FC Community
Discussion Boards => Off-Topic => Topic started by: countrygirl12 on April 13, 2019, 09:11:03 am
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I am sure a lot of you are using PayPal as your method of payment. If so I am sure you are receiving the emails about the coming changes.
Do any of you who use PayPal understand and can tell me in PLAIN ENGLISH what the crap is fixing to happen? I do not know what a "balance and hold" account is. I have talked to 3 customer service people who do not seem to have a clue.
One thing seemed to say that a balance and hold account will be made for you and connected to your account. I am just trying to understand if I will still get paid the same way and then transfer to my bank the same way.
One customer service agent told me you would have to "accept" when payments are sent to you and then it will immediately transfer to your bank.
Another told me when payments are made it will be immediately transfer to your bank and you do nothing.
A third told me the emails are a hoax and to ignore them. ::)
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I've gotten 2 emails from them and still haven't had a chance to go to the site (I won't click on anything in the email). One is an update on the policy and another was the one you're talking about. Thanks for reminding me to look at these changes! I better do it now. :)
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I haven't got anything from them.
I did notice if you want your money quicker you now have the option to pay them 1% of your balance and it will go to your bank account immediately....did it once and it went smoothly... :thumbsup:
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I haven't heard anything about this.
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I've gotten 2 emails from them and still haven't had a chance to go to the site (I won't click on anything in the email). One is an update on the policy and another was the one you're talking about. Thanks for reminding me to look at these changes! I better do it now. :)
It is safe to click the link. It IS from PayPal. I just do not exactly understand what is happening. You either do nothing and accept the changes or you close your account. I am just not sure what is fixing to happen.
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countrygirl12 I too have received these emails!
The new updates are on thier Policies Update page
https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full
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Wow I don't know anything about this nor have I heard anything about this. I just hope Paypal isn't going to change in a negative way because it has always been a great way to get your money for PTC sites although none of my sites are doing very good right now so most of all I am hoping we aren't going to have a PTC crash because I don't earn much but what I do earn really helps me a lot.
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I plan to just make sure I don't have more than a hundred or two in there at any time, so if problems occur like last month the risk is lower. They froze my main account and I still have 5 months to wait for the $500 I have in there.
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I have never heard anything about a pay pal change. I guess I should go and see what is going on. I receive money in pay pal all the time and no one has sent my anythng about a change.
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countrygirl12 I too have received these emails!
The new updates are on thier Policies Update page
https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full
I have read the updates. I do not understand what they mean. That was my question.
This doesn't make sense to me.
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I plan to just make sure I don't have more than a hundred or two in there at any time, so if problems occur like last month the risk is lower. They froze my main account and I still have 5 months to wait for the $500 I have in there.
Well when this changes you won't have any in there. You will not be able to hold money in your Pay Pal account.
WHY would PP freeze your account?
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I’m just going to use PayPal like I normally do and see if I notice any changes if not no big deal I read over the paper to and it didn’t make any sense to me either so I’m just gonna try to do the normal thing and see if there are any changes that I Notice
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I found this on the pay pal page. I don't know if it helps explain things, but I copied and pasted it anyways.
Policy Updates
This page displays policy updates informing users in advance of important changes to the PayPal service, its User Agreement, or other policies. Please go to “Past Policy Updates” for previous policy updates.
AMENDMENTS TO THE PAYPAL ACCOUNT USER AGREEMENT
We are updating the PayPal Account User Agreement for U.S. customers. These changes will go into effect on May 7, 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 May 7, 2019, the changes will not apply to you.
Amendments to the PayPal Account User Agreement
We’re removing the flat rate pricing for sending money to friends and family members who have PayPal accounts in a country other than the United States and introducing a new variable fee of 5% based on the amount you send with a minimum of $0.99 and a maximum of $4.99 per transaction. We’re also removing any variation depending on the recipient’s country.
We are changing the currency conversion spread to 3.25% over a base exchange rate in situations where you are a sender of money in a PayPal transaction.
We’re changing how we treat refunds. If you refund (partially or fully) a transaction to a buyer or a donation to a donor, there are no fees to make the refund, but the fees you originally paid as the seller will not be returned to you.
AMENDMENTS TO THE PAYPAL USER AGREEMENT AND THE ELECTRONIC COMMUNICATIONS DELIVERY POLICY
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 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.
Amendments to the PayPal 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.
If you want to hold and use balance, you will need a balance account which will be linked to your current PayPal account. PayPal will offer two balance accounts: PayPal Cash and PayPal Cash Plus. Information about both types of balance accounts can be found in the PayPal Cash and PayPal Cash Plus Terms and Conditions.
If you are an existing personal PayPal account holder and we have already verified your identity, we will establish and automatically link a PayPal Cash Plus account to your current PayPal account. Information about your PayPal Cash Plus account, including your balance amount, will be easily available using your existing PayPal login.
For all other consumer PayPal account holders, if you want to hold and use balance, in addition to verifying your identity with PayPal, you will need set up a balance account which will be linked to your current PayPal account.
There are no changes to any PayPal fees.
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.
Amendments to the PayPal User Agreement for Business Accounts
We are changing the time period for providing you with notice about important changes to the PayPal Account User Agreements to at least 5 days.
We are clarifying how and when we convert currency.
Amendments to the Electronic Communications Delivery Policy
We are updating our Electronic Communications Delivery Policy to clarify that your consent to receive electronic disclosures under our Electronic Communications Delivery Policy applies to all PayPal branded accounts
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I’m just going to use PayPal like I normally do and see if I notice any changes if not no big deal I read over the paper to and it didn’t make any sense to me either so I’m just gonna try to do the normal thing and see if there are any changes that I Notice
lol Well thank you. At least it isn't just me that doesn't think it makes any sense. And like I said, I have contacted 3 customer service agents and they don't seem to know anything either.
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rghvac69 - I have read this. IT DOES NOT MAKE SENSE. Did you read my OP. I do not know what a hold and balance account is. This does not make sense. Am I suppose to open some other account to connect to PP? Are they going to do this for me? Will I still be able to get paid and then transfer the money to my bank account?
Like batgirl said - Just wait and see if anything changes. When it gets closer to the time for this to happen I need to make sure there is no money in there and then transfer a small amount to see what happens. They are very unclear.
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I have to agree. I read and read the emails and I still don’t understand.
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I have to agree. I read and read the emails and I still don’t understand.
Well Nancy, I guess we will find out next month. The changes take place on May 7. If you call customer service you get a ya-hoo in another country who speaks broken English and actually has no clue what you are inquiring about. And their answers in no way are about what you asked.
The one customer service person told me the transfer of money to your account will show as pending and you have to accept it and then it will automatically transfer to your bank account as you can not let money sit in your PayPal account.
BUT, the last email sounded like they will automatically open a hold and balance account which will be attached to your PayPal account and then I guess you transfer the money to your bank account the same way? I am not sure at all. If you have the PayPal debit card then I assume you already have the "hold and balance" account.
I could not even get a customer service person who knew what this was or what it means. SMH
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I plan to just make sure I don't have more than a hundred or two in there at any time, so if problems occur like last month the risk is lower. They froze my main account and I still have 5 months to wait for the $500 I have in there.
Well when this changes you won't have any in there. You will not be able to hold money in your Pay Pal account.
WHY would PP freeze your account?
Because I exchanged some of my Bitcoin for USD that was sent to PayPal and some of the jerks disputed the transaction, even though I gave them a full refund.
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I plan to just make sure I don't have more than a hundred or two in there at any time, so if problems occur like last month the risk is lower. They froze my main account and I still have 5 months to wait for the $500 I have in there.
Well when this changes you won't have any in there. You will not be able to hold money in your Pay Pal account.
WHY would PP freeze your account?
Because I exchanged some of my Bitcoin for USD that was sent to PayPal and some of the jerks disputed the transaction, even though I gave them a full refund.
Ohhhhh. Well hopefully you got it worked out. I just wish they were being more clear about what is fixing to happen. I need to make sure I do not keep a balance in there. I think I have a little over $14 right now. But sometimes I would let it build up to closer to $100 before I transferred it to the bank.
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I have a problem spending it if its in my bank. Where if I leave it in my paypal I dont touch it, till I need to pay a bill then I transfer to my bank. Maybe they dont like us doing that, and want to charge interest too as in fee ??
