PayPal Changes

Discussion in 'General Discussion' started by Integrity Arms, Feb 23, 2019.

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  1. Integrity Arms

    Integrity Arms 1911 Pistol Smith

    Mar 20, 2017
    Anyone else get a notice from PayPal about having to open a PayPal cash account as of the 29th of March? From what I am reading in order to continue using their services after that date you have to have a cash deposit account with them,. In other words, they will want us to open a bank account through them and carry a cash balance that the funds will be drawn from for payments.. If this is the case I guess I will not be utilizing PP any longer. Supposed to be in accordance with a new government law that comes into effect the 1st of April, so I would imagine if that is the case then all other online sites like PP will be doing the same thing..
     
    Last edited: Feb 23, 2019
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  2. CENTURIATOR

    CENTURIATOR Well-Known Member

    593
    Dec 20, 2018
    I'm not sure it is as big a deal as you are suggesting it is. Here's the skinny. It's a change being put into place by PayPal as a result of new regulations from the Consumer Financial Protection Bureau. The thing about PayPal is that most people do not realize that PayPal provides the back office functionality used by a vast number of retailers and merchants, the consumer is none the wiser, but the chances are when you use any credit card with a merchant, it is PayPal Back Office infrastructure behind the scenes process all that activity anyway.

    Beginning March 29, Paypal is changing the structure of their accounts so that there is a ‘Cash Account’ for holding, sending, and receiving funds which is separate from your actual Paypal account, but linked to it. The short version is that there’s no real changes here that I see, other than – perhaps – a bit more verification needed to send, receive, and withdraw money.

    As a result of a new regulation issued by the Consumer Financial Protection Bureau, you’ll need a linked ‘cash account’ to hold the money in your Paypal account. The account will be automatically linked to your Paypal account. They’ll also automatically create the Cash Account for existing users, in many cases. The change will go into effect on March 29, 2019.

    You can have a Paypal account without having a Cash Account. For example, if you just want to check out online with Paypal, you don’t need a Cash Account at all. However, if you want to hold money with Paypal, you’ll need the Cash Account.

    Paypal notes the following: “Before you can open a Cash Account, we must verify or have previously verified the required identifying information that you provide to us. The required identifying information is: name, physical address, date of birth and taxpayer identification.”
     
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  3. WhoIsJohnGalt?

    WhoIsJohnGalt? We Are! Supporting Addict

    Feb 20, 2018
    I admit I skimmed over that email (mine is dated 2/17). Re-reading now.
     
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  4. Integrity Arms

    Integrity Arms 1911 Pistol Smith

    Mar 20, 2017
    It said if you didn't want to use this you could close your account..Sounds a bit mandatory to me.
     
  5. Integrity Arms

    Integrity Arms 1911 Pistol Smith

    Mar 20, 2017
    It says if you want to hold and use a balance. Isn't the the whole Idea now. You leave a balance in your account and use it for purchases.. From my understanding if you want to use the service for that purpose then you have to have a cash account.
     
  6. razorbacker

    razorbacker Well-Known Member Supporting Addict

    Dec 2, 2011
    I have not seen this, what is the minimum amount that you must have in the account?
     
  7. gun_fan111

    gun_fan111 Well-Known Member

    Mar 23, 2014
    I did not get this notification.
     
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  8. Integrity Arms

    Integrity Arms 1911 Pistol Smith

    Mar 20, 2017
    Okay so are they saying this is a totally separate service from a Personal PP account then? Just trying to figure out if this is a separate service they some how already offer, that doesn't apply to a personal account?
     
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  9. FWoo45

    FWoo45 Well-Known Member

    Jan 13, 2017
    Crap. I delete all PayPal emails as spam. I don't like this.
     
  10. Integrity Arms

    Integrity Arms 1911 Pistol Smith

    Mar 20, 2017
    I'm just going to call them and find out, 34 pages for this change in policy..
     
  11. Integrity Arms

    Integrity Arms 1911 Pistol Smith

    Mar 20, 2017
    Well here is the scoop I just got on the phone, not much tbh.. According to the CS Rep if you already have an account that you have verified with most of if not all of your personal information things will not change much, but you will now have at least 2 separate accounts. The Cash Account will be tied to the personal account and funds will be withdrawn from there to cover balance payments, F&F etc.. However, it does only affect personal accounts, and for those who have accounts who have not verified all their personal info they will now have to do so.. The details are still very vague but, I was told if the account is already being used and is already verified not much on the outside of how we do things will change. I just have a feeling there has to be more to it. It is tied somehow to some new federal regulation, which I am sure has something to do with the Gov having more access to monitor the transactions etc.. Still not sure what to think of all of it, the new email with the details were just sent out at 4:00 am this morning. So, look for updated info there. And of course they make the outline 33 pages long and seems to be very detailed but, very vague at the same time.

