What You Need to Know: Paypal Policy Updates – July 2017

Today, we are taking a quick look at the updates Paypal is making to their policies at the end of July. You may have received an email regarding the changes that will go into practice on July 27, 2017 last week.

Unlike past updates, this update is short and sweet! Here’s the changes that will take place:

• Paypal is adding a faster method of getting your money out of your Paypal account if you have a Paypal debit card. It’ll cost you $0.25 per transfer – but you’ll get access to your money faster.
• Paypal and Venmo have teamed up and customers have the ability to pay with Paypal using their Venmo account. Paypal is clarifying that payments made into your Paypal account through Venmo are bound by Venmo’s purchase protection – not Paypal’s protection.
• Paypal is clarifying the orders of funds used for “Pre-approved Payments”. Specifically, if you have money in your Paypal account, this balance will be used first.
• Paypal is clarifying that they have the right to debit your bank or credit card if you use Paypal to pay for something and your Paypal account as a negative balance.

Whew, that’s it! If you’d like to read the update yourself click here. Honestly, there isn’t anything earth shaking or too noteworthy in this update – unlike the last update which you can find summarized here.

As always, I’d love if you’d take a second and save this post to Pinterest – it really makes my day!