Forum

New bank verification method
 

Hi all,

FYI...

Gone stealth. Noticed that there is a new way in which PP verifies bank accounts. Basically, it's the same up until you add the account, then:
1). PP will deposit £0.01 to your account via Faster payments
2). It's just a single deposit
3). You see a 4-digit code on your online statement, you need to input this code into PP to verify.

All in all, much simpler and faster.

have you tried it and how long does it take for the deposit to reach your statement.

This must have just started as I verified a UK account at the end of last week "the old way".

Cheers for the heads up.

Did you still complete the DD mandate?

Yup, tried it on a new PP account. It's instant, the 1p appears instantly. Then, you just input the 4-digit code and it's all done. In fact, PP will also ask you to check your online banking to get the code.

Yup, still need to complete DD mandate.

made an account at the end of last week and never had this must be new as of this week suppose its a good thing really

I had this on two accounts mid August (late at night) then never seen it since and have added 6 or 8 banks to various Pay.Pal since then. How queer. It is much faster and simpler.

It'll cost Pay.Pal less to verify each account so I guess it's a testing phase of sorts.

Which bank?

Interested to know for future purposes.

:pop2:

Will give it a try this week and see what happens

Both were HSBC but HSBC has verified the usual way since then.

@jodaco

thanks for that.

Shall note it
:juggle:

Verified an account yesterday, no sign of the new method with mine.

May be they are just rolling it out....

Here are my test results:

1). For one old PP (existing) account, I added a new bank account. Verification done the old way.

2). The above happened for a new PP account, where I added a bank account to this new PP account.

3). I just created a new PP account for a new set of products that I want to sell. Verification is by means of the new way.

I think all new (UK) accounts will be subjected to this new method.

P.S. With regards to bank (new verification method), I used Santander for one and Halifax for the other. Faster Payments deposit of 1p came in immediately, I then verified with the code. Hope this helps.

thanks for the update, will look into it further :bounce:

It happed to me today with natwest PP deposit £0.01 i checked my online banking there were the codes

I made 2 new accounts and still got the old fashioned 2-3 days.

Same i got 2-3 days yesterday :(

wow wow wow.... good sign!!!

I made another one today and still the same 2-3 days. How are you guys adding the bank? When you are prompted to right after registering, or through the "my money" menu? I'm going to make another account and try again...

It just seems to be random to me at this stage. I've done all mine the same way and still only had the two back in August that verified instantly.

Looks like it is definitely just in the trial stages. With a bit of luck this will become permanent. Instant paypal verification would be very handy.

Certainly would.

Would also save money and process steps for pp - 0.01 vs. 2 deposits

OP: which type of bank accounts are they?

FYI - in my case, the two accounts the £0.01 instant withdrawal happened on were HSBC Flexible saver. Have used the same type of account since then - same old 2-3 day verification.

TBH, I've given up on this for now. If it happens again I'll report immediately.

Just got this method, won't say which bank as its not that mainstream.

Business account, will try a few others and see how I get on!

I don't think the bank matters

hsbc is one of those banks that is being explored for extended uses

Sorry I'm not with you there, RSOT, care to expand?

Big news, just got the new verification system on a Halifax account. First time in 2 months.

Halifax Easycash for one, Santander Basic Account for another.

added bank. 0.01p deposit and 4 digit code :S
 

Hello folks. I have never seen this before when adding a bank. Just added the bank tonight

You've successfully submitted your Direct Debit Instruction

To complete bank confirmation, PayPal will now deposit £0.01 into your bank account. You will find a 4-digit code next to the deposit on your statement. You can check your bank account now via online or telephone banking to see if the deposit has arrived.

This deposit should appear in your bank account within the next few minutes, but may take up to two hours, depending on your bank.

What is this all about?

It should be like this all banks are faster payments
i had my last account done in hours this one has taken 4 days so far
still no deposit

When did they bring this in? I always thought ir was the 2 deposit method.

First reported 4/10/2012.

Merged your thread with the earlier one.

:pop2:

I got this in santander account 2 months ago

Yeah I saw this over 2 months ago on HSBC

I used Co-op - 1p deposited within the hour but it took until the next morning for the 4 digit code to appear

I've still not come accross the faster verification method yet... :pout: