Paypal is making changes, some people may not like them

I read the changes recently. I need to read about the new balance accounts. We already have an account where they hold our monies. Are they changing banks or is it required to notify us which bank it is?

They mention personal and consumer accounts. I’m using a business account I just recently set up. Provided proof of identity and address.

Proof of identity can easily be faked. Massachusetts allows you to let them set an identification number rather than a social security number. Fake id is easy to produce for a fee. Many sites do this for $25. Get a MBE/UPS Store box and leave off the box number on the id. Y’all will be asked to use the box number if mail comes in.

I did that for my license when I drove. My customers were awesome but a few were stalkers. Showed up at my “home” address a few times. My house was not in my name but an LLC. Luckily I knew in advance how they can be so irrational and want to meet you. Hell, my phone number was untraceable since land phones were used. All numbers were that way and the phone company suggested it. I thought I’d have to get a number at a MBE type place and forward all calls.

It’s a bit of work but if you don’t want PayPal knowing or giving out your address, legally you can protect yourself. Registering domains can use this method. Years ago we could use a fake name and address but ICANN got smart, though I disagree with that. As long as I pay for the domain, no one needs to know who you are. Illegal websites? Contact the host while putting the domain in jail. No proof, no bond.

I remember in 1993 a big deep throat couple had a site registered with their real name and address. I called her and she was upset I had her number. Didn’t realize it was public knowledge. She gave me lifetime membership as a thank you!

While I've never had any problem with Paypal I'm using waveapps more these days for invoicing..

But this is what it's all about

"Funds held in a PayPal Cash account are not insured by the Federal Deposit Insurance Corporation (FDIC). PayPal combines your PayPal Cash account balance with the balances of other PayPal Cash account holders and invests those funds in liquid investments in accordance with state money transmitter laws. PayPal owns the interest or other earnings on these investments. However, the claim against PayPal represented by your PayPal Cash account balance is not secured by these investments and you do not have any ownership interest (either legal or beneficial) in these investments. "

And they add

" These pooled amounts are held apart from PayPal’s corporate funds, and PayPal will neither use these funds for its operating expenses or any other corporate purposes nor will it voluntarily make these funds available to its creditors in the event of bankruptcy."

So, they plan to "invest" our funds but we will see no benefit from it
Our funds aren't secured by those investments
And they are keeping their funds separate from ours.

Sounds so epassporte

paypal is ewwww
some people will be forced to agree to any terms
paypal is in a powerful position

Only thing I use paypal for is online purchases whenever poosible. Not only does it prevent me from having to share CC details with a random site, but also saves me filling in my address etc - Also, I get an additional layer of protection should goods not arrive or be faulty.

Should any money be sent to me, I with draw it immediately to my bank. So for my usage, Im happy as shit with poopal...

Keep your phone number updated with them, I learned a lesson there, think it took like 3 weeks to unlock my account, cos phone I used had expired.

Pretty sure the investing customer funds thing has been going on for quite some time. It may just be that they're restructuring the way they do it.

Notice of Policy Updates
Dear mind your own fucking business.com,
We are updating the PayPal Account User Agreement and the Electronic Communications Delivery Policy. These changes will go into effect on March 29, 2019 and apply to U.S. PayPal customers. If you're interested in more detail, please visit our Policy Update Page.
What you'll see in the updated User Agreement for personal PayPal accounts
As a result of a new regulation issued by the Consumer Financial Protection Bureau in Washington, D.C. coming into effect on April 1, 2019, we are making some changes that will affect consumers who want to hold and use balance with PayPal.
Beginning March 29, 2019, to continue to hold and use balance at PayPal like you do today, you will need a linked balance account, which for your convenience we will establish and automatically link to your current PayPal account. Your balance account information will be easily available using your existing PayPal login.
There are no changes to any PayPal fees.
Detailed information about your balance account (known as PayPal Cash Plus) can be found in the PayPal Cash and PayPal Cash Plus Terms and Conditions.
We are also making two other changes: (1) we are changing the time period for providing you with advance notice about important changes to the PayPal Account User Agreement to at least 21 days; and (2) we are clarifying how and when we convert currency.
What you'll see in the updated Electronic Communications Delivery Policy

We are updating our Electronic Communications Delivery Policy to provide that your consent to receive electronic disclosures under our Electronic Communications Delivery Policy applies to all PayPal branded accounts.

When these changes go into effect

These changes are detailed on our Policy Update Page and will become effective March 29, 2019. If you agree to these changes, you don’t have to do anything. If you don’t agree with these changes, you may close your account. If you close your account before March 29, 2019, the changes will not apply to you. (wow really)

Thank you for being a PayPal customer.

Sincerely,
PayPal


In other words agree or fuck off !

verified long ago

Same here. Years ago.

I do find it shitty they are lowering their future notification of account/terms changes to 3 weeks now.

Gotta be half retarded to follow their bs

Paypal sucks.

"Cash account"

Does anyone else remember when they said paypal balance was like cash?
But now you need a "cash account" to have a balance.

May be someone remember a time when you had Epassporte with ID Homer Simpsson. And it worked!

. . .