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

[myjunqueyourtreasure]

From what I read, the Cash Plus account will be FDIC insured, the Cash account won't. To get the Cash Plus account you have to be PP verified (ie have your SS# etc on file)

[tsme35]

ugh more legal garble, doesn't make any sense, if this for business accounts or personal accounts or both.

[odie200412]

---

@myjunqueyourtreasure wrote:
From what I read, the Cash Plus account will be FDIC insured, the Cash account won't. To get the Cash Plus account you have to be PP verified (ie have your SS# etc on file)

---

Only if you have a PP Cash Card debit card, see below text from the new user agreement:

Funds held in a PayPal Cash Plus account are eligible for FDIC pass-through insurance but only if you have a
PayPal Cash Card debit card.

[buyselljack2016]

---

@clu3 wrote:

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.

---

So, are you thinking that this could be used as the account for the payment from Adyen to be deposited in???  If that is the idea, I like it as well.

Do not want eBay in and out of my checking account multiple times a month.

My wife can't keep her checkbook balanced now. It would be a total disaster for her to get Adyen/eBay transactions.

I

[myjunqueyourtreasure]

---

@penguins_dont_fly wrote:

---

@southern*sweet*tea wrote:

Interesting.

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

---

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 ...

---

No mention of what fees there will be for said Direct deposit?

[buyselljack2016]

---

@myjunqueyourtreasure wrote:

---

@penguins_dont_fly wrote:

---

@southern*sweet*tea wrote:

Interesting.

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

---

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 ...

---

No mention of what fees there will be for said Direct deposit?

---

Accounts that I deal with (regular bank/credit union) do not have fees for Direct Deposit. They actually make that(having direct deposit) a qualifier to make the account free. (void of fees)

[myjunqueyourtreasure]

But that's how PP makes their money - processing payments.

[wpt05]

---

@atikovi wrote:

---

@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.

---

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

---

Please read before posting misinformation.  My post is cut and pasted directly from the link, hence the parenthesis.  

"...…...

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.

......…. 

"

I think the more significant part of the message comes before that as indicated by the many posts about it.   

[wpt05]

---

@pburn wrote:
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?

---

I cut and pasted the link so people could read it here without clicking the link in the OP.  There is was also a link within the link.  That one is 33 pages so I didn't feel it was necessary to cut and paste that one. If you want to read about PayPal Cash and PayPal Cash Plus you can follow that link below.

PayPal Cash and PayPal Cash Plus Terms and Conditions

[ronniesretro11]

My take on it?

To make sure that any monies are reported (for tax purposes).

Time to have garage sales!!

[ronniesretro11]

Used to be that sellers could receive any type of payments (cash, etc.)

Then ebay implemented paypal, which eventually became the forced

method of payment, now sellers are being cornered even more.

I predict a major slowdown of selling, jmo.

[buyselljack2016]

---

@myjunqueyourtreasure wrote:
But that's how PP makes their money - processing payments.

---

Yes, you are correct:)  Not sure what I was thinking (guess I wasn't thinking)

[myjunqueyourtreasure]

Even with a processing fee still (on top of the Adyen/ebay processing fee, it would probably still work out cheaper to have deposits go to PP Cash account than to a bank which will have transaction limits and expect you to open a business account if you're going to get daily deposits with the added cost for that.

[buyselljack2016]

re: processing fees

Hopefully, but then there would be the Adyen/eBay processing fee, and the PayPal fee.

I would not have as much push back to the managed payments if allowed to choose the intervals at which time payments were made to me.

I am not sure if my credit union would charge me per transaction(have a limit), but it would be nice to set up my own transfers like I do now. I also would like to keep it separated from my regular account. Another account (separate checking/whatever) would probably have a fee.

I like money in my PayPal. I can use it for other stuff. When I do not have a Home Depot gift card with a balance I use PayPal for online buying. Just made an online auto parts purchase with the PayPal funds.

[mam98031]

I still haven't gotten an email on this, so it may be because I have a business account.  The email as posted by the OP clearly states "If you are an existing personal PayPal account holder...".

I'll have to read up more about this.