posted on November 10, 2000 04:27:58 PM
I just read on another board that anyone who verified an X.com account with PayPal will become UNVERIFIED now that X.com is closing all of its accounts.
That word from PayPalDamon is on the OTWA PayPal board.
So, what is verification REALLY for?
It's obvious it's not just for "identification" as has been claimed by PPD so many times on this board.
posted on November 10, 2000 04:52:50 PM
Think you got this a bit mixed up here.
When X.com closes accounts On dec 1 your bank account will no longer be verifide and this is true since your bank will no longer be X.com.
How ever you will still be verifide by email address and the verfication they sent you snail mail to verify your mailing address.
The bank account verification was and or is for PayPal Insurance purposes to satify there insurance company since they dont run credit checks on users the bank verification was the simplest way to satisfy the Insurance company that the USER is a fair risk.
basically to be insured or bonded to handle money requires credit checks criminal back ground check even finger printing there for I would say bank account verification was really very simple .
posted on November 10, 2000 05:47:33 PMThe bank account verification was and or is for PayPal Insurance purposes to satify there insurance company since they dont run credit checks on users the bank verification was the simplest way to satisfy the Insurance company that the USER is a fair risk.
This is a direct contradiction of PayPal's official line on the purpose of verification. According to PayPal, the only reason for verifying a bank account is to establish your identity. If this be true, x.com closing your bank account will have NO effect on your verification since they have already established your identity with the 2 small deposits.
Now I guess this issue will be settled once and for all when verified PayPal users become unverified when their x.com accounts are closed. PayPal will no longer be able to keep up the charade.
posted on November 10, 2000 06:35:32 PM
No dman3, I got it right.
When X.com closes all of those checking accounts, any PayPal customer who used an X.com checking account for PayPal verification will become UNVERIFIED by PayPal.
Check the thread at OTWA. Damon is very clear on this point.
If this were simply for insurance purposes, why would a user who's passed verification suddenly become unverified because the bank closed its virtual doors? And what PayPal insurance might require this verification?
I'm not handling someone else's money. The money that goes into my PayPal account is MINE.
The only insurance offered to PayPal users is the $100,000 Traveler's coverage. And that only covers an account security breach--if your account is hacked or your password stolen, for example.
posted on November 10, 2000 07:20:56 PM
All that data goes directly into the navigational computers of the Black Helicopters. They will all swoop down
at the same instant so you can't call and warn each other.
posted on November 10, 2000 07:32:01 PM
Yahoo! PayDirect only requires verification if money is to be moved from my bank account to my Yahoo PayDirect account. Same prodecure -- two small deposits to the account, then I tell Yahoo the amounts. I assume Paypal needs to go through this process for the same reason.
Forget about what Paypal is telling you. They are not verifying your identity for any purpose other than to remove money from your bank account.
(And by the way, Yahoo doesn't bad-mouth me to my customers because I choose not to give them permission to go into my bank account. Check out the AW Partners Forum for story after story of Paypal's abuses.)
posted on November 10, 2000 07:49:26 PM
No matter about paypal and there verification at this point it has proven to be nothing more then a way to frustrate sellers some way or the other.
hey you if you spell pay pal backwords
lap yap if you give paypal an F for there policy you come out with flap yap
posted on November 10, 2000 09:20:23 PM
ok I was looking In TOS in defence of my statement about What Bank Verification is Really for.
They have really done some changes here check this out from paypal TOS
II. Rights and Disclaimers of PayPal.com
2. Miscellaneous Disclaimers.
(b) PayPal.com shall not be responsible for payments made to unintended Recipients due to the input of incorrect information by Senders or for payments made in incorrect amounts. PayPal.com shall not be responsible for the verification of the identity of Users.
WOW this is too funny why did they need or want any verification now is the question for me.
This came directly from section 2 of there rights and disclaimers.
