PayPal is changing its policy to reduce the amount of money a "Personal" account-holder will be able to receive from $1,000 per month to $500 per month. PayPal offers users Personal accounts and Premier/Business accounts, each with its own terms. The new restriction goes into effect on November 4, 2004.
Meanwhile, some Personal account-holders have begun complaining they have reached the limit on the amount they can send without having to tie a bank account to their account. According to PayPal's user agreement, accounts that have a confirmed email address and credit card on file may send up to $2,000. Apparently even users who have taken years to reach that limit are being asked to add and confirm a bank account to their account once they have sent $2,000. Accounts that are verified by adding and confirming a bank account will receive a higher sending limit or no limit at all, the user agreement states.
PayPal spokesperson Amanda Pires said PayPal wants to verify their identity to protect the community as a whole. "We are looking at different ways to accommodate those folks," she said early last week.
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