The most Ive ever kept in my paypal was $150-$200 tho
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I don't use paypal for fusion cash, but I do use to pay for things I order online. I have used for other sites to get paid money and have never had a problem. Hope that continues.
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So, do we keep Paypal or go with another processor? I think Paypal is pretty solid but I never had that much money in there to start with. I am building my PTC sites for a cashout. I don't want problems down the road. Little while ago I was told alot recommended Payeer.
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More information here: https://www.paypal.com/us/smarthelp/article/what-can-i-do-with-my-personal-paypal-account%2C-paypal-cash-account-or-paypal-cash-plus-account-faq3997 (https://www.paypal.com/us/smarthelp/article/what-can-i-do-with-my-personal-paypal-account%2C-paypal-cash-account-or-paypal-cash-plus-account-faq3997)
If I understand correctly, if someone sends you money, you will have to either transfer it immediately to your linked bank account OR move it to a PayPal Cash balance account to hold and use later. If your PayPal account identity is already verified, they set up a Cash account for you automatically, so you probably won't have to do anything. It's basically just a separate location to hold your balance, but you still sign in using the same user and password. It has something to do with new federal regulations.
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I have a problem spending it if its in my bank. Where if I leave it in my paypal I dont touch it, till I need to pay a bill then I transfer to my bank. Maybe they dont like us doing that, and want to charge interest too as in fee ??
The most Ive ever kept in my paypal was $150-$200 tho
If you read the email it explained that. PayPal is NOT a bank. Has nothing to do with interest or fees. It has to do with regulations being placed on them. I just do not understand what is going to happen and how it is going to work. And apparently nobody else does either.
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So, do we keep Paypal or go with another processor? I think Paypal is pretty solid but I never had that much money in there to start with. I am building my PTC sites for a cashout. I don't want problems down the road. Little while ago I was told alot recommended Payeer.
I will not change to another site. There is nothing wrong with PayPal. There are just changes taking place that are beyond their control. I was just hoping someone on here understood what is going on and could explain it in PLAIN ENGLISH and not use phrases like "hold and balance" account that nobody know what it even means.
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i'll use it like i normally do for now...my fusion cash is automatically sent to bank...anything i get in paypal i transfer to bank as soon as i know it's in there
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More information here: https://www.paypal.com/us/smarthelp/article/what-can-i-do-with-my-personal-paypal-account%2C-paypal-cash-account-or-paypal-cash-plus-account-faq3997 (https://www.paypal.com/us/smarthelp/article/what-can-i-do-with-my-personal-paypal-account%2C-paypal-cash-account-or-paypal-cash-plus-account-faq3997)
If I understand correctly, if someone sends you money, you will have to either transfer it immediately to your linked bank account OR move it to a PayPal Cash balance account to hold and use later. If your PayPal account identity is already verified, they set up a Cash account for you automatically, so you probably won't have to do anything. It's basically just a separate location to hold your balance, but you still sign in using the same user and password. It has something to do with new federal regulations.
Right. I kind of got that about the thing set up auto for me. I am confirmed. Have been for a while. So from what you gather do you then transfer it to your bank when you want - basically the same way? It is just kind of sitting in a different location?
They could explain this a lot better if they wanted to. lol
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I don't think I have gotten any emails from PayPal but now I will have to go check my deleted emails!
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I got the emails also and didn't understand them either. But yesterday one of my survey sites sent my earnings and when I went in to check it the only difference I noticed was that I had to accept the payment. Then the screen appeared to let me transfer the money to my bank account. Completed the transaction as normal and them money was in my bank account by the end of the day.
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I got the emails also and didn't understand them either. But yesterday one of my survey sites sent my earnings and when I went in to check it the only difference I noticed was that I had to accept the payment. Then the screen appeared to let me transfer the money to my bank account. Completed the transaction as normal and them money was in my bank account by the end of the day.
Okay so the change has happened. The last time I got payment it just went in as normal.
So that is what one CSA told me. You accept payment then it auto goes to your bank.
I had money in there. I went ahead and transferred it to my bank. That worked like it always has.
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:cat:
:rainbow:
Found this on PayPal maybe it will clear up some questions:
Cash Plus.
Customers who don’t have a balance account will still be able to use their personal PayPal account to:
Send money to someone or spend online using linked banks and cards
Receive money and transfer it to a linked debit card or bank
Split a bill or send money cross-border using linked banks and cards
Sign up for and use PayPal Credit
Set up a Money Pool
With a PayPal Cash account, you will be able to do everything a personal PayPal account can do, and:
Send money using balance and Hold a balance
To use balance features, consumers with a personal PayPal account will have to set up a balance account, which will have the same login and password as their personal PayPal account. You will be able to get a balance account in several ways. For example, if someone sends you money and you don’t yet have a balance account, you’ll see an Accept the Money button. Once you click on it, you’ll see two options: Transfer it to your bank and Keep it in PayPal. Click Keep it in PayPal and follow the steps to get set up with PayPal Cash. This includes viewing the disclosures, user agreement and confirming your identity with us.
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Essentially, PayPal is changing the terminology as a result of new federal regulations.
"The CFPB’s new rule on prepaid accounts creates comprehensive consumer protections for prepaid accounts. Under the rule you will get clear, upfront information about prepaid account fees so you can know before you choose a card and shop for the best deal.The rule also creates a number of new legal rights for people with prepaid card accounts, including protections in case of errors, loss, or theft."
The whole preloaded cards and digital wallet scenario is still new, but is growing rapidly throughout these short years. By doing it this way, PayPal is protecting you as a user in almost the same way as a credit card. Think of it similar to having a credit card with a cashback option. It's held for you in your account until you direct where you want to use it.
You can use PayPal the same way as you have in the past if you have a PayPal Cash account or PayPal Cash Plus account and hold your balance in these accounts. If you don't then you will still be able to receive money with a personal PayPal account and transfer it to a linked bank account or debit account, but you will not be able to hold and use a balance in your personal PayPal account unless you set up one of the Cash accounts offered.
I don't know if that helped or not.
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Essentially, PayPal is changing the terminology as a result of new federal regulations.
"The CFPB’s new rule on prepaid accounts creates comprehensive consumer protections for prepaid accounts. Under the rule you will get clear, upfront information about prepaid account fees so you can know before you choose a card and shop for the best deal.The rule also creates a number of new legal rights for people with prepaid card accounts, including protections in case of errors, loss, or theft."
The whole preloaded cards and digital wallet scenario is still new, but is growing rapidly throughout these short years. By doing it this way, PayPal is protecting you as a user in almost the same way as a credit card. Think of it similar to having a credit card with a cashback option. It's held for you in your account until you direct where you want to use it.
You can use PayPal the same way as you have in the past if you have a PayPal Cash account or PayPal Cash Plus account and hold your balance in these accounts. If you don't then you will still be able to receive money with a personal PayPal account and transfer it to a linked bank account or debit account, but you will not be able to hold and use a balance in your personal PayPal account unless you set up one of the Cash accounts offered.
I don't know if that helped or not.
Not really. Here is my question. Right now I like many of us get paid from more than one site like this one in to PayPal. I have let money sit in PayPal until I build up a little bit of a balance instead of say for instance a few days ago I was paid $14.67 on another site. I was letting the money sit in PayPal and had intended to let it sit there until I am paid from this site which will be $30 plus and then transfer it all to my bank account.
From what I understand that will no longer be possible. You cannot just let money sit in your regular PayPal account. You need one of these other accounts. I don't really want to have yet another account. So when someone sends me money like FC I will now have to "accept the payment" and it auto transfers on to my bank account?
Then I wonder how long do you have to accept a payment because like with FC we do not always know when it is coming. I guess we will have to wait and see how it all works.
I am understanding better now than I did. At least I am not the only one confused by the terminology. lol
The one thing I read and I think somebody posted it here too seemed to make me think the "Balance and Hold" account would automatically be set up for you if you do not close your PayPal account so basically nothing is going to change?
I just think these places could do a better job and writing things so people understand what it means. But the legal terms cover them.
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Send money using balance and Hold a balance
Essentially, PayPal is changing the terminology as a result of new federal regulations.
"The CFPB’s new rule on prepaid accounts creates comprehensive consumer protections for prepaid accounts. Under the rule you will get clear, upfront information about prepaid account fees so you can know before you choose a card and shop for the best deal.The rule also creates a number of new legal rights for people with prepaid card accounts, including protections in case of errors, loss, or theft."
