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Paypal Policy Update for March 29, 2019
 

I haven't seen anything posted about this and I am kind of confused. Forgive me if there's already a thread

I'll begin by saying that I don't see any changes for people who have a linked bank account and haven't verified their identity

The new policy update goes into effect March 29.

This is my understanding....

If you want to use your balance, you will need a "balance account" which looks like it's basically a paypal bank account of sorts. There will be two accounts, Paypal Cash and PayPal Cash Plus.

If you already have an account that is verified, PayPal will will automatically create a PayPal Cash Plus account for you. From what I'm understanding, if you haven't verified your identity, you will get a Paypal Cash account once you do. I wonder if you are eligible to update to a Plus account later on.

It seems like a PayPal Cash account will operate like a normal verified account

The one major different I am seeing between both is that a PayPal Cash Plus account will allow you to make mobile check deposits to add funds to your account. It also says that you will be able to add and withdraw cash at ATM's with this account.

Funds held in a PayPal cash account aren't FDIC insured. Those held in a Plus account will be.

Overall, there are two things that aren't clear..

1. Will unverified accounts with an attached bank account be affected by any of this?

2. The PayPal Cash account seems to be the basic one. How does one get a Plus account?

Re: Paypal Policy Update for March 29, 2019
 

My god. I thought they were trying to cut BACK on scammers?! haha

Re: Paypal Policy Update for March 29, 2019
 

If PayPal does indeed want to accept mobile check deposits, they will not only need a Federal banking license, but also comply with verifing customers identities the same way banks do.

Re: Paypal Policy Update for March 29, 2019
 

The information in my initial post was in an e-mail received by a friend. None of my accounts have received this e-mail, including the ones that are not verified and don't have an attached bank account.

I went on the paypal website and found information regarding accounts that aren't verified and have an attached bank account. Those accounts will continue to only allow withdrawals to a bank or debit card.

Re: Paypal Policy Update for March 29, 2019
 

I think that's the purpose of the paypal cash and plus accounts. They'll be a separate account linked to your paypal account. They may have gone this route so that they unverified customers who only withdraw to bank accounts wouldn't be affected. They make it clear that they are following federal rugulations going into effect on April 1.

Re: Paypal Policy Update for March 29, 2019
 

I have not seen this email on any of my PP stealths, and I have quite a few.

As you stated, it's likely only for people that have enrolled or used paypal cash and plus accounts.

Re: Paypal Policy Update for March 29, 2019
 

I think the only thing that comes out of this is that all unverified accounts with no bank account attached will be useless after March 29. I still have two accounts that allow me to send money, make purchases, etc. I'll have to decide within a few days if I should let them go or risk "wasting" two good bank accounts if paypal asks to verify my identity when I try to add them.

Re: Paypal Policy Update for March 29, 2019
 

Europe too?

Re: Paypal Policy Update for March 29, 2019
 

Could you use VBA instead of real bank account?

Re: Paypal Policy Update for March 29, 2019
 

I got the same notice of policy updates.
And no a VBA wont help with this.
Basically nothing changes from how its going on at the moment except that it ensures that ALL paypal accounts will be universally covered by the current 'claim it' issue that most people here are already familiar with. If you have a bank account based in the US which is your own then the impact is minimal and you can withdraw your funds to it and use it as your source of funding. If youre from outside the US and do NOT have access to a US based bank account then using a US based stealth account is not something youll be able to do. That's pretty much it.

Re: Paypal Policy Update for March 29, 2019
 

Here is a quote from the new notice of policy update regarding the cash account:

Opening a Cash Account
If you open a Cash Account you will be able to hold a balance, and use balance to send and receive money, buy
things online using mobile devices or in stores, and make payments, among other benefits. You can only open
a Cash Account if you have a personal PayPal account in good standing, and you can only use your Cash
Account by accessing it through your personal PayPal account. We will automatically link your Cash Account to
your personal PayPal account.

You cannot have both a PayPal Cash account and a PayPal Cash Plus account linked to your personal PayPal
account at the same time. Your login credentials for your personal PayPal account act as the credentials to
access your Cash Account.

Before you can open a Cash Account, we must verify or have previously verified the required identifying
information that you provide to us. The required identifying information is: name, physical address, date of birth and taxpayer identification
number.


The question not really being answered here is what happens to accounts that do not have this cash account and receive a payment. I assume youll still be able to get it and withdraw it the question is if it will remain the same way it is not or if it will change.

Re: Paypal Policy Update for March 29, 2019
 

This is what I found in the help center section. I will take a screen shot so that you guys can see what those with verified accounts will see. Like it says, those of us with unverified accounts will still be able to withdraw money to our bank accounts.

