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  #1  
Old 02-16-2019
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Default 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?
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Old 02-16-2019
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Default Re: Paypal Policy Update for March 29, 2019

Quote:
Originally Posted by StealthGirl View Post
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.
My god. I thought they were trying to cut BACK on scammers?! haha
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Old 02-16-2019
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Default 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.
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Default 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.
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Default Re: Paypal Policy Update for March 29, 2019

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Originally Posted by nickopedia View Post
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.

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.
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Default 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.
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Default Re: Paypal Policy Update for March 29, 2019

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Originally Posted by nickopedia View Post
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.

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.
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Old 02-16-2019
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Default Re: Paypal Policy Update for March 29, 2019

Europe too?
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Default Re: Paypal Policy Update for March 29, 2019

Quote:
Originally Posted by StealthGirl View Post
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.
Could you use VBA instead of real bank account?
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Old 02-16-2019
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Default Re: Paypal Policy Update for March 29, 2019

Quote:
Originally Posted by JENNY9091 View Post
Could you use VBA instead of real bank account?
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.
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Old 02-16-2019
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Default 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.
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Default 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

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  #13  
Old 02-17-2019
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Default 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.
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Old 02-17-2019
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Default 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.
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Default 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.
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Old 02-17-2019
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Default 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.
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Default Re: Paypal Policy Update for March 29, 2019

Quote:
Originally Posted by phaz0rz View Post
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.
So, Ayden will be your only choice for that account?
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Old 02-17-2019
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Default Re: Paypal Policy Update for March 29, 2019

Quote:
Originally Posted by ebaystealth1974 View Post
So, Ayden will be your only choice for that account?
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".
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Default Re: Paypal Policy Update for March 29, 2019

Quote:
Originally Posted by phaz0rz View Post
Looks like it. It doesn't sell much anyway.
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!
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Old 02-17-2019
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Default Re: Paypal Policy Update for March 29, 2019

Quote:
Originally Posted by ebaystealth1974 View Post
Because of the merchant account, right?
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.
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  #21  
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Default Re: Paypal Policy Update for March 29, 2019

Good luck with it!
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Old 02-17-2019
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Default 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?
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