PalPay Question 0

[kav]

Does anyone know what this means?  I just got email notification:
 

[aszumilo]

1.  Issue ambiguous statement

2 ????

3. PROFIT!!!!!!

 

That's all that I can get out of it.

Edited February 18, 2019 by aszumilo

[DeadOne]

Something to do with transparency of prepaid accounts. Here's a link to the rule: 

https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-changes-prepaid-accounts-rule/

I didn't get the email, but here is the statement from the PayPal website:

https://www.paypal.com/us/smarthelp/article/how-do-i-sign-up-for-a-paypal-account-faq3996

 

[GeneticNinja]

I thought everyone had to have a linked bank account or credit card? Perhaps it was just for people selling or using ebay. I know I got an email from Paypal a month or so ago because they wanted my social security number. Which they didn't and won't get.

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[Turnando]

my impression (when I got that notice and only quickly skimmed it) was that this is a response to banking and consumer protection regulations that will make it harder for PayPal to cheat, not that they were cheating. 

More oversight of positive balances held by PayPal during that time between when you get the money and you transfer out out of PayPal to a "real" account.  The government is making PayPal be more "real" with the money they are holding, I believe.

[kav]

35 minutes ago, GeneticNinja said:

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I thought everyone had to have a linked bank account or credit card? Perhaps it was just for people selling or using ebay. I know I got an email from Paypal a month or so ago because they wanted my social security number. Which they didn't and won't get.

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They need it if you sell over $20,000 and a certain # of items to send tax info tho.

[01TheDude]

I think you can ignore it-- it is just legal terms for something they already do but wanted to point out the terms were clarified. It even says that you don't have to do anything- they will create the linked balance account.  That balance account is required when you set up your pay pal to begin with and must be valid in order to have a pay pal account. Remember that little verification step you did when you first opened the account where they sent two deposits for small amounts and asked to tell them what those amounts were to verify your bank? That was the linking process.

I took it to mean that all pay pal accounts require some form of attachment to a bank account which is used to validate who owns the pay pal account itself.