Thread Number: 78547  /  Tag: Other Home Products or Autos
Check Those PayPal Accounts
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Post# 1025575   2/25/2019 at 06:27 by Launderess (Quiet Please, There´s a Lady on Stage)        

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For Americans who use PayPal there is more fresh heck.

By order of federal government by end of March *all* consumer PayPal accounts must be linked to a separate bank deposit account. Previously PP offered the option for consumer account holders to be "verified" and that was enough. No more it's not.

Those whose accounts are verified (but not currently linked to any bank account) should find PP has seamlessly set up a PayPal "Cash Plus" account on their behalf. Thus up on logging in such persons will see two PayPal accounts.

Where PP lacks all required information from verified consumer account holders to create a PPCP account, they will receive (or have already) a request for further personal information (SSN, DOB, address confirmation, etc...).

Totally unverified consumer accounts either must provide PP with required information to become verified (then account will be created as above IIRC), or link a bank deposit account to their PP account before end of March. Failure to do so will (IIRC) mean PP account will be closed or maybe restricted until such time the matter is cleared.

Upshot from all this palaver is that US consumer PP accounts by early April 2019 must be linked to a separate bank deposit account.


Post# 1025579 , Reply# 1   2/25/2019 at 08:38 by Tomturbomatic (Beltsville, MD)        

I had to do that a decade or two ago. My thought at the time, "verified my ass." All they wanted to do was have a mechanism to take money out of my bank account by direct withdrawal. I made sure that PayPal only used my credit card for purchases and they soon got over the idea of trying to link to the bank to get their grubby hands on my bank account. My registered bank information is still an option because they demand it, but it is not used. I can't think of any bigger headache than having to keep my checkbook at hand while chopping on the computer to note every assault by PayPal on my checking account.

Post# 1025604 , Reply# 2   2/25/2019 at 11:39 by DADoES (TX, U.S. of A.)        

dadoes's profile picture
I use PP only for purchases, not selling, and have never linked a bank account to it.  I have thus far not received any notices of this requirement.

The only transaction I do via direct log-in to PP is the AW subscription.  eBay purchases are by entering the cc number at eBay.

Post# 1025611 , Reply# 3   2/25/2019 at 15:09 by Launderess (Quiet Please, There´s a Lady on Stage)        

launderess's profile picture
Looks like long as you never intend to keep a PayPal balance (having money sent to you and leaving it in PayPal), what you've been doing should continue.

Haven't sold on FleaPay in quite sometime, but have sold things privately over the years so perhaps that is why got the email.

Thing is previously one had the option of just going ahead and having funds sent to PP (via a sale or whatever), by end of March that seems to be off the table to those without either a PP "cash" account, or linked bank deposit account.

EBay apparently is moving away from accepting PP sometime in future IIRC. They are testing their own in house "managed payment" system that uses some third party European company to process transactions. As of now you don't need a PP account to pay via CC or DC on eBay; just chose that option, but PP still acts as a merchant accont for eBay meaning they process such transactions.

Post# 1025620 , Reply# 4   2/25/2019 at 17:06 by fan-of-fans (Florida)        

I've never sold on eBay or used Paypal apart from eBay. But I haven't gotten any emails about it either. I used to use the Bill Me Later option when I bought anything. I'd just confirm the purchase at checkout and then they sent me a bill if I bought anything that month. But they stopped doing that a few years ago and since then just use CC.

Post# 1025625 , Reply# 5   2/25/2019 at 17:23 by Launderess (Quiet Please, There´s a Lady on Stage)        
Bill Me Later

launderess's profile picture
Became PayPal credit card, which essentially serves same purposes.

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