Paypal's new policies

Went through the same thing and as an international user was quite intricate.

That was after reporting the email as phising, changing passwords etc. they confirmed it was required.

Still, be vigilant. I never clicked on an email link etc and only worked through my Paypal account through the notification on my profile knowing I logged in securely etc.

Just checked, May this year I went through this process.

 

I'm a Canadian and as such, I have a Canadian PayPal account. I just used it yesterday to buy stuff and I just signed into my account again from the app just now to check. I haven't seen anything indicating I need to give any more information to continue using my account.

Not sure if this is something specific to US accounts or something else, but I haven't seen anything regarding "verifying my account" since I made my account.

 

Bye-bye, PayPal.

 

@minimize
You can continue to use the account...you just won't be able to maintain a balance. You'll have to take a check, transfer the funds to a (PayPal?) debit card, or to a verified bank account.

 

That's going to cost them a fortune. All that money that would be at their disposal now leaving.

 

I suspect its not in their hands. Because of the way banking laws get changed, I suspect some law has been changed somewhere, and some time ago that is holding them accountable as though they are a bank. Because they operate internationally, they have blanket polices as well as local ones. They have been fighting against loosing ground in this for a long time, trying to add services to make it more appealing for people to keep an account, but there are so many competitors in the market that can handle local transactions in the US, and many banks around the world just handle local transfers without too much trouble, they really only have one leg left, and if international transfers get further restricted, I don't know how they will handle it. Or they could be looking at actually acting like a bank in the US which could be interesting, as that could shake up the market quite a lot if they were able to provide the right services.
In short, don't be blaming paypal, I'm sure they don't actually want to be liable for that info, blame DHS which I suspect is the main driver of most banking ID laws at the moment.

 

From the policy update of April 2018:

I highlighted the pertinent portion with bolded text - if you don't provide the information, your balance can be stored or transferred... the option of USING it in situ will be eliminated

 

Even the message screenshotted above, by @minimize, says it - (basic translation) - Do you like using your balance to send and spend money? Give us the information.
If you don't want to, transfer your funds.

 

I doubt they could get away with not giving people a way to access their money...maybe a time requirement for transfer, or something.

Yes, I understand that the "if you don't" information was important... but, when people are reacting without reading/ comprehending, sometimes pointing out the difference is an easier way to get through.

*edited to add - I suppose there could be a change about which I haven't been notified, and that the way you portray it is accurate....but the message you posted matches both what I have seen and the listed policy change

 

ROFL 058-50-0823

 

Can't they just get the info off the dark web like everyone else without bothering me?
OP-appreciate you informing us. I will just have to see how it plays out-no message on my account yet.

 

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