PayPal POLICY CHANGE? Sending Limit reached -Need your personal bank info to recover account!

[Madhatterpa]

Recent Observations to PayPals Software Changes that were added to adapt their new verification policy to capture more of your personal Bank Account Information and leave you vunerable to being overdrawn, ID fraud and leaving you with no Buyer protection or leverage. i.e. open the firewall to allow unbounded financial transaction to occur with no protection in the event of errors.

Why do I feel this way?? 

1. Everyones 'Verified' Account which had stored Credit Card info was reset to an UNVERIFIED status!
2. This then caused Send Limits to max out so we can't reconcile in-flight Bidding if you win!
3. Most Sellers require PayPay so there is no alternitive payment method! 
4. The only way to correct this is to give up your bank account info or sign up for their Credit Card!

Looks like a Checkmate to me.. Do it their way and loose your buying rights and protection or start using retailers that acccept Google Checkout where they only require YOUR credit card info and a phone number to Verify!! Hey isnt that what PayPal use to do too and allowed them to grow so fast???

[Madhatterpa]

Great to see that PayPal was was quick to respond to this and others who noticed the snap change! Just reconfirms our assumptions that they must be true since there was no denial. Guess  eBay doesnt care either since they are one of the same.. Looks like it's time to sell the ebay stock cause it will be dropping as fast as those of us who refuse to open our bank accounts to someone, we cant see, let alone talk too about issues and concerns.. I can see it now in the year end 2011 internet business in review... The headline could read..

PayPal & eBay... Going... Going... Gone!!

After 12 years of going strong with building great customer trust and protection,  PayPal (an eBay company) was proven to be the bad sibling in the relationship. eBay lost so much revenue in the summer months due to PayPal policy changes which didn't sit well with their customer base that there was a mass exit of PayPal account holders which caused the industry standard of paying for interent services to fail, bringing down its sibling, eBay to a massive loss causing them to file chapter 11 just before the winter holiday season.... etc... etc... etc..

Of course I could be wrong too, but I would not want to share my personal Bank Account Information to a company who does not offer a protection allowance in return for doing such. How many people do you know who hands out blank checks??