BAD NEWS? When adding bank account UK. Help.

[bhuzz]

Just went to add a bank to my PayPal. Where I add sort and account number. Underneath it states: by continuing,you agree to let us send 2 small deposit amounts (less than £1.00) and retrieve them in 1 withdrawal. WHY? Surely when the retrieve them in 1 transaction they will see my name. ???? Is this new??? I don't remember this last time. Please advise. Help always appreciated.

[nickopedia]

This is already done in the USA.

PayPal can already see the bank account name when they pull the money back OUT.

The question remains if they care about it or not. If they didn't, then it would be a LOT harder to operate stealth accounts as we do now.

[bhuzz]

So is adding a bank account now in UK gonna kill stealth PayPal withdrawal?

[sax4]

Just tried to add a bank then saw the same.

Yes it makes things harder for sure, also once they see the bank account has a different name will they do anything about that?

[bhuzz]

Originally Posted by sax4

Just tried to add a bank then saw the same.

Yes it makes things harder for sure, also once they see the bank account has a different name will they do anything about that?

Its Fu**ed up.

[phaz0rz]

It's been that way on USA Paypal for as long as I've been using it. Have they been letting you guys in the UK keep the micro deposits this whole time?

Regardless, it hasn't killed anything yet.

[bhuzz]

Originally Posted by phaz0rz

It's been that way on USA Paypal for as long as I've been using it. Have they been letting you guys in the UK keep the micro deposits this whole time?

Regardless, it hasn't killed anything yet.

So PayPal never had a problem with mismatched names when it came to adding a card and them taking money out?

[phaz0rz]

Originally Posted by bhuzz

So PayPal never had a problem with mismatched names when it came to adding a card and them taking money out?

It's when we add a bank account (not a card). On USA Paypal there's always been that message saying "Paypal will send two small deposits and then pull them out in one transaction." Or at least for as long as I've been using Paypal. Two small deposits go in, the total of the two small transfers goes back out to Paypal, then we enter the two small deposit amounts in our PP wallet to confirm the bank account.

We can only guess they don't have a problem with it, because it hasn't caused any issues yet.

[nickopedia]

As I posted above, PayPal has long had the ability to see the actual name on the BANK account whenever they retrieve those micro-deposits. That last transaction is an actual DEBIT when they take back that small money; the account holder is seen.

Up until now PayPal doesn't seem to care if there is a mismatching name. Even on a real account mismatches are frequent. An example is if my name is "Anthony Q. Jones" on my bank, and on my PayPal it's "Tony Jones", etc. There may also be variations of initials, suffixes, etc.

There are some services (i.e. Coinbase) that do not tolerate mismatching names at all. PayPal and Amazon don't seem to care quite as much. It's unsure how this mismatch trend will play out once Managed Payments (Adyen) is fully deployed.

[bhuzz]

Thanks for your help. I appreciate it. Gonna add this card in the morning. That's a relief.

[SaiJin]

Originally Posted by bhuzz

Just went to add a bank to my PayPal. Where I add sort and account number. Underneath it states: by continuing,you agree to let us send 2 small deposit amounts (less than £1.00) and retrieve them in 1 withdrawal. WHY? Surely when the retrieve them in 1 transaction they will see my name. ???? Is this new??? I don't remember this last time. Please advise. Help always appreciated.

this has always been procedure. You'll be fine.

[Jigsaw]

Must be a display error because when I added a bank just now, it sent the 1p deposit with verification code to verify like it always does for UK accounts. When it asks to submit Direct Debit mandate, you can just click finish later as that is optional.

[bhuzz]

Originally Posted by Jigsaw

Must be a display error because when I added a bank just now, it sent the 1p deposit with verification code to verify like it always does for UK accounts. When it asks to submit Direct Debit mandate, you can just click finish later as that is optional.

Just checked again. Still saying same thing. 2 in and 1 out.

[phaz0rz]

Originally Posted by Jigsaw

Must be a display error because when I added a bank just now, it sent the 1p deposit with verification code to verify like it always does for UK accounts. When it asks to submit Direct Debit mandate, you can just click finish later as that is optional.

Most likely an incremental rollout of a new feature.

[Jigsaw]

Originally Posted by bhuzz

Just checked again. Still saying same thing. 2 in and 1 out.

I just added a bank and it just added like it always has with the 1p deposit. Just ignore what it says and add your bank.

[sax4]

Originally Posted by Jigsaw

I just added a bank and it just added like it always has with the 1p deposit. Just ignore what it says and add your bank.

OK, in that case they are getting ready to implement it but not done properly yet

[Jigsaw]

Originally Posted by sax4

OK, in that case they are getting ready to implement it but not done properly yet

If so, then they will be forcing direct debit again

[rsot]

Originally Posted by bhuzz

Thanks for your help. I appreciate it. Gonna add this card in the morning. That's a relief.

You should be fine bhuzz - the info given by nicko, phaz, SaiJin et al. is valid and not problematic you're in good hands here

[GreenBean]

Originally Posted by sax4

Just tried to add a bank then saw the same.

Yes it makes things harder for sure, also once they see the bank account has a different name will they do anything about that?

Sax’

This seems to be the basis of a lot of worry for steathers.

We have to keep in mind that a section of the PayPal accounts deal with the refunds.

They do not give a toss about names.

Issue would arrive if an account was being reviewed and the guts of the account was being checked.

Since a similar system exists in OZ, and there are rarely reports of issues, the UK should be OK too.

[SteveWest]

I added a bank and got this message but the 1p was deposited as normal. I think it’s just a display error. When adding a bank in the past if you read the information box it always said it would deposit 2 amounts but never ever did. Also I could be wrong but I’m sure PayPal use faster payments in the uk. A faster payment once sent cannot be reversed. The only way a company can take money from your account if is if you authorise a direct debit. At present PayPal doesn’t force you to accept the direct debit.

[sax4]

Originally Posted by SteveWest

I added a bank and got this message but the 1p was deposited as normal. I think it’s just a display error. When adding a bank in the past if you read the information box it always said it would deposit 2 amounts but never ever did. Also I could be wrong but I’m sure PayPal use faster payments in the uk. A faster payment once sent cannot be reversed. The only way a company can take money from your account if is if you authorise a direct debit. At present PayPal doesn’t force you to accept the direct debit.

That's a good point.