Green Dot are launching a new product that can be used to load funds onto PayPal accounts. This is called “PayPal cash powered by Green Dot at the register” and will be different to other reload cards. Here is how it will work:
- Select the retailer you want to load with
- They will provide a custom barcode that can be printed off or shown on your smart phone
- Bring the barcode directly to the register to load your Paypal card
- Pay the $3.95 fee and how much you want to load to your account
- Funds will be added directly to your Paypal account and you will receive an e-mail confirmation
It looks like this is being done to prevent fraudsters tampering with the prepaid cards to defraud consumers of their money. The e-mail that people received announcing this new product has a CVS/Riteaid logo in it, so presumably they will be the launch partners for this new product, both of these stores have stopped selling the Paypal MyCash cards.
They will also be requiring people to verify their name, address, date of birth and social security before you can add funds using this method. They will not do any hard credit inquiry. There will still be a maximum load limit of $4,000 per month, I am not sure if there will be a daily limit as well or not.
It remains to be seen if you’ll be able to use a credit card to add funds using this new bar code method or not. Hopefully the lower fraud rates due to tampering will allow them to accept credit cards, but my money is that it will be up to the store & CVS/RiteAid will opt not to accept credit card payments.
Hat tip to R. for letting me know via e-mail
So William — Have you heard any updates on this? Almost all of my local CVS stores have run out of PayPal MyCash cards and say they will not be restocked. I assume it’s because the product in this post is coming, but it hasn’t been launched yet (that I’m aware of). This is hampering my MS activity considerably, since it was an easy $2,000 per CVS visit.
Haven’t heard anything more about it, but I haven’t been actively looking for new information either.
Walgreens has become my only other source for purchasing My Cash cards with credit, but my local stores strictly enforce $500 limit per day making it highly inconvenient. 7-11’s near me won’t sell them on credit either. Any other suggestions for purchasing My Cash cards with credit?
“It’s all for fraud prevention and less paperwork.” I guess that’s what it is. Think about the effort to ship a small package with say 100 of these little plastic or cardboard pieces to each and any one of all those stores. The non-physical version could mean that it’s being offered by more stores who don’t want to have the hassle of accounting for all those little pieces of inventory which they most likely have to prepay as well (the fee part, not the load part of course).
Lol money laundering for terrorist. Terrorists are not using Green dot for laundering money that’s just silly. Let me guess they are using bluebird too. It’s all for fraud prevention and less paperwork.
They want frigging SSN for a paltry $4K a month? Eff GD. I suspect this will be cash only like the current GD MoneyPak.
This isn’t about fraud. It’s about worries about money laundering for “terrorists” – it’s more Patriot Act absurdity from a bureaucracy looking to justify it’s existence
“They want frigging SSN for a paltry $4K a month”. You’re giving Bluebird/Redbird your SSN for $5k/m! And reloading @ the register is easy peasy, isn’t it? What’s the difference? Welcome to the 21st century!