PayPal Money Pools Timeline
Or, Some dates you should be made aware of.
Is it the worst kept secret in the world? Money Pools has concluded and is no more. We are now entering a grey moment in which existing customers will be wondering what to do next and which is their best plan of action for this current position they now find themselves in.
PayPal themselves have provided a rough rundown of some frequently asked questions, but we wish to provide a definitive rundown of the timeline of this whole ordeal and how you can position yourself to be best equipped to avoid a few of the red herrings and mouse traps that may have been set along the way.
So here is how we intend the situation to play out. This is our best articulation of the next few months and the repercussions therein.
Oh, and a note in case you have forgotten already. Collctiv is the number one alternative to Money Pools in quelling all group payments anxieties, both now and beyond.
So onwards into the dates you should be educated upon and what that may mean for your situation moving forward!
This is the only date to have already flown by. It is still necessary for building the broadest picture.
The 30th of September drew the curtain on creating new Money Pools within the PayPal database.
Meaning, while it was perfectly valid to create new pots before, that service is now glued permanently useless - prohibiting further creation of said pots.
This was the first action of a service closure announced by PayPal a few months earlier in June.
So the creation of pots had been disabled. What about existing pots already created?
Well, at the time of writing, the 30th is just eight days into the future.
By the 30th of October, any existing money pools will be set to expire, effectively rendering them useless to contribution from here on in.
This is probably the most major date on the calendar. PayPal has given until the 30th for everybody to wrap up any existing pots.
So you're probably thinking, what about the money I had in my pot already? What happens to that?
Well, PayPal has imposed yet another deadline. By November the 8th; just 9 days after the conclusion of existing pools, PayPal expects customers to have transferred all of the remaining funds into existing PayPal balances.
This means that any refunds or transferrals (Collctiv maybe?) must be done by this date. Otherwise, they will disable that ability for you and take matters into their own hands.
By that same token, November the 8th will also mark the day that PayPal will wipe any existing records of their database.
This means to see who has paid and for what, you must have done so by this day. Otherwise risking a lifetime of petty disputes and uncertainty amongst peers. You have been warned, things could start to get a little messy.
This is the day PayPal takes the reins, booting you out and voiding any of the previous control you may have enjoyed. Don’t worry though, you won’t be left out of pocket; they can't rob you blind. They will, however, take it upon themselves to transfer all the existing funds from your pot into your default PayPal balance.
From there? I guess you continue disputing payments, or if you haven’t already - transfer the funds to Collctiv and continue enjoying a stress-free social life. The same one that you had a hold of before all of this ordeal began.
So if you didn’t know, now you know. I highly recommend getting familiar with this timeline to avoid being caught out by PayPal.
As for the future of group payments? Collctiv will have you covered for all organisational needs. We know this because we have on record from all our customers that we are the number alternative to Money Pools.
Tired of being left out of pocket? It’s free to download our app! Click here for the app store or alternatively, here for google play!
Furthermore, check out our website for more information; more blog content. Including our take on why we are the best alternative to Money Pools.