Holding and using a PayPal balance. You will not receive interest or any other earnings on the money in your account. This is because the money in your account is electronic money and European law forbids paying interest on electronic money. Also, electronic money is not a deposit or an investment under Luxembourg law, so the Luxembourg deposit guarantee or investor indemnity schemes administered by the Conseil des Protection des Deposants et des Investisseurs cannot protect you. We may store and move the money in your account in and between: • the PayPal balance; and • the reserve account, at any given time subject further to this user agreement. PayPal balance The operational part of your account contains your PayPal balance, which is the balance of money available for payments or withdrawals. When you use our payment service to pay another user, you instruct us to transfer the money from your PayPal balance to the recipient’s account. You need to have enough PayPal balance in cleared funds to cover the amount of any payment you make and the transaction fees you owe us at the time of the payment. Other requirements also apply – see the section Making a Payment below. If you have insufficient PayPal balance or have chosen a preferred funding source you are also requesting us to obtain funds on your behalf from your applicable funding source and issue electronic money to your PayPal balance for your payment to be made. When you withdraw your money you need to have enough PayPal balance to cover the value of any withdrawal at the time of the withdrawal. See Adding or Withdrawing Money to know how to get a PayPal balance and how to withdraw it. If your PayPal balance shows a negative amount, this is the net amount you owe to us at the given time. Reserve account Money marked in your account overview as “pending”, “uncleared”, “held” or otherwise restricted or limited at any given time is held in the part of your account which acts as a reserve account. You cannot access and use money stored in the reserve account.
Holding and using a PayPal balance. You will not receive interest or any other earnings on the money in your account. This is because the money in your account is electronic money and applicable laws forbid paying interest on electronic money (for example, Directive 2009/110/EC article 12 of the European Union). Also, electronic money is not a deposit or an investment under Luxembourg law, so the Luxembourg deposit guarantee or investor indemnity schemes administered by the Conseil des Protection des Deposants et des Investisseurs or any equivalent scheme in the EEA cannot protect you. We may store and move the money in your account in and between: • the PayPal balance; and • the reserve account, at any given time subject further to this user agreement.
Holding and using a PayPal balance. You will not receive interest or any other earnings on the money in your account. This is because the money in your account is electronic money and European law forbids paying interest on electronic money. Also, electronic money is not a deposit or an investment under Luxembourg law, so the Luxembourg deposit guarantee or investor indemnity schemes administered by the Conseil des Protection des Deposants et des Investisseurs cannot protect you. We may store and move the money in your account in and between: • the PayPal balance; and • the reserve account, at any given time subject further to this user agreement. PayPal balance The operational part of your account contains your PayPal balance, which is the balance of money available for payments or withdrawals. When you use our payment service to pay another user, you instruct us to transfer the money from your PayPal balance to the recipient’s account. You need to have enough PayPal balance in cleared funds to cover the amount of any payment you make and the transaction fees you owe us at the time of the payment. Other requirements also apply – see the section Making a
Holding and using a PayPal balance. You will not receive interest or any other earnings on the money in your account. This is because the money in your account is electronic money and European and UK law forbids paying interest on electronic money. Also, electronic money is not a deposit or an investment under Luxembourg law, so the Luxembourg deposit guarantee or investor indemnity schemes administered by the Conseil des Protection des Deposants et des Investisseurs cannot protect you. In addition, the Financial Services Compensation Scheme does not cover any credit balances we hold in your PayPal account from time to time. We may store and move the money in your account in and between: • The PayPal balance and • The reserve account. at any given time subject further to this user agreement. PayPal balance The operational part of your account contains your PayPal balance, which is the balance of money available for payments or withdrawals. When you use our payment service to pay another user, you instruct us to transfer the money from your PayPal balance to the recipient’s account. You need to have enough PayPal balance in cleared funds to cover the amount of any payment you make and the transaction fees you owe us at the time of the payment. Other requirements also apply – see the section Making a
Holding and using a PayPal balance. Consumer advisory - The PayPal payment service is regarded as a stored value facility under Singapore law. PayPal Pte. Ltd., the Holder of the PayPal stored value facility, does not require the approval of the Monetary Authority of Singapore. Consumers (users) are advised to read these terms and conditions carefully. We may store and move the money in your account in and between: • The PayPal balance and • the reserve account, at any given time subject further to this user agreement.
Holding and using a PayPal balance. You will not receive interest or any other earnings on the money in your account. This is because the money in your account is electronic money and applicable laws forbid paying interest on electronic money. Your PayPal account is an electronic money account and is not a bank account. The electronic money in your PayPal account is not covered by the UK’s Financial Services Compensation Scheme. We may store and move the money in your account in and between: • The PayPal balance and • The reserve account. at any given time, subject further to this user agreement. How we protect your PayPal balance When we receive a payment from or to you, for your PayPal account, we issue an equivalent amount of electronic money to your account. The UK Electronic Money Regulations 2011 imposes requirements on us about how we hold these funds/payments. When we receive these funds/payments, we consider them “Relevant Funds”. We segregate these Relevant Funds from any of our own money in bank accounts known as segregated bank accounts that are held with an authorised credit institution. If we continue to hold the Relevant Funds at the end of the business day following the day on which we received the Relevant Funds, we will deposit these into a separate safeguarding bank account that are held with an authorised credit institution. This process of protecting relevant funds is referred to as safeguarding. We keep safeguarding your Relevant Funds until you pay them out of your PayPal account. This happens, for example, when you make payments to a third party from your PayPal account or withdraw your PayPal balance. If we were to become insolvent, the Relevant Funds that we hold for you and our other users in our segregated and/or safeguarded bank accounts will form a separate asset pool. This means that, after the costs of insolvency, the insolvency practitioner or administrator appointed to deal with the insolvency will be entitled to use the funds in the asset pool to reimburse you any monies owing, before any other creditors of PayPal. Nothing in this provision stops us from deducting fees that we are entitled to collect under this User Agreement and any fees do not form part of the protected asset pool. PayPal balance Your account contains your PayPal balance, which is the balance of money available for payments or withdrawals. When you use our payment service to pay another user, you instruct us to transfer the money from your PayPal balance to the recipient’s account. You ...