The whole preloaded cards and digital wallet scenario is still new, but is growing rapidly throughout these short years. By doing it this way, PayPal is protecting you as a user in almost the same way as a credit card. Think of it similar to having a credit card with a cashback option. It's held for you in your account until you direct where you want to use it.
You can use PayPal the same way as you have in the past if you have a PayPal Cash account or PayPal Cash Plus account and hold your balance in these accounts. If you don't then you will still be able to receive money with a personal PayPal account and transfer it to a linked bank account or debit account, but you will not be able to hold and use a balance in your personal PayPal account unless you set up one of the Cash accounts offered.
I don't know if that helped or not.
Not really. Here is my question. Right now I like many of us get paid from more than one site like this one in to PayPal. I have let money sit in PayPal until I build up a little bit of a balance instead of say for instance a few days ago I was paid $14.67 on another site. I was letting the money sit in PayPal and had intended to let it sit there until I am paid from this site which will be $30 plus and then transfer it all to my bank account.
From what I understand that will no longer be possible. You cannot just let money sit in your regular PayPal account. You need one of these other accounts. I don't really want to have yet another account. So when someone sends me money like FC I will now have to "accept the payment" and it auto transfers on to my bank account?
Then I wonder how long do you have to accept a payment because like with FC we do not always know when it is coming. I guess we will have to wait and see how it all works.
I am understanding better now than I did. At least I am not the only one confused by the terminology. lol
The one thing I read and I think somebody posted it here too seemed to make me think the "Balance and Hold" account would automatically be set up for you if you do not close your PayPal account so basically nothing is going to change?
I just think these places could do a better job and writing things so people understand what it means. But the legal terms cover them.
Essentially, PayPal is changing the terminology as a result of new federal regulations.
"The CFPB’s new rule on prepaid accounts creates comprehensive consumer protections for prepaid accounts. Under the rule you will get clear, upfront information about prepaid account fees so you can know before you choose a card and shop for the best deal.The rule also creates a number of new legal rights for people with prepaid card accounts, including protections in case of errors, loss, or theft."
The whole preloaded cards and digital wallet scenario is still new, but is growing rapidly throughout these short years. By doing it this way, PayPal is protecting you as a user in almost the same way as a credit card. Think of it similar to having a credit card with a cashback option. It's held for you in your account until you direct where you want to use it.
You can use PayPal the same way as you have in the past if you have a PayPal Cash account or PayPal Cash Plus account and hold your balance in these accounts. If you don't then you will still be able to receive money with a personal PayPal account and transfer it to a linked bank account or debit account, but you will not be able to hold and use a balance in your personal PayPal account unless you set up one of the Cash accounts offered.
I don't know if that helped or not.
Not really. Here is my question. Right now I like many of us get paid from more than one site like this one in to PayPal. I have let money sit in PayPal until I build up a little bit of a balance instead of say for instance a few days ago I was paid $14.67 on another site. I was letting the money sit in PayPal and had intended to let it sit there until I am paid from this site which will be $30 plus and then transfer it all to my bank account.
From what I understand that will no longer be possible. You cannot just let money sit in your regular PayPal account. You need one of these other accounts. I don't really want to have yet another account. So when someone sends me money like FC I will now have to "accept the payment" and it auto transfers on to my bank account?
Then I wonder how long do you have to accept a payment because like with FC we do not always know when it is coming. I guess we will have to wait and see how it all works.
I am understanding better now than I did. At least I am not the only one confused by the terminology. lol
The one thing I read and I think somebody posted it here too seemed to make me think the "Balance and Hold" account would automatically be set up for you if you do not close your PayPal account so basically nothing is going to change?
I just think these places could do a better job and writing things so people understand what it means. But the legal terms cover them.
This says you CAN hold a balance!! Read my post below:
"Send money using balance and Hold a balance"
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Send money using balance and Hold a balance
Essentially, PayPal is changing the terminology as a result of new federal regulations.
"The CFPB’s new rule on prepaid accounts creates comprehensive consumer protections for prepaid accounts. Under the rule you will get clear, upfront information about prepaid account fees so you can know before you choose a card and shop for the best deal.The rule also creates a number of new legal rights for people with prepaid card accounts, including protections in case of errors, loss, or theft."
The whole preloaded cards and digital wallet scenario is still new, but is growing rapidly throughout these short years. By doing it this way, PayPal is protecting you as a user in almost the same way as a credit card. Think of it similar to having a credit card with a cashback option. It's held for you in your account until you direct where you want to use it.
You can use PayPal the same way as you have in the past if you have a PayPal Cash account or PayPal Cash Plus account and hold your balance in these accounts. If you don't then you will still be able to receive money with a personal PayPal account and transfer it to a linked bank account or debit account, but you will not be able to hold and use a balance in your personal PayPal account unless you set up one of the Cash accounts offered.
I don't know if that helped or not.
Not really. Here is my question. Right now I like many of us get paid from more than one site like this one in to PayPal. I have let money sit in PayPal until I build up a little bit of a balance instead of say for instance a few days ago I was paid $14.67 on another site. I was letting the money sit in PayPal and had intended to let it sit there until I am paid from this site which will be $30 plus and then transfer it all to my bank account.
From what I understand that will no longer be possible. You cannot just let money sit in your regular PayPal account. You need one of these other accounts. I don't really want to have yet another account. So when someone sends me money like FC I will now have to "accept the payment" and it auto transfers on to my bank account?
Then I wonder how long do you have to accept a payment because like with FC we do not always know when it is coming. I guess we will have to wait and see how it all works.
I am understanding better now than I did. At least I am not the only one confused by the terminology. lol
The one thing I read and I think somebody posted it here too seemed to make me think the "Balance and Hold" account would automatically be set up for you if you do not close your PayPal account so basically nothing is going to change?
I just think these places could do a better job and writing things so people understand what it means. But the legal terms cover them.
Essentially, PayPal is changing the terminology as a result of new federal regulations.
"The CFPB’s new rule on prepaid accounts creates comprehensive consumer protections for prepaid accounts. Under the rule you will get clear, upfront information about prepaid account fees so you can know before you choose a card and shop for the best deal.The rule also creates a number of new legal rights for people with prepaid card accounts, including protections in case of errors, loss, or theft."
The whole preloaded cards and digital wallet scenario is still new, but is growing rapidly throughout these short years. By doing it this way, PayPal is protecting you as a user in almost the same way as a credit card. Think of it similar to having a credit card with a cashback option. It's held for you in your account until you direct where you want to use it.
You can use PayPal the same way as you have in the past if you have a PayPal Cash account or PayPal Cash Plus account and hold your balance in these accounts. If you don't then you will still be able to receive money with a personal PayPal account and transfer it to a linked bank account or debit account, but you will not be able to hold and use a balance in your personal PayPal account unless you set up one of the Cash accounts offered.
I don't know if that helped or not.
Not really. Here is my question. Right now I like many of us get paid from more than one site like this one in to PayPal. I have let money sit in PayPal until I build up a little bit of a balance instead of say for instance a few days ago I was paid $14.67 on another site. I was letting the money sit in PayPal and had intended to let it sit there until I am paid from this site which will be $30 plus and then transfer it all to my bank account.
From what I understand that will no longer be possible. You cannot just let money sit in your regular PayPal account. You need one of these other accounts. I don't really want to have yet another account. So when someone sends me money like FC I will now have to "accept the payment" and it auto transfers on to my bank account?
Then I wonder how long do you have to accept a payment because like with FC we do not always know when it is coming. I guess we will have to wait and see how it all works.
I am understanding better now than I did. At least I am not the only one confused by the terminology. lol
The one thing I read and I think somebody posted it here too seemed to make me think the "Balance and Hold" account would automatically be set up for you if you do not close your PayPal account so basically nothing is going to change?
I just think these places could do a better job and writing things so people understand what it means. But the legal terms cover them.
This says you CAN hold a balance!! Read my post below:
"Send money using balance and Hold a balance"
But you have to have a 'balance and hold' account. SMH. That is the issue. Most people are not understanding exactly what this means. I guess we will have to wait and see. One person said the other day she had to "accept" the money and then it immediately went to her bank account. That is what one PP Agent told me. But with 3 saying totally different things who knows.
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Disclosure - read the initial post and no other comments.
