PayPal User Agreement Update

[wpt05]

Did anybody else get an email about this change? 

https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full

[mam98031]

I have not received it.  At least not yet.  Sometimes large amounts of emails our sent out in waves, not all at once.  I will keep a watchful eye for it.  Thank you.

[slippinjimmy]

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@wpt05 wrote:

Did anybody else get an email about this change? 

https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full

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Yes I received it......

Yes I read it.......

Want my summary? 

It's a nothingburger and sometime later this year I'll be dumping PayPal so I really don't care.

Do you have some comments or did you just want to know if you were the only one out of 275 million PayPal users that was special enough to get a notice?

[southern*sweet*tea]

Interesting.

A lot of people aren't going to like this...

[myjunqueyourtreasure]

Thanks for posting this link.

[wpt05]

"AMENDMENTS TO THE PAYPAL USER AGREEMENT AND THE ELECTRONIC COMMUNICATIONS DELIVERY POLICY

We are updating the PayPal Account User Agreement and the Electronic Communications Delivery Policy. These changes will go into effect on March 29, 2019 and apply to U.S. PayPal customers. If you agree to these changes, you don’t have to do anything. If you don’t agree with these changes, you may close your account. If you close your account before March 29, 2019, the changes will not apply to you.
 
Amendments to the PayPal User Agreement for Personal PayPal Accounts

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.

If you want to hold and use balance, you will need a balance account which will be linked to your current PayPal account. PayPal will offer two balance accounts: PayPal Cash and PayPal Cash Plus. Information about both types of balance accounts can be found in the PayPal Cash and PayPal Cash Plus Terms and Conditions.

If you are an existing personal PayPal account holder and we have already verified your identity, we will establish and automatically link a PayPal Cash Plus account to your current PayPal account. Information about your PayPal Cash Plus account, including your balance amount, will be easily available using your existing PayPal login.

For all other consumer PayPal account holders, if you want to hold and use balance, in addition to verifying your identity with PayPal, you will need set up a balance account which will be linked to your current PayPal account. 
There are no changes to any PayPal fees.

We are also making two other changes: (1) we are changing the time period for providing you with advance notice about important changes to the PayPal Account User Agreement to at least 21 days; and (2) we are clarifying how and when we convert currency.
 
Amendments to the PayPal User Agreement for Business Accounts

We are changing the time period for providing you with notice about important changes to the PayPal Account User Agreements to at least 5 days.

We are clarifying how and when we convert currency.
 
Amendments to the Electronic Communications Delivery Policy

We are updating our Electronic Communications Delivery Policy to clarify that your consent to receive electronic disclosures under our Electronic Communications Delivery Policy applies to all PayPal branded accounts"

[pburn]

So, is that a copy of what I would find if I clicked on the link, or should I go ahead and click on that, too?

[penguins_dont_fly]

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@southern*sweet*tea wrote:

Interesting.

A lot of people aren't going to like this...

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If I'm reading the section on "Cash Plus" correctly ... this will benefit sellers who don't want to (or can't) set up a separate checking account when Managed Payments rolls around for good.

The "Cash Plus" account type allows for Direct Deposit ...

[readabouthorses]

Just checked ... nope, I did not get an email yet. I still have a Premier account so maybe those fell through the cracks?

[vintagecraze50]

Looks good. The PP cash account will have pass through FDIC insurance.

[vintagecraze50]

Yes, looks like a good way to transfer funds when managed payments come if that is what the seller wants.

[atikovi]

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@wpt05 wrote:

Amendments to the PayPal User Agreement for Business Accounts

We are changing the time period for providing you with notice about important changes to the PayPal Account User Agreements to at least 5 days.

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That's not what my message says.

we are changing the time period for providing you with advance notice about important changes to the PayPal Account User Agreement to at least 21 days

[myjunqueyourtreasure]

It's 5 days notice for business accounts, 21 days for personal

[atikovi]

What's the differance between the two?

[clu3]

Would the Paypal Cash account replace the bank account required through the new Ebay payment system?

I prefer NOT to have money from Ebay automatically posted to my bank account in drips and dribbles - so if Paypal gives me the option of a "holding" account - I'm all for it.