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One of the main and only reasons I have used paypal was because it was the most secure way to buy stuff online because it is was PUSH system of payment where you push money to a merchant, rather than a PULL system like a credit card where you give a seller your bank debit card number which gives them access to Pull money out of your account. Today I receive an email that tells me that PayPal has turned my paypal account into a Paypal Cash Plus account, which essentially converted it into a normal bank account which means that merchants can now PULL money out of it just like they would if they had my debit card number to my bank account. Or at least that is how it seems to me. Am I right?
Nah, how do you figure that? Merchant's still don't have access to your card info when you pay. It still works the same in terms of payment.
Has more to do with anti-money laundering measures to me. If users want to park money in PP balance and use those funds, they need to get ID'd that they own the pp account.
And when you sign up for a installment plan or billing agreement with a subscription service (ie. Netflix, etc) via PayPal, you agree to be billed x amount with x funding source. You don't have to have funds pulled out for anything you don't agree to or sign up for it.
Then again, if you feel this way re: the April 1 policy change, you are free to not use PayPal and close your account.
But I read in the policy that you can now get a debit card to use with your Paypal Cash Plus account. A debit card means that a person with the card number can access your account and pull money out independent of you. Did I understand this wrong?
I just don't understand what this paypal cash plus thing is. If it is the same thing as Paypal, then why the need for it?