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  #1  
Old 06-22-2019
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Default Instant Verification

Are instant verification or micro deposits safer when adding a bank account?
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Default Re: Instant Verification

Safer in which way?

Contrary to popular belief, PayPal can already see the name on the bank account when doing the micro deposit verification. That said, whether or not they do anything about any name mismatch is debatable. It's rather obvious that PayPal has let this practice slide for years, and they probably only "do something" about it upon manual review, or otherwise decide to.

Any ACH pull (debit) from a bank deposit account will always result in those details being passed to the initiator of the transaction. If anyone tells you otherwise, they are unfamiliar with the way NACHA's Automated Clearing House really works.

The instant verification is done by a third party (not PayPal themselves) that takes the online banking logins and the data contained within it. Since each bank has different way of presenting data within their respective web portals, it's unclear exactly that details are passed to PayPal. I can only assume it's at the vary least the account type, and account number.
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Default Re: Instant Verification

Nickopedia is correct on everything. Method does not matter, what matters is if PayPal creates a new policy to care about names.

I suspect in the future they will be. Ebays new system already does care.
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Default Re: Instant Verification

A lot of companies let things slide even though they really know what's going on.

Change in policy is one thing, but changes in law, or regulations are quite another. If PayPal WANTED to, they could end stealth tomorrow. I feel the federal government, states, and the financial oversight committees have been slowly tightening up controls with respect to KYC/AML and the PATRIOT ACT.

If, and when PayPal or Banks decide to stop allowing account name mismatches, it will almost always be driven by regulatory processes. In other words, blame Congress, your State Legislature, and the FED.
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Default Re: Instant Verification

Quote:
Originally Posted by Leader2dark View Post
Nickopedia is correct on everything. Method does not matter, what matters is if PayPal creates a new policy to care about names.

I suspect in the future they will be. Ebays new system already does care.
What's Ebays new system?
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Default Re: Instant Verification

eBay "new system" is called Managed Payments and during enrollment you give eBay your bank details where to sent payments. The name on the bank account (or company name for LLC) must match the eBay name otherwise it will fail verification.
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Default Re: Instant Verification

Quote:
Originally Posted by nickopedia View Post
eBay "new system" is called Managed Payments and during enrollment you give eBay your bank details where to sent payments. The name on the bank account (or company name for LLC) must match the eBay name otherwise it will fail verification.
Whats bad about it?
I've been away for a while now
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Default Re: Instant Verification

No more stealth names
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