I did receive emails a while back regarding this change. All I know is the last time I went into PayPal to withdraw cash from payments, it asked if I wanted to be able to keep money in there. Of course I do, otherwise you're... going to keep it? I don't recall being asked for new/different information. I have pulled money out at least twice since then and everything seems the same.
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Disclosure - read the initial post and no other comments.
I did receive emails a while back regarding this change. All I know is the last time I went into PayPal to withdraw cash from payments, it asked if I wanted to be able to keep money in there. Of course I do, otherwise you're... going to keep it? I don't recall being asked for new/different information. I have pulled money out at least twice since then and everything seems the same.
Well my deposit from FC went in today and nothing is different. The changes take place May 7th. It IS going to change. I have received several emails. I just do not understand exactly what they mean. They are worded very confusing. I don't get why they cannot just put it in plain English.
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I have not had any issues with PayPal
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Send money using balance and Hold a balance
Essentially, PayPal is changing the terminology as a result of new federal regulations.
"The CFPB’s new rule on prepaid accounts creates comprehensive consumer protections for prepaid accounts. Under the rule you will get clear, upfront information about prepaid account fees so you can know before you choose a card and shop for the best deal.The rule also creates a number of new legal rights for people with prepaid card accounts, including protections in case of errors, loss, or theft."
The whole preloaded cards and digital wallet scenario is still new, but is growing rapidly throughout these short years. By doing it this way, PayPal is protecting you as a user in almost the same way as a credit card. Think of it similar to having a credit card with a cashback option. It's held for you in your account until you direct where you want to use it.
You can use PayPal the same way as you have in the past if you have a PayPal Cash account or PayPal Cash Plus account and hold your balance in these accounts. If you don't then you will still be able to receive money with a personal PayPal account and transfer it to a linked bank account or debit account, but you will not be able to hold and use a balance in your personal PayPal account unless you set up one of the Cash accounts offered.
I don't know if that helped or not.
Not really. Here is my question. Right now I like many of us get paid from more than one site like this one in to PayPal. I have let money sit in PayPal until I build up a little bit of a balance instead of say for instance a few days ago I was paid $14.67 on another site. I was letting the money sit in PayPal and had intended to let it sit there until I am paid from this site which will be $30 plus and then transfer it all to my bank account.
From what I understand that will no longer be possible. You cannot just let money sit in your regular PayPal account. You need one of these other accounts. I don't really want to have yet another account. So when someone sends me money like FC I will now have to "accept the payment" and it auto transfers on to my bank account?
Then I wonder how long do you have to accept a payment because like with FC we do not always know when it is coming. I guess we will have to wait and see how it all works.
I am understanding better now than I did. At least I am not the only one confused by the terminology. lol
The one thing I read and I think somebody posted it here too seemed to make me think the "Balance and Hold" account would automatically be set up for you if you do not close your PayPal account so basically nothing is going to change?
I just think these places could do a better job and writing things so people understand what it means. But the legal terms cover them.
Essentially, PayPal is changing the terminology as a result of new federal regulations.
"The CFPB’s new rule on prepaid accounts creates comprehensive consumer protections for prepaid accounts. Under the rule you will get clear, upfront information about prepaid account fees so you can know before you choose a card and shop for the best deal.The rule also creates a number of new legal rights for people with prepaid card accounts, including protections in case of errors, loss, or theft."
The whole preloaded cards and digital wallet scenario is still new, but is growing rapidly throughout these short years. By doing it this way, PayPal is protecting you as a user in almost the same way as a credit card. Think of it similar to having a credit card with a cashback option. It's held for you in your account until you direct where you want to use it.
You can use PayPal the same way as you have in the past if you have a PayPal Cash account or PayPal Cash Plus account and hold your balance in these accounts. If you don't then you will still be able to receive money with a personal PayPal account and transfer it to a linked bank account or debit account, but you will not be able to hold and use a balance in your personal PayPal account unless you set up one of the Cash accounts offered.
I don't know if that helped or not.
Not really. Here is my question. Right now I like many of us get paid from more than one site like this one in to PayPal. I have let money sit in PayPal until I build up a little bit of a balance instead of say for instance a few days ago I was paid $14.67 on another site. I was letting the money sit in PayPal and had intended to let it sit there until I am paid from this site which will be $30 plus and then transfer it all to my bank account.
From what I understand that will no longer be possible. You cannot just let money sit in your regular PayPal account. You need one of these other accounts. I don't really want to have yet another account. So when someone sends me money like FC I will now have to "accept the payment" and it auto transfers on to my bank account?
Then I wonder how long do you have to accept a payment because like with FC we do not always know when it is coming. I guess we will have to wait and see how it all works.
I am understanding better now than I did. At least I am not the only one confused by the terminology. lol
The one thing I read and I think somebody posted it here too seemed to make me think the "Balance and Hold" account would automatically be set up for you if you do not close your PayPal account so basically nothing is going to change?
I just think these places could do a better job and writing things so people understand what it means. But the legal terms cover them.
This says you CAN hold a balance!! Read my post below:
"Send money using balance and Hold a balance"
Well PayPal says you will NOT be able to keep money in your PP account. You have to connect ANOTHER PP account to it. It doesn't matter how may times you use the term "BALANCE AND HOLD" if i do not know what that means.
I guess I will just wait until May 7th and see what happens because apparently nobody else knows either.
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I have not had any issues with PayPal
I have not had any issues with them either. But something big is fixing to change with them and you need to be aware of it. Takes effect May 7th.
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I must have already "accepted" or made whatever change they wanted. When I log in it says nothing about any deadline or anything about not being able to keep funds there.
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I must have already "accepted" or made whatever change they wanted. When I log in it says nothing about any deadline or anything about not being able to keep funds there.
Same here, and I read nothing changes if they can ID you from previous transaction in your account!
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I received the email too. I have no clue what they are doing. I figured I would do what I always do and see what happens.
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I must have already "accepted" or made whatever change they wanted. When I log in it says nothing about any deadline or anything about not being able to keep funds there.
If you leave your account open you are accepting the changes.
I received the email too. I have no clue what they are doing. I figured I would do what I always do and see what happens.
That is what I am going to do. I am going to be sure I have transferred any money before May 7 and then see what happens the first time money is sent to me. I don't think anybody understands it.
I think there need to be laws passed that state you must explain in plain English the changes that are taking place with any account. Or just with info about any account or anything you are doing. Stop the complicated mumbo jumbo.
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Have not heard anything about this and I use paypal.
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Have not heard anything about this and I use paypal.
Do you read the emails they send you?
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I received another notice today. Got on live chat and was more confused than ever. This is going to happen on the 30th.
I called and spoke with a real live person and from what I understand if all you use PP for is to receive payments from sites like this and then transfer it to your bank account you will not have to do anything. But who knows.
PP is prompting me to set up a cash account. I guess I will wait and see what happens.
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I don't think this is going to be a big deal. I signed up for the Cash account. I had to verify my name, address, last 4 of my ssn, etc. Then it went over various fees, mostly $0 anyway. Then it sent me back to my account summary and said welcome to your new Cash account. Everything else looks exactly the same as before.
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I don't think this is going to be a big deal. I signed up for the Cash account. I had to verify my name, address, last 4 of my ssn, etc. Then it went over various fees, mostly $0 anyway. Then it sent me back to my account summary and said welcome to your new Cash account. Everything else looks exactly the same as before.
See I would not have done that. PayPal does not have my social security number. It is connected to my bank account. When I talked to them today she said if you do not pay with PP or want to use it to do a bunch of stuff I have never done I can stay like I am. I may start transferring more quickly. I just hate to do that when I know in a couple days another deposit will hit the PP account. I usually wait until I get a little more in there.
But then they say you can't hold a balance so I still won't know until in May when it happens how it will work. Because say when FC makes a deposit to PP I may not immediately see it. And all I can talk to are yay-hoos in another country that have a language barrier.
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I don't think this is going to be a big deal. I signed up for the Cash account. I had to verify my name, address, last 4 of my ssn, etc. Then it went over various fees, mostly $0 anyway. Then it sent me back to my account summary and said welcome to your new Cash account. Everything else looks exactly the same as before.
See I would not have done that. PayPal does not have my social security number. It is connected to my bank account. When I talked to them today she said if you do not pay with PP or want to use it to do a bunch of stuff I have never done I can stay like I am. I may start transferring more quickly. I just hate to do that when I know in a couple days another deposit will hit the PP account. I usually wait until I get a little more in there.
