Is this the END of UK PP Stealth???

[winge00]

Hello folks

I have received an email from PP like everyone else.

My questions:
1. Because PP comes under Financial Conduct Authority like the banks in UK, does this mean they can not accept created ID anymore and they will check thoroughly everything they receive like banks, and if any discrepancy one will have consequences of submitting created ID.
2. Will PP be able to trace you through your bank acc number attached to PP
3. As PP be like a bank from 01/01/2021, they will have powers like banks and damage your credit history as well?
4. Is this the end of PP UK stealth?

Seniors Please shed some lights on this

Some email contents is below

These are the terms and conditions of the contract between you and PayPal
(Europe) S.à r.l. et Cie, S.C.A. (“PayPal”) governing your use of your PayPal account
and the PayPal services, which we call our user agreement. It applies only to PayPal
accounts of residents of the United Kingdom (UK), Gibraltar, Guernsey, Isle of Man
and Jersey.
PayPal is deemed authorised and regulated by the Financial Conduct Authority. The
nature and extent of consumer protections may differ from those for firms based in
the UK. Details of the Temporary Permissions Regime, which allows EEA-based
firms to operate in the UK for a limited period while seeking full authorisation, are
available on the Financial Conduct Authority’s website.
If you are an individual, you must be at least 18 years old and have full legal capacity
to enter into a contract to open a PayPal account and use the PayPal services. If you
are a business, the business must be registered in one of the above countries.
To use the PayPal services you need to open a PayPal account. By opening and
using a PayPal account, you agree to comply with all of the terms and conditions in
this user agreement. You also agree to comply with the following additional
documents and each of the other documents on the Legal Agreements page that
apply to you:

[burbur]

this is the end. we are all gona die

[Soundofsilence]

I received the same emails in UK PP. Great work OP to post a thread to discuss the most imp topic.

[StealthHarry]

PayPal has changed

They did not request EU Limit docs to me

I received last £1900 and they did not ask me at all

[james_112233]

Yes on one of my accounts I have received a lot of payments from sales already but no doc request has occurred like it usually does ... I mentioned this in another thread already.

[james_112233]

I have a question ... why would they damage your credit history unless you are defrauding THEM. If you are selling, paying all of your fees but get discovered that the account is made with phantom details they should simply terminate the contract between you and them. Both parties walk away with their money. Let's not forget paypal are still making loads of big stealth sellers.

[alamking]

How old was this email?
I am stilling effortlessly creating paypals and receiving £500 and funnelling them to my main paypal without detection. Out of maybe 15 accounts, i have been asked for docs at the £500 mark. I could test my luck at the £1000 mark but paypal are already holding £1500 of mine the ****s

[winge00]

Originally Posted by StealthHarry

PayPal has changed

They did not request EU Limit docs to me

I received last £1900 and they did not ask me at all

Hello, Thank you for commenting, This is true they ask ID once you have made £2500 or above, but this is not definite, they can ask anytime depending on many things, like if PP bot detect unusual activity on acc, Unusual activity could be any thing minor or big, if someone withdraw once every week but started withdrawing twice a week, OR there is sudden much sale, OR selling high risk items, OR email delivery items, many examples,

I believe before 2021, they simply accept ID (as long as made up good), but now I believe they do verify like a bank.

Seniors please shead some light on this

What are the powers PP has gained after being registered with FCA.

[SteveWest]

The reason this happened is because the UK officially left the EU on 1-1-21. PayPal used to be able to use a European regulator/license. Now that the the UK is out of Europe that regulatory body doesn’t cover them for offering financial services in UK. Hence they have to be FCA regulated. A car dealership selling finance has to be FCA regulated just to give you a quote of finance. It’s nothing to with PayPal becoming a bank. The gift cards you buy in Sainsbury’s that are totally anonymous are FCA regulated.

[ebabe]

As far as I know, PP is NOT a proper bank like the Co-op, Santander and so forth. Its a payment processor (Mostly Online). You cant open a current or savings account account and/or earn Interest with PP.