    But, again I was told if the account is already in good standing and been completely verified not much will change on the outside and the way the service is used.s
     
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  12. Cop_Out

    Cop_Out Pearl Pimp Supporting Addict

    Feb 3, 2017
    It doesn't seem like a big deal. You can read the specifics on PayPals website:


    What can I do with my personal PayPal account, PayPal Cash account or PayPal Cash Plus account?



    Starting March 29, we are changing the way our personal accounts work in the United States.


    U.S. personal account holders who want to keep money in PayPal or use other features that rely on a balance will need to have a balance account linked to their personal account. PayPal will offer two types of balance accounts: PayPal Cash and PayPal 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
    • Set up a money pool, split a bill, or send money cross-border using linked banks and cards
    • Sign up for and use PayPal Credit
    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 a PayPal Cash account. Click Keep it in a PayPal Cash account and follow the steps to get set up with PayPal Cash. This includes viewing the disclosures, user agreement and confirming your identity with us.

    With a PayPal Cash account, you will be able to do everything a personal PayPal account can do, and:
    • Send money using balance
    • Hold a balance
    • Shop in-store with balance with Google Pay and Samsung Pay where accepted
    • Transfer money from a PayPal Cash balance to Acorns for investments
    Personal PayPal account holders will also have the ability to get a PayPal Cash Plus account, which offers more features than a PayPal Cash account. You can get a PayPal Cash Plus account by applying for or enrolling in any of the features or products below:
    • Get the PayPal Cash Card Debit Mastercard® (or the PayPal Business Debit Mastercard®)
    • Set up direct deposit to automatically add pay checks to balance
    • Set up Goals to manage money being held
    With a PayPal Cash Plus account you can do everything a PayPal Cash account can do, and:
    • Get FDIC coverage for balance if you have a PayPal Cash Mastercard
    • Get cash with the PayPal Cash Mastercard or the PayPal app at ATMs
    • Add money to balance in stores with the PayPal app or by swiping the PayPal Cash Mastercard
    • Get cash at Walmart with the PayPal app
    • Scan a check to add it to balance with the PayPal app
     
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  13. Joe C

    Joe C Custom Pistolsmith Sponsor

    Sep 11, 2011
    Mountian...meet mole hill...
     
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  14. wrmiller

    wrmiller The Tinker

    Oct 29, 2016
    I use PP all the time, and have two verified accounts. But I don't keep balances with them. Sounds like this won't affect me? Hopefully?
     
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  15. azguy1911

    azguy1911 I'm done buying guns, I'm just a bystander now

    Oct 22, 2015
    I understood these changes was for people that "maintain" a cash balance within their PayPal account.
     
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  16. tac45

    tac45 What me worry ? Supporting Addict

    Mar 4, 2012
    Just as a point of information, TTT is available to hold your funds !!!
    Send CASH. :roflmaro::roflmaro::roflmaro:

    ( as a side note , @Joe C , between this scam and my go fund me account with you, how much longer do you think it will take before I can attend your class ? )
     
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  17. Integrity Arms

    Integrity Arms 1911 Pistol Smith

    Mar 20, 2017
    What I fail over the years to understand is why if something is no big deal it takes 33 pages to explain it. And it still doesn't really explain it. The simple life is no longer simple. Maybe if they started out with something like this will really not affect things with the way you currently use your account. It would make things a lot easier to understand. Shouldn't have to have a dang MBA for all the small print;. What in essence they tell you, if it ends up being us against you then you lose.
     
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  18. Busa Dave

    Busa Dave Well-Known Member

    Mar 3, 2018
    PayPal is a Left wing anti 2nd Amendment Company. I will not use them to add to their profit so they can further their anti 2nd agenda period end of discussion. Very few people in the firearms industry will tolerate this, those that do I will not do business with unless there is no other alternative which has not happened to date.

    Some of us have principals and take this serious as a heart attack as they say some do not. Sorry if that offends some but it is just a statement of fact that doing business with a company with a anti 2nd agenda is like stepping on your own you know what with a golf shoe (old style with steel).
     
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  19. Cop_Out

    Cop_Out Pearl Pimp Supporting Addict

    Feb 3, 2017
    I think you've make a reasonable point.
     
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  20. B81

    B81 Well-Known Member

    Aug 12, 2018
    Lawyers. That's why it takes 33 pages.

    If they just explained it in a simple casual language, it would leave a lot open to what you could call creative legal interpretation. They're just covering their ass.

    That said, it doesn't hurt to read the fine print to make sure you're not giving up critical legal rights as an end user. Their could be some Easter eggs in their that you won't like.

    Disclaimer: I am not a lawyer. By acting on any information in this reply you are acknowledging that you are taking advice from a man who lives alone with a cat and thumb typed this information on his phone while lying naked on his bed with a mild hangover.
     
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