But then they say you can't hold a balance so I still won't know until in May when it happens how it will work. Because say when FC makes a deposit to PP I may not immediately see it. And all I can talk to are yay-hoos in another country that have a language barrier.
I believe you only need to give them your SSN if you are selling, for the IRS reporting/1099 thing. If you are just using it to buy or receive money, I don't think you have to provide your SSN.
Edit: They have my SSN from ages ago when I sold some stuff on ebay, I believe.
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I haven't heard anything about Paypal.
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This is the first I've heard of this. If I got an email, I didn't see it. It sounds very complicated and I will have to have a day with plenty of time to sit and try to figure out what's happening. I'm thankful for the heads up with this thread. I pay three subscriptions straight from my PayPal account each month, so don't really understand if I can continue to do this. Guess I will find out. Live and learn!
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I think (basically) first off they are going to increase the charges for when you send money from your account to someone else’s Paypal account, and that charge is based on the amount sent and where it is going. I think (basically) the second part is if you want to have a balance (money you can use to transfer/buy things) you need a balance (i.e. money) account Paypal will honor which will link with your Paypal account. I don’t know if they will still honor a Paypal balance linked to a regular bank account that doesn’t say. What it does say is they offer two accounts they will honor and that is PayPal Cash and PayPal Cash Plus. Honestly, I think the safest thing to do is to continue like normal and if you hit a wall contact Paypal and see if someone from their company can help you.
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This is the first I've heard of this. If I got an email, I didn't see it. It sounds very complicated and I will have to have a day with plenty of time to sit and try to figure out what's happening. I'm thankful for the heads up with this thread. I pay three subscriptions straight from my PayPal account each month, so don't really understand if I can continue to do this. Guess I will find out. Live and learn!
Have you logged in to PayPal recently? This is going to happen in a couple days. The change is the last day of the month. When I logged in yesterday there was a prompt asking me to set up a cash account. Someone else stated they had to give their social security number. NO. But from what I understand if you just receive payments and then transfer it to your bank you should not have to do anything but we won't know for sure until after it happens because the majority of people who work for companies don't have a clue either.
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I think (basically) first off they are going to increase the charges for when you send money from your account to someone else’s Paypal account, and that charge is based on the amount sent and where it is going. I think (basically) the second part is if you want to have a balance (money you can use to transfer/buy things) you need a balance (i.e. money) account Paypal will honor which will link with your Paypal account. I don’t know if they will still honor a Paypal balance linked to a regular bank account that doesn’t say. What it does say is they offer two accounts they will honor and that is PayPal Cash and PayPal Cash Plus. Honestly, I think the safest thing to do is to continue like normal and if you hit a wall contact Paypal and see if someone from their company can help you.
There are still no charges to transfer to your bank account or from PP to PP. I have never used PP to pay for things so this won't effect me. It is confusing and mostly because even when you speak on the phone with a person they cannot answer you in plain English. Stop say "balance and hold account". I don't know what that means. Tell me what that means. And I get more mumbo jumbo that I don't understand. So like you said, I guess we will wait and see. I am suppose to receive a high deposit on the 30th. I need to transfer it before this happens so I can't accidentally lose my money some how.
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My account set up a pay pal plus account all by its self , and i believe this is about people with fake acounts under fake names not hooked up to banks , that they can't prove who they are ... thats my guess !
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OK so I just read through all 4 pages and honestly I am still a little confused!!
But long story short I have a balance in there as of now,....and although I "do not remember" setting up a different PP account, under my balance it says this " Available in your PayPal Cash Plus account".
So I assume I already have a PP Cash PLUS account. Not sure what that exactly means but am I good to go now and can keep the balance AND any future payments there and continue on like normal?!!! FWIW I did not sign in to a different account,...just my typical sign in to PP and that's the screen I got!
Please feel free to chime in if you have a definite correct answer!
Thanks!
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My account set up a pay pal plus account all by its self , and i believe this is about people with fake acounts under fake names not hooked up to banks , that they can't prove who they are ... thats my guess !
I did read something about it auto setting up something for you. Also there was something about accounts, not necessarily fake, but that are not connected to a bank account. I actually have 2 PayPal accounts. Neither is fake but only one is connected to a bank account.
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OK so I just read through all 4 pages and honestly I am still a little confused!!
But long story short I have a balance in there as of now,....and although I "do not remember" setting up a different PP account, under my balance it says this " Available in your PayPal Cash Plus account".
So I assume I already have a PP Cash PLUS account. Not sure what that exactly means but am I good to go now and can keep the balance AND any future payments there and continue on like normal?!!! FWIW I did not sign in to a different account,...just my typical sign in to PP and that's the screen I got!
Please feel free to chime in if you have a definite correct answer!
Thanks!
Nobody will have a def answer until after it happens. haha
I need to log in and see if it says I have that cash account thing.
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OK so I just read through all 4 pages and honestly I am still a little confused!!
But long story short I have a balance in there as of now,....and although I "do not remember" setting up a different PP account, under my balance it says this " Available in your PayPal Cash Plus account".
So I assume I already have a PP Cash PLUS account. Not sure what that exactly means but am I good to go now and can keep the balance AND any future payments there and continue on like normal?!!! FWIW I did not sign in to a different account,...just my typical sign in to PP and that's the screen I got!
Please feel free to chime in if you have a definite correct answer!
Thanks!
I was going to post something similar. I also have a PayPal Cash Plus account but this requires giving the last 4-digits of your SS# in order to secure it. I know there are some who don't want to do that.
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I don't think this is going to be a big deal. I signed up for the Cash account. I had to verify my name, address, last 4 of my ssn, etc. Then it went over various fees, mostly $0 anyway. Then it sent me back to my account summary and said welcome to your new Cash account. Everything else looks exactly the same as before.
See I would not have done that. PayPal does not have my social security number. It is connected to my bank account. When I talked to them today she said if you do not pay with PP or want to use it to do a bunch of stuff I have never done I can stay like I am. I may start transferring more quickly. I just hate to do that when I know in a couple days another deposit will hit the PP account. I usually wait until I get a little more in there.
But then they say you can't hold a balance so I still won't know until in May when it happens how it will work. Because say when FC makes a deposit to PP I may not immediately see it. And all I can talk to are yay-hoos in another country that have a language barrier.
I believe you only need to give them your SSN if you are selling, for the IRS reporting/1099 thing. If you are just using it to buy or receive money, I don't think you have to provide your SSN.
Edit: They have my SSN from ages ago when I sold some stuff on ebay, I believe.
Ohhh. I don't know how this is any of their business. Would the reporting not go through e-bay? Wouldn't that be the same as my bank wanting to report me for deposits to my checking account?
I would think if I am selling something and I am getting paid who every the pay goes through it is nothing to them if I report it to the IRS or how much I make. Kind of the same with my income. I may work 3 jobs in one year but my bank doesn't report anything to the IRS about who made deposits in to my checking account. ???
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OK so I just read through all 4 pages and honestly I am still a little confused!!
But long story short I have a balance in there as of now,....and although I "do not remember" setting up a different PP account, under my balance it says this " Available in your PayPal Cash Plus account".
So I assume I already have a PP Cash PLUS account. Not sure what that exactly means but am I good to go now and can keep the balance AND any future payments there and continue on like normal?!!! FWIW I did not sign in to a different account,...just my typical sign in to PP and that's the screen I got!
Please feel free to chime in if you have a definite correct answer!
Thanks!
I was going to post something similar. I also have a PayPal Cash Plus account but this requires giving the last 4-digits of your SS# in order to secure it. I know there are some who don't want to do that.
Well that makes sense. But honestly that is also easy to get because everybody uses the last 4 of your social. smh
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Thank you rghvac69 for posting the new changes, I will give them a call to explain all this mumbo jumbo..
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Thank you rghvac69 for posting the new changes, I will give them a call to explain all this mumbo jumbo..
You will give WHO a call? rghvac69 didn't explain anything. Just said the same thing everyone else is saying - which doesn't make sense. All anybody keeps saying is "balance and hold" like that means something.
The last person I talked to seemed to say that unless you use PP to pay for things it is not going to make a difference. But others have said you cannot "hold a balance" meaning when different PTC sites pay me I cannot just let the money sit in the PP account. Well it may have to sit there a day or so because I don't know immediately when money is deposited.
