Mr Hans-Christian Dirscherl
Collecting money with Moneypools is soon history. PayPal stops the popular money collection service. You should do that now.
Enlarge PayPal ceases this service: you must be up to 8.11. Acting!
©vangelis aragiannis / Shutterstock.com
PayPal had already announced in July 2021 that it ended the service Moneypool. Since 30 September 2021 PayPal no longer offers the possibility to create new moneypools. PayPal does not give any concrete reason for the abolition of its "virtual collection boxes", but only vaguely writes: "this measure allows us to focus on more specialised services for collecting money."
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These deadlines shall apply to the closure of Moneypools.
Since 29 July 2021, a maximum expiry date of 30 days applies to all newly created moneypools. Since PayPal users are no longer able to create new Moneypools since 30 September 2021 and a maximum expiry date of 30 days applies to all existing Moneypools, this means that the last PayPal moneypools will expire on 30 October 2021. The users now received a corresponding info mail from PayPal.
On November 8, 2021, PayPal will remove Moneypools from its mobile app and from its website. PayPal will transfer outstanding amounts to PayPal & APOs; s balance from 8.11.2021 onwards. On 15 November 2021, PayPal completes these transfers of funds and informs users that they have transferred their money.
This happens with an existing moneypool
Users can collect money with their money pool until the expiry date. You can also book money manually until PayPal stops the service on November 8, 2021. From 8.11. Can & APOs; t access your Moneypools anymore and no longer make transfers.
PayPal promises to automatically transfer all funds remaining in the Moneypool to the user & APOs; s balance with PayPal on November 8, 2021. According to PayPal, this automatic debit could take several days. If you need the money by 8 November 2021, you should book it manually.
Users whose PayPal account is restricted or closed will receive an email from PayPal stating how to retrieve your money.
Moneypool users can view their list of contributors until PayPal completely ends the Moneypools on 8 November 2021. After that, PayPal disables the list of contributors. PayPal therefore recommends that Moneypool users keep a list of people who contributed to their moneypool for your documents.
However, users can continue to check their transaction activities to see who sent them money.
These are Moneypools.
With the Moneypools you can collect money for different purposes via the PayPal payment system. To do this, create a moneypool with your texts and images that show what you want to collect for. You can then share this pool with your friends, acquaintances or colleagues, but also with other people and give them the opportunity to donate money for this particular purpose. After the flood disaster in Rhineland-Palatinate and North Rhine-Westphalia, for example, Moneypools were created to support certain flood victims. In such cases, be careful with people unknown to you that you do not fall into a fraud.
The use of Moneypools is free of charge. The money collected over it can be used directly for shopping or rebook to a bank account.