is, if it was on a Friday. My money seems to go into the twilight zone until Monday, when I withdraw on Fridays lol
| Do you have Chase accounts at all? I get my Friday withdrawals on Saturday with them. Other banks it’s usually Sunday night when they process for Monday. |
| ebaystealth1974 | 03-07-2018 02:45 PM |
Re: PayPal TOS Update - Transfers for verified people only!
BOA. It's like no one in the universe has my money over the weeknd, and I dont like that! |
| Matce | 03-07-2018 04:51 PM |
Re: PayPal TOS Update - Transfers for verified people only!
I can provide an update here, not sure if you'll like it tho!
Had a second account with the "claim it" issue and tried to resolve it with various calls. Ended up with a manager at the end that could not provide a solution BUT spilled some bad news:
A) There is definitely an update coming (we know that): you will have to provide SS and DOB to have a running balance.
B) There will be a future update that will require SS to open a PP account.
Update #1 seems to be confirmed with the change of terms, I have my doubts on update #2 still, since they would loose a lot of customers. |
| smartguy | 03-07-2018 05:00 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Can somebody with a proper english , give a call to paypal and just ask about the update? |
| slokor | 03-07-2018 05:01 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Then again - you have to take anything paypal Customer rep people say with a huge grain of salt since theyre a bunch of monkeys who are always kept in the dark. |
| phaz0rz | 03-07-2018 05:07 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Yeah, but I'm afraid I can trust a manager who's saying the same thing as the UA update in different words.
So the question is can you still run a PP with just a bank account and have all funds transferred. The problem is, that's exactly what a merchant account does.
EDIT: and the other question is, will existing business accounts be alright using their EIN in place of SSN.. |
| slokor | 03-07-2018 05:09 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Guess we will all find out soon enough.
Until then this is all speculation. |
| donkeykong2012 | 03-07-2018 05:16 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Are Paypal doing this because of Adyen? It appears that is the plan. To tighten things up as divorce proceedings progress.
I have read the Policy Change again and it is clear as mud and ambiguous. As it is meant to be. It simply gives Paypal more power over its user base. From a legal point of view.
So Paypal want an SSN for anyone who has a US account and a running balance for purchases/transfers?
Good luck with that PP........ |
| phaz0rz | 03-07-2018 05:23 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Paypal has to move into the traditional banking/merch account business if they want to stay relevant post-Adyen. Requiring bank-level verification at signup would be a step in that direction.
Slokor is right about this being all speculation. Honestly though I have a good bit of money floating around in unverified accounts ATM and I'd like to be prepared if this starts in 21 days. |
| smartguy | 03-07-2018 05:24 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by donkeykong2012
(Post 905920)
Are Paypal doing this because of Adyen? It appears that is the plan. To tighten things up as divorce proceedings progress.
I have read the Policy Change again and it is clear as mud and ambiguous. As it is meant to be. It simply gives Paypal more power over its user base. From a legal point of view.
So Paypal want an SSN for anyone who has a US account and a running balance for purchases/transfers?
Good luck with that PP........
| People will quickly give it...as most of their users are buyers anyway, and you are being ask for an SSN almost anywhere, even for a prepaid card from payonner |
| donkeykong2012 | 03-07-2018 05:31 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by smartguy
(Post 905922)
People will quickly give it...as most of their users are buyers anyway, and you are being ask for an SSN almost anywhere, even for a prepaid card from payonner
| If of course they actually DO have an SSN from a stealth POV. |
| dallis | 03-07-2018 05:49 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Do you have Chase accounts at all? I get my Friday withdrawals on Saturday with them. Other banks it’s usually Sunday night when they process for Monday.
That's because the Fed handles these transactions, and they don't process credits and debits Friday night and Saturday night. They come back to work close to midnight on Sunday.
Some banks count 'pending' funds as available, Chase may be one of those, but technically the money isn't there in your account until the Fed actually processes the transaction.
If you watch your bank account you'll see that during the weekdays and most of the weekend you accumulate 'pending' transactions. Overnight they are processed and become 'completed'.
will existing business accounts be alright using their EIN in place of SSN
I can't imagine why that would be an issue, and EIN is an acceptable standin for a SSN most places. The bigger question is will they require the whole SSN or just the 4 digits they ask for now... ?
you will have to provide SS and DOB to have a running balance
Which really means you will have to provide SSN & DOB, because they won't let you use the balance in any way otherwise. |
| smartguy | 03-07-2018 06:00 PM |
Re: PayPal TOS Update - Transfers for verified people only!
SSN & DOBS must also match a real name/address? |
| suspendedfoe | 03-07-2018 06:03 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by smartguy
(Post 905932)
SSN & DOBS must also match a real name/address?
| Yes they must of they decline your request and then it only gives you an option to transferr the money out.
If the speculations are true then this will change the game for alot of us. |
Re: PayPal TOS Update - Transfers for verified people only!
Just a guess, but I think this applies more to sending money peer to peer than to receiving money through a market place. Guess we'll have to wait and see though. |
| ebaystealth1974 | 03-07-2018 06:19 PM |
Re: PayPal TOS Update - Transfers for verified people only!
They lose a TOOOOON of money with the Friends and Family thing. |
| empirestate | 03-07-2018 06:21 PM |
Re: PayPal TOS Update - Transfers for verified people only!
|
Re: PayPal TOS Update - Transfers for verified people only!
All caused by KYC on cryptos i believe. People are l*undering money by exchanging and withdraws. Seller is happy, buyer is happy, win win. They sell 100 usd in btc and receive 110 usd to paypal for example. I saw bigger amounts and delta. But this is something PP also kills itself?
I already used better payment processors running on cryptos than PP. If it is, people may stop using PP. EB to fiat money through PP is something else, BTC to fiat money is something else. I don't know :( I can imagine the pressure on PP, i believe this is not something they want to limit. |
| Gladiator | 03-07-2018 06:24 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by dallis
(Post 905930)
Do you have Chase accounts at all? I get my Friday withdrawals on Saturday with them. Other banks it’s usually Sunday night when they process for Monday.
That's because the Fed handles these transactions, and they don't process credits and debits Friday night and Saturday night. They come back to work close to midnight on Sunday.
Some banks count 'pending' funds as available, Chase may be one of those, but technically the money isn't there in your account until the Fed actually processes the transaction.
If you watch your bank account you'll see that during the weekdays and most of the weekend you accumulate 'pending' transactions. Overnight they are processed and become 'completed'.
| Yes, I'm aware of all of that since I'm not a moron. I was just stating that if he typically needs his funds faster Chase releases the funds on Saturday to the account from Friday transfers. There was no need to go into a big articulate explanation on how it works. |
| slokor | 03-07-2018 06:40 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by smartguy
(Post 905932)
SSN & DOBS must also match a real name/address?
| Cmon now... youre a smartguy - what do you think? |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by empirestate
(Post 905936)
You are wrong, I am getting "Claim it" messages and I sell on eBay...
| What are your accounts like that you got this on? Bank account attached? VBA? or CC only? Give us some info. Its the only way to try and figure this out. |
| ebaystealth1974 | 03-07-2018 06:43 PM |
Re: PayPal TOS Update - Transfers for verified people only!
What is a "claim it" message? |
| Matce | 03-07-2018 06:45 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by suspendedfoe
(Post 905933)
Yes they must of they decline your request and then it only gives you an option to transferr the money out.
If the speculations are true then this will change the game for alot of us.
| Not quite sure why this is really changing the game for us?
What do you do with your money other than pulling it out through a bank?
Yeah, you can pay suppliers and maybe buy some occasional stuff with a balance but ultimately it goes into a bank for 99% of us.
It's inconvenient but not a big deal overall.
Even if SS is required at sign-up, just start with business-account from the get-go. Problem solved.
All this really does is pi** off a lot of customers and paypal will be losing them. Weird move IMHO.
My GUESS is that paypal wants to "eliminate" balances and will implement fees for buyers when they use their card or bank. They pooped their pants when ebay dropped them.
Possibly fees coming for sellers as well when we pull money out through banks.
Beginning of the end for PayPal! |
| Matce | 03-07-2018 06:47 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by nate
(Post 905940)
What are your accounts like that you got this on? Bank account attached? VBA? or CC only? Give us some info. Its the only way to try and figure this out.
| I also have the CLAIM IT on some accounts.
Bank (VBA) attached
VCC attached
Fully verified
Some sales from ebay
I will try to do a transfer to bank later to see if it works. (will bounce because of VBA but the actual functionality of withdrawal shouldn't be impacted) |
| slokor | 03-07-2018 06:50 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by Matce
(Post 905943)
I also have the CLAIM IT on some accounts.
Bank (VBA) attached
VCC attached
Fully verified
Some sales from ebay
I will try to do a transfer to bank later to see if it works. (will bounce because of VBA but the actual functionality of withdrawal shouldn't be impacted)
| Testing it now will make little difference since these changes have no been implemented as of yet. |
Re: PayPal TOS Update - Transfers for verified people only!
So it kind of sounds like they are doing what ETSY/Aden does and you cant have an account without a bank account connected??? |
| phaz0rz | 03-07-2018 06:52 PM |
Re: PayPal TOS Update - Transfers for verified people only!
Quote:
Originally Posted by Matce
(Post 905943)
I also have the CLAIM IT on some accounts.
Bank (VBA) attached
VCC attached
Fully verified
Some sales from ebay
I will try to do a transfer to bank later to see if it works. (will bounce because of VBA but the actual functionality of withdrawal shouldn't be impacted)
| I'm interested to see how your experiment goes. Very nice of you to sacrifice your VBA for us. :redface: |
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