And from reading the comments "I" am not the only one who does not understand what they are doing. I do know I am not giving PP my Social Security Number.
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Don't you just love it when companies make big changes, but nobody understands what they're going to be? I never keep much in my PP account unless I'm ready to use it.
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I don't think this is going to be a big deal. I signed up for the Cash account. I had to verify my name, address, last 4 of my ssn, etc. Then it went over various fees, mostly $0 anyway. Then it sent me back to my account summary and said welcome to your new Cash account. Everything else looks exactly the same as before.
See I would not have done that. PayPal does not have my social security number. It is connected to my bank account. When I talked to them today she said if you do not pay with PP or want to use it to do a bunch of stuff I have never done I can stay like I am. I may start transferring more quickly. I just hate to do that when I know in a couple days another deposit will hit the PP account. I usually wait until I get a little more in there.
But then they say you can't hold a balance so I still won't know until in May when it happens how it will work. Because say when FC makes a deposit to PP I may not immediately see it. And all I can talk to are yay-hoos in another country that have a language barrier.
I believe you only need to give them your SSN if you are selling, for the IRS reporting/1099 thing. If you are just using it to buy or receive money, I don't think you have to provide your SSN.
Edit: They have my SSN from ages ago when I sold some stuff on ebay, I believe.
Ohhh. I don't know how this is any of their business. Would the reporting not go through e-bay? Wouldn't that be the same as my bank wanting to report me for deposits to my checking account?
I would think if I am selling something and I am getting paid who every the pay goes through it is nothing to them if I report it to the IRS or how much I make. Kind of the same with my income. I may work 3 jobs in one year but my bank doesn't report anything to the IRS about who made deposits in to my checking account. ???
That's what I thought too. I just read about the IRS reporting somewhere. That part may or may not be true, but asking for the last 4 of your SSN is a security requirement. I found this on PayPal's FAQs:
Why do I have to confirm my identity to hold a balance with PayPal?
Even though PayPal isn’t a bank, we need to comply with the same government regulations as other financial institutions. We’re asking for identifying information so you can keep money in PayPal and use other features that rely on a balance. In addition to verifying your identity with PayPal, you will also need to set up a balance account which will be linked to your personal account.
If you don’t provide identifying information, or we’re unable to confirm the identifying information you provide us, you will not be able to use a balance to send money or make purchases. However, you’ll still be able to use your preferred payment method or backup payment method such as your bank or debit or credit card to send money or to make purchases.
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I don't think this is going to be a big deal. I signed up for the Cash account. I had to verify my name, address, last 4 of my ssn, etc. Then it went over various fees, mostly $0 anyway. Then it sent me back to my account summary and said welcome to your new Cash account. Everything else looks exactly the same as before.
See I would not have done that. PayPal does not have my social security number. It is connected to my bank account. When I talked to them today she said if you do not pay with PP or want to use it to do a bunch of stuff I have never done I can stay like I am. I may start transferring more quickly. I just hate to do that when I know in a couple days another deposit will hit the PP account. I usually wait until I get a little more in there.
But then they say you can't hold a balance so I still won't know until in May when it happens how it will work. Because say when FC makes a deposit to PP I may not immediately see it. And all I can talk to are yay-hoos in another country that have a language barrier.
I believe you only need to give them your SSN if you are selling, for the IRS reporting/1099 thing. If you are just using it to buy or receive money, I don't think you have to provide your SSN.
Edit: They have my SSN from ages ago when I sold some stuff on ebay, I believe.
Ohhh. I don't know how this is any of their business. Would the reporting not go through e-bay? Wouldn't that be the same as my bank wanting to report me for deposits to my checking account?
I would think if I am selling something and I am getting paid who every the pay goes through it is nothing to them if I report it to the IRS or how much I make. Kind of the same with my income. I may work 3 jobs in one year but my bank doesn't report anything to the IRS about who made deposits in to my checking account. ???
That's what I thought too. I just read about the IRS reporting somewhere. That part may or may not be true, but asking for the last 4 of your SSN is a security requirement. I found this on PayPal's FAQs:
Why do I have to confirm my identity to hold a balance with PayPal?
Even though PayPal isn’t a bank, we need to comply with the same government regulations as other financial institutions. We’re asking for identifying information so you can keep money in PayPal and use other features that rely on a balance. In addition to verifying your identity with PayPal, you will also need to set up a balance account which will be linked to your personal account.
If you don’t provide identifying information, or we’re unable to confirm the identifying information you provide us, you will not be able to use a balance to send money or make purchases. However, you’ll still be able to use your preferred payment method or backup payment method such as your bank or debit or credit card to send money or to make purchases.
Are you the one who said you work for a vet?
Changing subjects I know lol
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I don't think this is going to be a big deal. I signed up for the Cash account. I had to verify my name, address, last 4 of my ssn, etc. Then it went over various fees, mostly $0 anyway. Then it sent me back to my account summary and said welcome to your new Cash account. Everything else looks exactly the same as before.
See I would not have done that. PayPal does not have my social security number. It is connected to my bank account. When I talked to them today she said if you do not pay with PP or want to use it to do a bunch of stuff I have never done I can stay like I am. I may start transferring more quickly. I just hate to do that when I know in a couple days another deposit will hit the PP account. I usually wait until I get a little more in there.
But then they say you can't hold a balance so I still won't know until in May when it happens how it will work. Because say when FC makes a deposit to PP I may not immediately see it. And all I can talk to are yay-hoos in another country that have a language barrier.
I believe you only need to give them your SSN if you are selling, for the IRS reporting/1099 thing. If you are just using it to buy or receive money, I don't think you have to provide your SSN.
Edit: They have my SSN from ages ago when I sold some stuff on ebay, I believe.
Ohhh. I don't know how this is any of their business. Would the reporting not go through e-bay? Wouldn't that be the same as my bank wanting to report me for deposits to my checking account?
I would think if I am selling something and I am getting paid who every the pay goes through it is nothing to them if I report it to the IRS or how much I make. Kind of the same with my income. I may work 3 jobs in one year but my bank doesn't report anything to the IRS about who made deposits in to my checking account. ???
That's what I thought too. I just read about the IRS reporting somewhere. That part may or may not be true, but asking for the last 4 of your SSN is a security requirement. I found this on PayPal's FAQs:
Why do I have to confirm my identity to hold a balance with PayPal?
Even though PayPal isn’t a bank, we need to comply with the same government regulations as other financial institutions. We’re asking for identifying information so you can keep money in PayPal and use other features that rely on a balance. In addition to verifying your identity with PayPal, you will also need to set up a balance account which will be linked to your personal account.
If you don’t provide identifying information, or we’re unable to confirm the identifying information you provide us, you will not be able to use a balance to send money or make purchases. However, you’ll still be able to use your preferred payment method or backup payment method such as your bank or debit or credit card to send money or to make purchases.
Are you the one who said you work for a vet?
Changing subjects I know lol
Not currently, but I have in the past.
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I don't think this is going to be a big deal. I signed up for the Cash account. I had to verify my name, address, last 4 of my ssn, etc. Then it went over various fees, mostly $0 anyway. Then it sent me back to my account summary and said welcome to your new Cash account. Everything else looks exactly the same as before.
See I would not have done that. PayPal does not have my social security number. It is connected to my bank account. When I talked to them today she said if you do not pay with PP or want to use it to do a bunch of stuff I have never done I can stay like I am. I may start transferring more quickly. I just hate to do that when I know in a couple days another deposit will hit the PP account. I usually wait until I get a little more in there.
But then they say you can't hold a balance so I still won't know until in May when it happens how it will work. Because say when FC makes a deposit to PP I may not immediately see it. And all I can talk to are yay-hoos in another country that have a language barrier.
I believe you only need to give them your SSN if you are selling, for the IRS reporting/1099 thing. If you are just using it to buy or receive money, I don't think you have to provide your SSN.
Edit: They have my SSN from ages ago when I sold some stuff on ebay, I believe.
Ohhh. I don't know how this is any of their business. Would the reporting not go through e-bay? Wouldn't that be the same as my bank wanting to report me for deposits to my checking account?