I'm curious if this also applies to other platforms like google pay. I haven't used google pay in a while, but someone did send me a payment via google pay last year and I used to shop online

http://oi68.tinypic.com/ztj7fa.jpg

Re: Paypal Policy Update for March 29, 2019
 

So basically theyre just calling your paypal balance a 'cash account'.
Its an excuse to uniformly roll out the 'claim it' thing to all accounts old and new. No avoiding it any longer.

Re: Paypal Policy Update for March 29, 2019
 

This is the first im hearing about any of this. It's making me sick to my stomach. I have like 10 accounts (some with bank some without) and haven't seen this on any yet.

Re: Paypal Policy Update for March 29, 2019
 

Seen it or not - its coming. March 29th this new update hits ALL US based paypal accounts. No exceptions.

Re: Paypal Policy Update for March 29, 2019
 

In the nicest way possible slokor, I'd like to ask you what your plan is moving forward in terms of selling accounts?

Business as usual and just make sure all your buyers understand the bank account requirement?

Aside from "claim it" there's been a lot of talk on the forum lately about people not being able to add bank accounts. I'm not going to speculate but I'm wondering if the security around adding bank accounts to PP's will be upgraded to go along with this new "feature".

Side note - This is the same day eBay is forcibly removing my merchant account. I know there's a correlation but I don't know to what extent.

Re: Paypal Policy Update for March 29, 2019
 

So, Ayden will be your only choice for that account?

Re: Paypal Policy Update for March 29, 2019
 

Looks like it. It doesn't sell much anyway. I'll probably put it through Adyen's application just to see what it's like. Wouldn't be the end of the world if I accidentally kill the account in the process.

I could take my chances adding a new PP account but then I probably wouldn't be able to "verify" it to get rid of "claim it".

Re: Paypal Policy Update for March 29, 2019
 

Because of the merchant account, right? Hopefully you don't kill it, and when Ayden becomes a commonplace thing(or when they accept paypal through it like Etsy does), it'll pick back up for you!

Re: Paypal Policy Update for March 29, 2019
 

Mostly because of the merchant account but also because I haven't made any new listings on it in like 2 years. Basically I shifted my focus to other accounts when I added the merchant account because I knew it was going to drop my sales to almost 0.

When they first started talking about Adyen I kinda got excited because I was thinking in the new system more buyers would be willing to buy from me since tons of sellers would be asking for CC #'s like my account does. But then they come out and tell me merchant accounts won't be allowed anymore.

But yeah, if the account survives the Adyen application process I'll probably shift my focus back to it since it's my highest feedback account.

Re: Paypal Policy Update for March 29, 2019
 

Good luck with it!

Re: Paypal Policy Update for March 29, 2019
 

So you guys think that PP will start acting more like a bank and eventually become an online bank?

Re: Paypal Policy Update for March 29, 2019
 

Not much us sellers can do other than that. Make sure people are as well informed as possible is all we can do - which is what Ive always done in the past as well.
Im working to get a 'sticky' with info pertaining to this new state of things with paypal which impacts Non US buyers for the most part. If one is from the US or Canada this has a minimal impact on them since they can add a US based bank account and continue operations as before.
As for adding bank accounts - I myself add VBAs to all my accounts and have never had an issue. I don't want to speculate as to what others might be doing wrong. Just saying I myself never have an issue.

Re: Paypal Policy Update for March 29, 2019
 

Why not just add a US bank account and continue operations as usual then?
Im sorry I have no idea what country your from cause youre not showing a flag. Care to share?

Re: Paypal Policy Update for March 29, 2019
 

May the stealth gods be with you!

Re: Paypal Policy Update for March 29, 2019
 

I highly doubt that.
They can get away with murder at the moment because theyre NOT a bank. If they AE a bank they'll have to follow ALL the regulations that other banks are forced to follow. No more random limitations on accounts - don't think that's what paypal wants.

Re: Paypal Policy Update for March 29, 2019
 

The only thing they are going to do is try to make it more strict for users who are using stealth but they have always been doing that aren't they?

People always comes around with the solution and they will now too.

So chill relax and wait for more opportunities to popup :-)

Re: Paypal Policy Update for March 29, 2019
 

It talks about that you are still able to receive money, but click on a accept button to claim it. Can you just not click on it and accept it later on to withdraw to a bank account? How long can you keep money in "claim it" form?

