Paypal...just Got Even More Confusing / Annoying...

Yeah, I read all that last night and still am not sure of exactly what they are doing with this and why, but would love to hear anybody else's take on it. I'm fairly certain this is another "improvement" that is detrimental the users of this platform.

So does that mean that if you want to sell anything and collect payment via paypal, that you have to have this balance account set up?

From the link



I am confused, why blame PayPal for a Washington regulation?

The Consumer Financial Protection Bureau is a part of the Dodd–Frank Wall Street Reform and Consumer Protection Act.

We elect people who put the regulations in place and then turn around blame companies who have to then follow the regulations? I do not understand.
Don

Clear as mud. But it sounds like the Feds are requiring them to separate out the banking(holding your money) from the rest of what they do. It sounds like if your money just passed thru their computers from the purchaser and on to your bank there would be no need. But since they hang on to your money as a balance they need to do this. It doesn't sound like the easiest way to do it, but I'm neither a banker nor lawyer.

This is like the other thread where people are blaming ebay for new tax regulations. Do people really think that companies like ebay and PayPal sit around and incur costly new development and resulting support just for the hell of it? I realize that it is popular to be a victim, but companies do not stay awake at night thinking up ways to victimize the people who use their software and services.

No one is forcing anyone to use the software and services. If you do not like the new online taxes, if you do not like this new regulation, then there are possible actions you can take. You can vote for something different. You can write your representatives (just as easy as writing a post in a forum). You can stop using the software and services.
Don

My beef is I am a Canadian and have a US Paypal account. I can't be confirmed due to not having a SSN so am unable to have a balance account.

I will probably have to close my US account due to the new regulations.

Twice now in the past month I have had a cash balance in my account and processed a transfer to my checking account. The first time it never happened. I had to go back in and redo it, then it went through.It happened again this week. I got an email from PP verifying the transfer request. I wasn't seeing it on my bank account then went in and it was still sitting there in my account.

I really don't trust them any more.

FYI, this only affects those with "Personal" PayPal accounts:

https://www.paypal.com/us/smarthelp...ount-faq3996

My account was converted to a business PayPal account years ago. In the PayPal lexicon, the distinction between a Personal and Business account has only to do with features and fees. It is not tied in any way to whether or not you run a business or not. Anyone can get a "Business" PayPal account.

What John F. is saying above is that ---- Those funds that PAYPAL is holding is now classified as " SEGREGATED FUNDS " the same as any bank or brokerage account . They can't use your money to build a parking lot or loan it out to other parts of their business . They will treat your money as yours not as theirs .

Each day ....yes every business day they will file a report to the government .