I would think if I am selling something and I am getting paid who every the pay goes through it is nothing to them if I report it to the IRS or how much I make. Kind of the same with my income. I may work 3 jobs in one year but my bank doesn't report anything to the IRS about who made deposits in to my checking account. ???
That's what I thought too. I just read about the IRS reporting somewhere. That part may or may not be true, but asking for the last 4 of your SSN is a security requirement. I found this on PayPal's FAQs:
Why do I have to confirm my identity to hold a balance with PayPal?
Even though PayPal isn’t a bank, we need to comply with the same government regulations as other financial institutions. We’re asking for identifying information so you can keep money in PayPal and use other features that rely on a balance. In addition to verifying your identity with PayPal, you will also need to set up a balance account which will be linked to your personal account.
If you don’t provide identifying information, or we’re unable to confirm the identifying information you provide us, you will not be able to use a balance to send money or make purchases. However, you’ll still be able to use your preferred payment method or backup payment method such as your bank or debit or credit card to send money or to make purchases.
Are you the one who said you work for a vet?
Changing subjects I know lol
Not currently, but I have in the past.
Going to start a new thread about Rabies - read it please
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So I am starting to assume that even though I already have a "PP PLUS Acct",..I will still need to give them the my last 4 of my SS#? (At least if I want to "hold my current balance" and be able to use it as payment?
But I am really curious as to what happens to that cash if I or whoever does not verify the SS#? I assume it automatically gets sent to the persons bank acct on file?!!
But then again I was under the impression some people only use their credit card(s),...not actual bank accounts,..so,....??!!
Maybe I am thinking too much into this,...but I don't want my $30+ current balance being "confiscated"! LOL
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So I am starting to assume that even though I already have a "PP PLUS Acct",..I will still need to give them the my last 4 of my SS#? (At least if I want to "hold my current balance" and be able to use it as payment?
But I am really curious as to what happens to that cash if I or whoever does not verify the SS#? I assume it automatically gets sent to the persons bank acct on file?!!
But then again I was under the impression some people only use their credit card(s),...not actual bank accounts,..so,....??!!
Maybe I am thinking too much into this,...but I don't want my $30+ current balance being "confiscated"! LOL
If you already have the other account it should not effect you at all. If the money is transferred it can only be transferred to your bank account. If somebody hacks your pp they can spend your money. That happened to a friend who had bought a lot on eBay and that is where the hack came from.
The change takes place tomorrow so I guess we will all find out for sure then huh. lol Or after you get a deposit after tomorrow. I have a zero balance right now.
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I have 3 paypal accounts from back in the day when I sold online. Two are connected directly to two bank accounts & I have paypal money go directly into my banks. Recently on one of these, it became restricted, & I had to upload my driver's license & then the account was freed up to go directly back into my bank again.
One of my accounts is not connected to a bank account. That account has recently been restricted until I upload my social security card -- the entire card with full social security & name. My account became like google wallet where I need to claim the money each time & the money is not put into my paypal account, I had to upload a debit card to that account & then the claimed money goes directly on to my debit card. That process is working out fine, without uploading my ss card. I had like $7.95 on that account unclaimed for a few weeks & it was never sent back to the sender, just held in limbo.
Hopefully my changes already went into effect & nothing new will occur for me tomorrow...
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I got the notice but I don't why bc I've been inactive with paypal for several years. I don't plan to reactivate my account since I don't really trust it from the beginning. I'll just wait and see what happens.
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I have 3 paypal accounts from back in the day when I sold online. Two are connected directly to two bank accounts & I have paypal money go directly into my banks. Recently on one of these, it became restricted, & I had to upload my driver's license & then the account was freed up to go directly back into my bank again.
One of my accounts is not connected to a bank account. That account has recently been restricted until I upload my social security card -- the entire card with full social security & name. My account became like google wallet where I need to claim the money each time & the money is not put into my paypal account, I had to upload a debit card to that account & then the claimed money goes directly on to my debit card. That process is working out fine, without uploading my ss card. I had like $7.95 on that account unclaimed for a few weeks & it was never sent back to the sender, just held in limbo.
Hopefully my changes already went into effect & nothing new will occur for me tomorrow...
How come it was restricted? Just curious.
The one person told me you have to claim the money. I will be glad when it happens so I know. I do not know any reason at all PayPal would need my social security number. That is NONE of their business. As they said, they are not a bank.
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I got the notice but I don't why bc I've been inactive with paypal for several years. I don't plan to reactivate my account since I don't really trust it from the beginning. I'll just wait and see what happens.
Because you still have an account. You need to go in and delete the account. I don't think accounts are deactivated. I have 2 PP accounts. One I only used once. But no bank account is connected to it. The changes take place Wednesday.
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I have 3 paypal accounts from back in the day when I sold online. Two are connected directly to two bank accounts & I have paypal money go directly into my banks. Recently on one of these, it became restricted, & I had to upload my driver's license & then the account was freed up to go directly back into my bank again.
One of my accounts is not connected to a bank account. That account has recently been restricted until I upload my social security card -- the entire card with full social security & name. My account became like google wallet where I need to claim the money each time & the money is not put into my paypal account, I had to upload a debit card to that account & then the claimed money goes directly on to my debit card. That process is working out fine, without uploading my ss card. I had like $7.95 on that account unclaimed for a few weeks & it was never sent back to the sender, just held in limbo.
Hopefully my changes already went into effect & nothing new will occur for me tomorrow...
How come it was restricted? Just curious.
The one person told me you have to claim the money. I will be glad when it happens so I know. I do not know any reason at all PayPal would need my social security number. That is NONE of their business. As they said, they are not a bank.
The first became restricted because I needed to upload a driver's license to verify. I've had that account for over a decade & it's connected to a bank account.
The second became restricted & I could unrestrict it by adding my social security card &/or attach a bank account . Which I haven't done yet. So it is like a wallet where I have to claim the money & it goes to my debit card. Paypal is like the middle man/conduit.
The third never was restricted probably because it has paypal credit card already verified on it & a bank account.
All 3 are under different name variations. All this was within the past month out-of-the-blue.
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I don’t use PayPal as my selective payment but I think you make sure your credit card is connected to your PayPal or your bank and then you just give Fusion your PayPal email then they would send he money there which then can be transferred to your bank account if you want to.
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Soooo.....
Did anyone notice any difference? It's still the same as it always was for me.
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I haven't received any of those emails that look legit, always be sure to double check the sender's address.
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Hmmm...I'm not sure if this is still an ongoing question or not, but I am a happy PayPal customer. Have been for many years without any problems.
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I agree with you on being careful to not click on any links in suspicious emails.
I've gotten 2 emails from them and still haven't had a chance to go to the site (I won't click on anything in the email). One is an update on the policy and another was the one you're talking about. Thanks for reminding me to look at these changes! I better do it now. :)
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I don’t use PayPal as my selective payment but I think you make sure your credit card is connected to your PayPal or your bank and then you just give Fusion your PayPal email then they would send he money there which then can be transferred to your bank account if you want to.
Obviously you did not read the first comment or any of the others. I know how PayPal works as well as this site. The question was not about how to get paid from FC. It was about changes PP is suppose to be making.
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Soooo.....
Did anyone notice any difference? It's still the same as it always was for me.
Well after the first of May I contacted them again and the person this time said if all you use it for is to receive money and then transfer it to your bank it will not effect you. I have money paid from 2 different sites sitting there right now. I am waiting because I may get $10 more in the next day or so and I want to transfer it all at one time.
So unless you use PP to make payments I don't think it effects you. They could have done a much better job in how they worded things.
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Hmmm...I'm not sure if this is still an ongoing question or not, but I am a happy PayPal customer. Have been for many years without any problems.
SMH. Did you read the first question? Or any of the comments?
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I agree with you on being careful to not click on any links in suspicious emails.
I've gotten 2 emails from them and still haven't had a chance to go to the site (I won't click on anything in the email). One is an update on the policy and another was the one you're talking about. Thanks for reminding me to look at these changes! I better do it now. :)
You can hover over the part where it says who the email is from and it will show you the real address so you know if it is from PP or someone else.
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I haven't received any emails yet but I'll definitely be on the look out for them. If I am understanding some of the comments correctly I don't think I have to do anything when the change takes place. :thumbsup:
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I haven't received any emails yet but I'll definitely be on the look out for them. If I am understanding some of the comments correctly I don't think I have to do anything when the change takes place. :thumbsup:
You won't get an email now. The emails have already been sent out. The change has already taken place. It took place the first few days in May.
