Popular PayPal function ends: This is how you get your money

Popular PayPal function ends: This is how you get your money

The grace period for PayPal users has expired. PayPal is discontinuing the popular MoneyPools function, existing MoneyPools can no longer be accessed by users. But the money is not lost.

Update from November 8, 2021: PayPal is closing the popular MoneyPools function today. The last existing MoneyPools are history. Anyone who has collected money through an older MoneyPool can no longer actively access it; the function has been removed from the website and the app. Nevertheless, users of a MoneyPool can get their credit. PayPal will automatically transfer the remaining amounts to the PayPal accounts connected to a MoneyPool in the next few days. According to the current plan, everything should be completed by November 15th (source: PayPal). The move had been prepared over the past few weeks.

Original article:

MoneyPools on the verge of collapse: PayPal discontinues popular function

PayPal is the most successful online payment service in Germany, no other provider can keep up. The consequences are correspondingly far-reaching in this country if PayPal revises its services. This is exactly what is on now: PayPal will discontinue the popular MoneyPools, the end date is November 8, 2021 (source: PayPal).

But PayPal users already have to adapt. Because MoneyPools is being phased out. The following applies since July 29th: If you create a new MoneyPool to collect money from friends and acquaintances, it will automatically have an expiry date. New MoneyPools can exist for a maximum of 30 days. This is step 1.

From September 30th you will no longer be able to start new pools via PayPal, the 30-day rule will then also be used for existing, older MoneyPools. The virtual collection box still remains. On November 8th, PayPal will close the bulkheads: The MoneyPools function will be removed from the PayPal app, all existing pools will be closed, the payment provider informs.

What you should also know about PayPal, you can find out in the video :

What happens to the money from existing MoneyPools?

You can withdraw the money from the MoneyPools manually until November 8th. From this point on, users no longer have access. Money that remains in pools will be automatically transferred to PayPal by November 15th. Customers do not have to take action themselves, the stocks from the pools are not lost. Only those who need his or her credit before November 15th should empty a pool themselves beforehand.

PayPal wants to use the free resources for other services: "This measure enables us to concentrate on more specialized services for collecting money." So you can still "collect" money from others. Using the "PayPal.Me" function, you simply share a link with one or more people who can send you money via PayPal.

Comments

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