Even Payoneer has introduced the same without mentioning the fee amount in the change notification.
PayPal introduces new fee for dormant accounts
121–130 of 136 posts
Re: PayPal introduces new fee for dormant accounts
#122Earlier quoted context omitted.
password managers let you store the one time password key. this removes the "two factor" nature of two factor, but retains the one time password nature of one time password. I honestly can't relate to people losing their access because something happened to their phone. The QR code is just a string of letters and numbers and you can save the QR code and the string of letters and numbers. I've been doing this for like…
Storing the second factor in the same password manager as the password is a lot like having a post-it with the password on your desk: it's practical, but defeats the purpose. But to add to this, I wouldn't ever set up a 2FA on a service that doesn't allow multiple second factors, and mostly static backup codes. Having only one (ie. device) is a much higher risk, of being locked out, than having the password stolen.
At least I know whoever is using my password is siting at my desk looking at the post-it (provided of course they didn't photograph it). Point being: it doesn't entirely defeat the purpose, in a similar way to how TSA locks don't defeat thieves, but delay them/lead them to find a different target.
Re: PayPal introduces new fee for dormant accounts
#123They’ve basically found a way to steal what’s left in the account. That’s all this is. There’s probably tens of thousands of accounts that people got locked out of or abandoned with money in and this lets them steal it.
Oh there's more than that. I've done some work in the past in some video games, and used to get paid through a Paypal registered under a pseudonym. But since now Paypal requires your name, DOB, SSN, banking info, to simply transfer money out, the money is stuck. I can't use the money to pay for things, because they require you to link banking info DESPITE the fact that I have cash balance. So basically, I had cash th…
sell the account to someone who can use it
Re: PayPal introduces new fee for dormant accounts
#124Cuz it costs a lot to have all of those numbers just sitting there.
Re: PayPal introduces new fee for dormant accounts
#125I have s few cents left in my account.
Is there a charity I can send it to, without giving most of it to PayPal?
Re: PayPal introduces new fee for dormant accounts
#126Earlier quoted context omitted.
Oh there's more than that. I've done some work in the past in some video games, and used to get paid through a Paypal registered under a pseudonym. But since now Paypal requires your name, DOB, SSN, banking info, to simply transfer money out, the money is stuck. I can't use the money to pay for things, because they require you to link banking info DESPITE the fact that I have cash balance. So basically, I had cash th…
sell the account to someone who can use it
So basically rules created to stop money laundering forced honest citizens to engage in money laundering??
Re: PayPal introduces new fee for dormant accounts
#127So what happens if I decide to close my account, have some money left and I don't want to give them my banking & SSN information?
Re: PayPal introduces new fee for dormant accounts
#128Earlier quoted context omitted.
> yearly expenses for the bank to keep up with the legal paperwork on that account Wouldn't the yearly expenses to keep up any individual account be such a small fraction of a single cent, that we might as well call it zero? Account information is literally just a few strings of bytes, and transaction info is similar. Even with a lot of transactions it'd likely be less than (say) 10kB per year?
Note: I'm on the board of a credit union. There is no "legal paperwork" for accounts. The only real costs for managing accounts comes from mailing monthly statements. The last time we discussed these statements at a meeting, it was reported they cost about $1.00 (on average) to send.
> There is no "legal paperwork" for accounts.
...so I can just throw away all the tax documentation for my mid/high tier interest bearing checking and savings accounts at both my credit union and bank? that share certificate I have at my credit union generating dividends? "Legal" to me means "things I have to do or the police come find me." Your interpretation might be different, but my accounts have legal paperwork.
Re: PayPal introduces new fee for dormant accounts
#129They’ve basically found a way to steal what’s left in the account. That’s all this is. There’s probably tens of thousands of accounts that people got locked out of or abandoned with money in and this lets them steal it.
I haven't used my Paypal account in years, and a few months ago they gave $10 USD, not enough to buy something, but enough for me to consider using it again. At the end I didn't, and I guess they'll slowly take it back.
Edit: read the article, it seems they'll take it back in one fell swoop.
Re: PayPal introduces new fee for dormant accounts
#130Earlier quoted context omitted.
Note: I'm on the board of a credit union. There is no "legal paperwork" for accounts. The only real costs for managing accounts comes from mailing monthly statements. The last time we discussed these statements at a meeting, it was reported they cost about $1.00 (on average) to send.
> There is no "legal paperwork" for accounts. ...so I can just throw away all the tax documentation for my mid/high tier interest bearing checking and savings accounts at both my credit union and bank? that share certificate I have at my credit union generating dividends? "Legal" to me means "things I have to do or the police come find me." Your interpretation might be different, but my accounts have legal paperwork.
Is that "legal paperwork" something which you (the end user) has to do, and not something that the credit union/bank does?