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The change was suppose to take place yesterday on May 7. Today it was different. When I went in under my balance it said "ACCEPT MONEY". I had to click this. Then it said what do you want to do with the money ...
Transfer it to your bank? Or keep it in PayPal? Since I did not set up the 'balance and hold' account - whatever that is I said "transfer it to the bank". SO the change DID effect me. Even though the last customer service person said it would not. SMH
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Well, I did it. Today I made my first transfer from Paypal to my bank since the new format has been in place.
I hit Accept Money and had the cash transferred to my bank ( without the fee ). It was much easier to do than the what the hard to understand emails were explaining.
I really like Paypal very much but I think it would be much easier to have a tutorial video the next time there are any changes.
Of course that may be just as complicated as the emails.
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All I have to say is that everything gets more and more difficult. I guess that's life. :dontknow:
:fish:
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:cat:
I did not become effected by this. It already said PayPal Cash Account when I checked it .
Never added or changed anything! Some had to because they never set it up.
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I just went to my PayPal account to see if it looked different. I do have a "transfer" button, but it all looks pretty much the same. I pay 2 subscriptions each month through PayPal, and they are still listed as active. PP would have to have some way to hold money in your account if it were going to continue to pay automatic subscriptions. So, as of right now, I feel like PayPal will operate the same as in the past.
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:cat:
I did not become effected by this. It already said PayPal Cash Account when I checked it .
Never added or changed anything! Some had to because they never set it up.
SMH That is the point. Nobody understood nor do they still understand what it means. I still did not set up a PP Cash account. I have not changed anything. And the only difference was when I logged in it asked me to "accept" the money which I did then transfer it to my bank account.
From what I am seeing it is not going to effect you if you just use PP to to receive money and do not use it to make any payments.
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I just went to my PayPal account to see if it looked different. I do have a "transfer" button, but it all looks pretty much the same. I pay 2 subscriptions each month through PayPal, and they are still listed as active. PP would have to have some way to hold money in your account if it were going to continue to pay automatic subscriptions. So, as of right now, I feel like PayPal will operate the same as in the past.
You are wrong. If you use PayPal to make payments then you will need the "hold and balance" account. Whatever that is.
I do not know how so many of you all did not receive all the emails. Unless you flagged them as spam at some point. I received several.
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When I logged in yesterday it was different. So I am not sure what will happen the next time I have a deposit made in to the account. Guess we will see.
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I don't like that Paypal has a fee.
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This is why I use direct deposit.
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I don't like that Paypal has a fee.
A fee for what? I've never been charged a fee.
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I am sure a lot of you are using PayPal as your method of payment. If so I am sure you are receiving the emails about the coming changes.
Do any of you who use PayPal understand and can tell me in PLAIN ENGLISH what the crap is fixing to happen? I do not know what a "balance and hold" account is. I have talked to 3 customer service people who do not seem to have a clue.
One thing seemed to say that a balance and hold account will be made for you and connected to your account. I am just trying to understand if I will still get paid the same way and then transfer to my bank the same way.
One customer service agent told me you would have to "accept" when payments are sent to you and then it will immediately transfer to your bank.
Another told me when payments are made it will be immediately transfer to your bank and you do nothing.
A third told me the emails are a hoax and to ignore them. ::)
Hello!
I believe I have received the email but haven't really looked into it. I don't think a whole lot will change though.
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Yes, I've gotten them. Read them a zillion times and still don't get them. Whoever writes these things apparently doesn't understand the simplest form of explanation is the easiest to understand.
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I use PayPal and the rules are the same as far as I understand.
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I use PayPal and the rules are the same as far as I understand.
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I don't like that Paypal has a fee.
A fee for what? I have never paid a fee. FC deposits my money and I accept the payment and transfer it to my bank account. I have NEVER paid a fee for anything.
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I use PayPal and the rules are the same as far as I understand.
No they aren't. A lot has changed. Use to I could get paid from FC and let the money sit there for a couple weeks while I waited for other payments to come in. I can no loner do that. If you just have a regular paypal account you cannot hold a balance in your account. When you accept the money you must transfer it to your bank. Unless you have the cash account. Which I do not have. Most people have have that. If so then it doesn't effect them.
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I don't like that Paypal has a fee.
A fee for what? I have never paid a fee. FC deposits my money and I accept the payment and transfer it to my bank account. I have NEVER paid a fee for anything.
On my last 2 cash outs from my earning sites, I 'accepted' the money into my paypal account. Then I transferred the cash into my bank.
Since the update to paypal, I have had the option, on both of these cash outs to either transfer my cash to my bank with the typical one to two day waiting period before the cash hits the bank account ( it usually takes less time ). That option is always free,
Or I had the option of paying a small fee - a percentage of the cash in the account - to have the money immediately available in the bank account.
It's totally optional, you never have to pay a fee but it's available if you need the cash right away.
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I don't like that Paypal has a fee.
A fee for what? I have never paid a fee. FC deposits my money and I accept the payment and transfer it to my bank account. I have NEVER paid a fee for anything.
On my last 2 cash outs from my earning sites, I 'accepted' the money into my paypal account. Then I transferred the cash into my bank.
Since the update to paypal, I have had the option, on both of these cash outs to either transfer my cash to my bank with the typical one to two day waiting period before the cash hits the bank account ( it usually takes less time ). That option is always free,
Or I had the option of paying a small fee - a percentage of the cash in the account - to have the money immediately available in the bank account.
It's totally optional, you never have to pay a fee but it's available if you need the cash right away.
But if you do not have the cash account you cannot hold the balance in your paypal account. You have to go ahead and transfer it. Mine is always less than 24 hours.
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I'm not sure what PayPal is doing. I haven't used them in years. I have moved on although I still have a paypal account.
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PayPal now charges me a 1% fee for anything transferred to my bank account. This was not true before.
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I think I did get an email like that but I get them all the time. As long as I am getting my money, that is all I am worried about. :moneymouth:
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PayPal now charges me a 1% fee for anything transferred to my bank account. This was not true before.
The 1% fee should be an option. At least that's what it is for me. When I am transferring cash into my bank, I can either use the traditional, free method where my cash is in my account in about a day, or the other option, with a 1% fee and the cash is deposited immediately.
I always choose the free method. Since Paypal has made some changes, it may be a good idea to carefully read the instructions on each page before making the transfer.
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PayPal now charges me a 1% fee for anything transferred to my bank account. This was not true before.
The 1% fee should be an option. At least that's what it is for me. When I am transferring cash into my bank, I can either use the traditional, free method where my cash is in my account in about a day, or the other option, with a 1% fee and the cash is deposited immediately.
I always choose the free method. Since Paypal has made some changes, it may be a good idea to carefully read the instructions on each page before making the transfer.
Did not know it was a percent. It has always been 25 cents. And it is an option. You can transfer it and it will be there the next day or you can transfer it immediately. I have always done the free option which is the next day. It would not surprise me for them to start charging for every transaction. They are in it to make money not convenience us.
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i saw that but i always do the free option and have had no problem...
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Ignore them and go to their website to get the real news.
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Ignore them and go to their website to get the real news.
You do not ignore emails from them. That is how people end up in trouble or not knowing what is going on. The "real news" as you say was not ON their website. And the emails were real. They were from PayPal. The changes have already taken place a long time ago.
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Ignore them and go to their website to get the real news.
You do not ignore emails from them. That is how people end up in trouble or not knowing what is going on. The "real news" as you say was not ON their website. And the emails were real. They were from PayPal. The changes have already taken place a long time ago.
The problem with this, is I have in the past recieved phishing emails claiming to be from PayPal, yet they are not.
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Ignore them and go to their website to get the real news.
You do not ignore emails from them. That is how people end up in trouble or not knowing what is going on. The "real news" as you say was not ON their website. And the emails were real. They were from PayPal. The changes have already taken place a long time ago.
The problem with this, is I have in the past recieved phishing emails claiming to be from PayPal, yet they are not.
I have had the same thing happen to me a long time ago. What looked like an email from Paypal, with a very legitimate looking logo turned out to be a phishing scheme.
The only way I was able to find that out was to go to the actual Paypal website and question what I received. I was asked by Paypal, to send them the email that I got. They confirmed that it was bogus and they were able to put an end to that attempt to get personal information.