PP Changes

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"PP Changes"

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"PP Changes"
Posted by tommycat on Apr-11-19 at 10:03 AM (Eastern)

Posted on Apr-11-19 at 10:03 AM (Eastern) by 206.176.217.71
Can someone explain the changes PP is making?
If my bank is listed on my pp, is that enough for a backup?
LPETZ6@OUTLOOK.COM
Thanks for any help.

tommycat joined in 6/2016
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Table of Contents

I am having the same problem, mepeaches3, 03:44 PM, Apr-11-19
I do think linked to bank is enough, call them for..., Meezer_Mom, 04:04 PM, Apr-11-19

Everyone Needs to Read the Updates!, Tiggy, 09:50 AM, Apr-16-19

Messages in this discussion

1 . "I am having the same problem"
Posted by mepeaches3 on Apr-11-19 at 03:44 PM (Eastern)

Posted on Apr-11-19 at 03:44 PM (Eastern) by 71.145.218.138
My disability payment goes on a card. Always used it no problem. A few places it would not work. But know I can't. So now I guess I won't be doing PayPal.

mepeaches3 joined in 2001
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2 . "I do think linked to bank is enough, call them for clarity if using a pay card..."
Posted by Meezer_Mom on Apr-11-19 at 04:04 PM (Eastern)

Posted on Apr-11-19 at 04:04 PM (Eastern) by 63.110.13.130
I get the impression that they don't want to be holding anyone's money in limbo. PP is merely a portal for transferring money to/from others, but it must be linked to a balance account, savings or checking.
Remember, PP in limbo is not earning any interest, and I think that is why the Feds have pressured them to change their model. Essentially, they are acting like a bank without providing interest on monies in account.
Now, money received goes back to the bank account and money sent is taken right from the bank account. PP returns to being a mere portal.
Pay cards, such as those received from Social Security and other social agencies, as well as some employers, *may* be OK if funds can be added to them. Certainly, if you've purchased something via card and then returned it, you know that charges can be reversed and added back to them. *SO*, there may be a work-around for that.
Hope that helps.
Purrrz,
Sue
>^..^<
If we've traded, please leave feedback for me at:
http://www.refundsweepers.com/dcforum/feedback/178.html
Thanks so much!

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3 . "Everyone Needs to Read the Updates!"
Posted by Tiggy on Apr-16-19 at 09:50 AM (Eastern)

Posted on Apr-16-19 at 09:50 AM (Eastern) by 65.26.239.132
You do need either a new Paypal Cash account or Paypal Cash Plus account.
They will invest this money to earn interest, however, PP pockets the profit
not you. Also, these cash accounts are not FDIC insured.
These are apparently changes mandated by the FDIC, however, they seem to
benefit Paypal.

Tiggy joined in 1/2012
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"PP Changes" Posted by tommycat on Apr-11-19 at 10:03 AM (Eastern)
Posted on Apr-11-19 at 10:03 AM (Eastern) by 206.176.217.71 Can someone explain the changes PP is making? If my bank is listed on my pp, is that enough for a backup? LPETZ6@OUTLOOK.COM Thanks for any help.
tommycat joined in 6/2016 461 posts [Search for feedback]	[Edit] [Contact tommycat] [Profile] [Reply] [Reply with quote] [Top]

1 . "I am having the same problem" Posted by mepeaches3 on Apr-11-19 at 03:44 PM (Eastern)
Posted on Apr-11-19 at 03:44 PM (Eastern) by 71.145.218.138 My disability payment goes on a card. Always used it no problem. A few places it would not work. But know I can't. So now I guess I won't be doing PayPal.
mepeaches3 joined in 2001 1307 posts [Search for feedback]	[Remove] [Edit] [Contact mepeaches3] [Profile] [Reply] [Reply with quote] [Top]

2 . "I do think linked to bank is enough, call them for clarity if using a pay card..." Posted by Meezer_Mom on Apr-11-19 at 04:04 PM (Eastern)
Posted on Apr-11-19 at 04:04 PM (Eastern) by 63.110.13.130 I get the impression that they don't want to be holding anyone's money in limbo. PP is merely a portal for transferring money to/from others, but it must be linked to a balance account, savings or checking. Remember, PP in limbo is not earning any interest, and I think that is why the Feds have pressured them to change their model. Essentially, they are acting like a bank without providing interest on monies in account. Now, money received goes back to the bank account and money sent is taken right from the bank account. PP returns to being a mere portal. Pay cards, such as those received from Social Security and other social agencies, as well as some employers, may be OK if funds can be added to them. Certainly, if you've purchased something via card and then returned it, you know that charges can be reversed and added back to them. SO, there may be a work-around for that. Hope that helps. Purrrz, Sue >^..^< If we've traded, please leave feedback for me at: http://www.refundsweepers.com/dcforum/feedback/178.html Thanks so much!
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3 . "Everyone Needs to Read the Updates!" Posted by Tiggy on Apr-16-19 at 09:50 AM (Eastern)
Posted on Apr-16-19 at 09:50 AM (Eastern) by 65.26.239.132 You do need either a new Paypal Cash account or Paypal Cash Plus account. They will invest this money to earn interest, however, PP pockets the profit not you. Also, these cash accounts are not FDIC insured. These are apparently changes mandated by the FDIC, however, they seem to benefit Paypal.
Tiggy joined in 1/2012 11721 posts [Search for feedback]	[Remove] [Edit] [Contact Tiggy] [Profile] [Reply] [Reply with quote] [Top]