New bank verification method

Mack the Knife · #1 10-03-2012

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.

baloch · #2 10-03-2012

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

Ebayorbust · #3 10-03-2012

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.

Ebayorbust · #4 10-03-2012

Did you still complete the DD mandate?

Mack the Knife · #5 10-03-2012

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.

Mack the Knife · #6 10-03-2012

Yup, still need to complete DD mandate.

barton_67 · #7 10-03-2012

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

#8 10-04-2012

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.

GreenBean · #9 10-04-2012

Which bank?

Interested to know for future purposes.

crafty1 · #10 10-04-2012

Will give it a try this week and see what happens

#11 10-04-2012

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

GreenBean · #12 10-04-2012

@jodaco

thanks for that.

Shall note it

Imakemoney · #13 10-04-2012

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

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

Mack the Knife · #14 10-04-2012

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.

Imakemoney · #15 10-04-2012

thanks for the update, will look into it further

Killuminati · #16 10-04-2012

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

Elijah · #17 10-08-2012

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

Imakemoney · #18 10-08-2012

Same i got 2-3 days yesterday :(

maprod · #19 10-08-2012

Quote:

Originally Posted by 2011trapstar

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

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

Elijah · #20 10-09-2012

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...

#21 10-09-2012

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.

Ebayorbust · #22 10-09-2012

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.