Re: Paypal Policy Update for March 29, 2019
 

So pretty much, accounts that we are selling on now and don't have a bank account linked to. We have the decision to try and drain the funds & ditch before 3/29 or add a bank acct then? Wtf! To say this sucks would be a huge understatement!

Re: Paypal Policy Update for March 29, 2019
 

You chill relax. It's easy to say when this doesn't affect you. There is no "solution" for people to come up with for this.

Re: Paypal Policy Update for March 29, 2019
 

What would be the point of keeping it there in a balance that cannot be used though?
if anything id rather withdraw it immediately and in that sense its actually better than it was previously cause from now on you don't have to be concerned with waiting 180 days should the account get limited - there wont be any funds in there.

Re: Paypal Policy Update for March 29, 2019
 

You live in the US.
This has minimal impact on you so why are you complaining?
Add your US based bank account and continue working as usual. Just withdraw the funds instead of keeping them in a balance.
I fail to see what issue youre having with this. Unless youre NOT in the US and the flag youre flying is the wrong one...?

Re: Paypal Policy Update for March 29, 2019
 

Hmmpf, i have 1 stupid account that won't let me add a bank because the phone # from google got disconnected... I guess i should add a number to that account now, and hope in a month or so they let me add a bank, or maybe give them a call instead? I have like 10k in there, i guess i can also start just withdrawing it all..

So summary is, unless you add a bank, you can't send money?

Re: Paypal Policy Update for March 29, 2019
 

I guess we have different definitions of minimal impact. I have lots of accounts that I sell on that I don't have/want to link bank acct too. I use those accts to pay my rent (my landlord lets me use paypal), buy gift cards and supplies I need on ebay, uber, grubhub, fanduel, bitcoin, buying accts on here, etc. etc. All of that will no longer be an option. That's the issue I'm having. I fail to see how you think this has minimal impact on sellers in the US?

Re: Paypal Policy Update for March 29, 2019
 

Pretty much.
Also, if you add a new phone number it can sometimes take 4-6 months for you to be able to use it to bypass verification calls of that sort.
Id add a new phone number then wait a few weeks and try. Maybe youll get lucky. If you do not either wait as long as it takes or if youre unable to do so - call them to get it added manually.

Re: Paypal Policy Update for March 29, 2019
 

I guess we do have different definitions.
I have 35 accounts I operate on. Each has its own bank account. Took 6 months and 6 different accounts to get it done. Was overall rather simple.
The account you use for rent can still be used. Add a bank account and set it as the primary source of funding. Withdraw the funds from the paypal to the bank account then the payments are sent using that same bank account. Same for all the other accounts.
The other option is give up on all the accounts and forget about paypal. Is that really something you are willing to consider? you who has the option to keep on using these accounts even if it is inconvenient to set up? Add a bank account to each and every paypal you have and continue working.
In my book that is MINIMAL impact compared to someone outside the US who does NOT have the option to open multiple US bank accounts (or even a single one for that matter). Those individuals are completely done using a stealth US paypal account. Now THAT is a major impact. Don't you think?

Re: Paypal Policy Update for March 29, 2019
 

Pretty sure you must enter SSN now to even withdraw to bank. Stealth will be dead, unless you want to risk big trouble and commit fraud. Really sucks to see things moving this direction.

Re: Paypal Policy Update for March 29, 2019
 

Simply not true.
You do not need to add SSN to withdraw your funds.

Re: Paypal Policy Update for March 29, 2019
 

What about paying eBay and shipping costs? How does that work? That's all I ever use my balance for. Then withdraw to bank.

Re: Paypal Policy Update for March 29, 2019
 

I haven't seen this on any of my accounts yet, of course they are all business accounts with ein's..So maybe that's why? I do get the collect it button on a few of those, i also do have a few asking for docs to send money, but i've ignored it, because i don't need to send money, i just withdraw it anyway. I can see this being an issue for people outside the USA, but if you have an EIN and a bank, just upgrade to business and avoid the SSN part..


After reviewing the account i was talking about, i realized i have an old savings account on there that is still saved, so it's still technically verified. Since ebay fee's are not pulled from that account.. as it's a "secondary" paypal. I don't have any automatic payments being pulled that would default to there. So for now, as long as that old non working savings is there i'll just keep friends and family withdrawing the funds until the phone gets active.

Last week i did receive a weird call from someone who told me paypal tried to take funds out of an old account they closed to pay fees. When i came back from vacation i logged into the account and did notice that the old accounts were removed...However, paypal said they were able to still pay the fees by using funds in the balance. So i just disregarded it, this all lines up with this. I only send funds around on my brand new accounts i am not sold will last, although i will add banks to them before the 29th now.