Just got another Notice of Policy Updates and they now want you to open a Paypal Cash account in order to hold a balance to pay out of for items.
Problem here is they want your date of birth and social # or tax number.
NFW am I trusting them with that info.
They have been sold twice and have suspect employees and third party companies in bed with them.
I have had an account there for over 15 years, they have already verified who I am, no need for this additional BS.
So any monies received now will just have to get transferred to bank immediately.
That company sucks but they are crucial in buying from overseas companies, necessary evil, but still VERY EVIL.
I agree. They suck big time. But they are necessary EVIL for now. Hopefully, somebody will create a competing service for those of us who value our privacy and security. But I don’t see it happening any time soon, unfortunately.
If pp tries that with me I'll just cancel my account with them. Will curb the flash light spending too which is always a good thing! BTW, never got any notice from paypal, maybe it's just for US customers.
I got a notice about changes in the terms of service, or something like that. I read it, kinda. Don’t remember seeing anything about SSN. I’ve verified my info about as much as I’m going to. If they want more then I will just pass. It’s not that important to me honestly.
I’ve been trying that out too!
It feels particularly liberating when PayPal doesn’t allow payments on certain types of goods, and you can neatly sidestep those restrictions by using cryptocurrency.
I don’t understand what you’re saying. How is cryptocurrency a direct competitor to PayPal’s payment processing service? BTC is currency, not a service.
Also, you do know that the whole “they can’t control it or take it away from you” claim of crypto is bunk, since “they” control your ability to connect to the internet, right? When “internet” becomes an ad-hoc network that anyone can join anonymously for only the price of hardware, I’ll believe cryptocurrency is any better than “regular” currency as far as privacy and/or security go. Don’t get me wrong, I like the decentralized currency standard better than government backed fiat. But I see no privacy or security benefit as long as my connection to the internet itself is at someone else’s command.
BTC was just currency years ago, there is software (and hardware) to send and receive payments. (wallets, merchant accounts etc)
Doesn’t this make cruptocurrency a service as well?
‘Controlling’ your internet does not mean controlling your cryptocurrency in any way.
If someone is limiting your ability to connect to the internet, then you already have a problem.
Besides, if need be, you can make a cryprocurrency payment with paper.
Internet control is ‘regional’ and only the tiniest of internet access is enough.
But if you don’t have internet what would you need internet money for? (or paypal for that matter)
Paypal is banking on the myth that people can't live without it but it's not going to work for people like you and me. I'll use it as long as it is good for me, then astalavista.
I use PayPal just as a convenience. It’s not super important for me to use it. I can easily use my debit card for just about any purchase if need be. If giving PayPal all the personal information they want to verify my identity without providing me with some kind of information as to how they plan on keeping my information secure, then they can live without my business.
My bank allows me to turn on and off my debit cards at will. I keep them all off until I actually use them. That feature and some anti fraud protections and credit monitoring keep me relatively secure. Nothing is foolproof of course but, I do what I can and I can certainly live without PayPal.
Seems to me that if PayPal plans on keeping all of the personal information in one place, then it makes it a one stop shop for thieves looking for it. Is PayPal going to go to bat for me as soon as my information is compromised? Of course not. They will send me a letter stating that it was compromised and to contact my bank. I’ll most likely get a letter from my bank long before I get one from PayPal.
I am ultimately responsible for my own safety/security. Dependency leads to complacency.
That’s because these conditions are prompted by U.S. consumer protection regulations governing banking activity, which is which PayPal provides by holding peoples’ money and issuing payments.
It was clearly stated in the notice.
The 9/11 terrorist attack resulted in a new wave of U.S. legislation that sought to counteract criminal activity from the financial side as well, involving foreign financial ties, money laundering, etc. Simply opening a bank account was no longer so simple; the U.S. government wanted to know opens accounts, verify their identity, and requires financial institutions to monitor and report activity that may be suspicious. It’s a duty of both the institutions and individuals working for them (including annual training).
The same analogue took place with air travel—proof of ID, tracking, and background databases/no fly lists.
While there is much data collection these big internet companies do by their own choice, there is also some that is compulsory. As an EU resident, I’m sure you’re aware of the reach that government can have.
Is the ‘copy & paste’ below what ya’ll are referring to??
As a result of a new regulation issued by the Consumer Financial Protection Bureau in Washington, D.C. coming into effect on April 1, 2019, we are making some changes that will affect consumers who want to hold and use balance with PayPal.
Beginning March 29, 2019, if you want to hold and use balance, in addition to verifying your identity with PayPal, you will need a balance account which will be linked to your current PayPal account. Detailed information about balance accounts (known as PayPal Cash and PayPal Cash Plus) can be found in the PayPal Cash and PayPal Cash Plus Terms and Conditions. There are no changes to any PayPal fees.
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Does this apply to people who only want to make payments using Credit Card or bank account through PayPay?? Keeping no balance in their PayPal account.
I have a US PP and have NOT received this email. But the content seems reasonable and is in fact a very positive change to protect consumer assets.
For the pp users who want to keep a balance they have to create an actual “balance account” and for this they need to do the basic AML/KYC procedures.
Based on what you have quoted, that is how I understand it. Again, I have a US account and I have no balance. I have NOT received said email and I was NOT asked to provide any details or IDs.
The only reason I actually have a US based PP account is to very rarely buy something on ebay via my external credit card. It adds another layer of protection of a chargeback without the fees (some CCs ask for chargeback fees).
But since buying on ebay has been more trouble than ever, a US PP account isn’t something I would actually need. I don’t sell anything on ebay or elsewhere, my friends and I don’t pool money for gifts or parties and when people owe me money (super rare incidence), they just give me cash.
The only good use case would be transferring money from one country to another (under my own name), but the fees are horrendous.
