How old do you have to be to have a PayPal: Can you get into legal trouble? Yes. Will you? That depends.
Is it illegal to make a PayPal account if you are under the age of 18? Answer: No it is NOT illegal, but is against their policy and rules. It is NOT against your bank’s policy to sign up to Paypal. You can‘t lie about your age to get a PayPal account because it will be tied to a bank account that will have your social security number which is tied to a lot of personal info about you.
According to PayPal’s website, they don’t allow anyone under 18 to open an account because no one under 18 is allowed to enter into a legal contract in the United States: “When you open a PayPal account, you are agreeing to a binding legal contract.
As the ‘account’ was illegally made then the funds are equally so UNTIL that person is 18, they can then open a paypal account legally and transfer the funds from their other limited account. According to PayPal’s rules, a person must be at least 18 years old to open an account because it is illegal to enter into a contract unless you are an emancipated minor.
PayPal offers student accounts for children and teens, but to get one, an adult would need to sign up and act as the primary account holder.
The adult would be legally responsible for any unsatisfied debt, regardless of whether the primary owner had knowledge of or approved the transactions, just as the primary account holder of a credit card is responsible for debts incurred by an authorized user.
How old do you have to be to have a PayPal?
From what I take from your question, there were no such adults listed on your account. However, PayPal would have had the right to try and get you to pay the balance owed, not knowing you were a minor when you opened the account. After all, you are the one who racked up the debt.
While you can’t go back in time, you should have paid the bill. When you didn’t, the overdue debt was sold to a collection agency and PayPal cleared it. You now need a third-party company that purchased the account – hence the calls and collection letters.
The best way to deal with this problem is to pay the bill. If you have the cash, I don’t see why you wouldn’t foot the bill, since you’re not contesting its legitimacy.
By sending a check for the full amount owed, you will stop the collection agent’s communication and offset the small risk that the collection agency is trying to legally force the case.
For example, some creditors may attempt to take legal action against the parents of a minor. If you lied about your age to get the PayPal account, you may be held responsible for the balance and even face criminal charges.
Young people can commit and be convicted of fraud. The higher the debt, the more likely this possibility becomes.
Now that I’ve scared you, know that the likelihood of being sued for a balance you acquired while underage is slim, even if you faked your date of birth. You can also try to get out of debt payment by contacting the collection agency and explaining the situation.
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Age requirement for individual accounts
Age 18 is the legal limit. Underage 18, you need your parent’s assistance. Note, this not only for PayPal just being mean.
When you open a PayPal account, you are agreeing to a binding legal contract. Before an individual can enter into a binding legal agreement known as a contract, he or she must meet the legal contract age. The legal contract age is also referred to as the age of majority, which is 18 years old in most jurisdictions.
Minors usually cannot enter into a legally binding agreement such as a contract because they are not old enough to be held accountable for their actions.
If such an instance occurs wherein a party of legal contract age enters into a legally binding agreement with one who is not of legal contract age, the latter may void the agreement in the event that the terms and conditions cannot be fulfilled by him or her.
However, if the party of legal contract age commits a contract breach, he or she can be held accountable to the minor who entered into the agreement with him or her.
Why does PayPal have an age limit?
If you are an individual, you must be a resident of the United States or one of its territories and at least 18 years old, or the age of majority in your state of residence to open a U.S. PayPal account and use the PayPal services.
PayPal previously offered a PayPal student account, but that service was eventually discontinued. According to PayPal’s website, they don’t allow anyone under the age of 18 to open an account because no one under the age of 18 is allowed to enter into a legal contract in the United States:
“When you open a PayPal account, you agree to a binding legal contract. Before an individual can enter into a binding legal agreement called a contract, they must have reached the legal contract age. The legal contract age is also mentioned. like the age of majority, which is 18 in most jurisdictions. “
Even though there are other banks and financial institutions that circumvent this restriction by offering teenage accounts linked to parental care accounts, PayPal has decided not to offer any such thing. This introduces a new need for PayPal alternatives for teens.
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Can I lie about my age to get a Paypal account?
I would strongly advise against that. Because WHEN they catch you (and I promise, they always do. I worked in the department associated with those who do periodic reviews for EXACTLY that sort of thing), they will limit you and everyone associated with you from PayPal for good.
They will be able to detect when you or anyone in your household, anyone who’s ever shared an address, phone number, VIN number, etc with you, and they may be at risk of permanent limitation as well.
I would strongly, strongly advise against it. I’ve heard too many calls where customers are begging to undo that final decision made by PayPal, and there is literally an entire department of “No” people that the only calls they take all day long are calls.
Where they have to tell the client “we have decided to permanently part ways, and there is nothing you or anyone associated with you can do to change this decision”.
Unless you commit fraud or do anything illegal with the PayPal account, my guess is that the most they would do if they found out will be to terminate the account. Also, they may or may not also ban you from getting another account when you actually are old enough to legally have one.
You can’t lie about your age to get a PayPal account because it will be tied to a bank account that will have your social security number which is tied to a lot of personal info about you. Have your parents sponsor you for a joint account.
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Online banking Alternatives accounts for teens
No matter where you turn to set up an online financial account like PayPal, you’ll inevitably need a bank account to transfer money to and from.
One of the easiest solutions is to simply create a real bank account that teens are allowed to use, along with a debit card, checks, and all the other perks that come with owning a bank account.
CapitalOne 360 Money
CapitalOne has solved the need for teen bank accounts by providing what is known as a CapitalOne 360 “Money” account. A Money account is a toll-free teen checking account.
Some of the benefits of a CapitalOne 360 Money account include:
- No fees or balance requirements
- A free debit card that teens can use at any store that accepts MasterCard
- SMS alerts to teens and parents for low balances
- Free ATMs across the country
- Accounts earn interest
- A real bank account gives your teenager an understanding of how banking works, how interest accumulates as you save money, and how to manage their money from month to month.
The fact that the account requires a parent to “support” means you have the ability to step in and help if your teen needs it. You can transfer money in and out of the account from your own external bank account.
CapitalOne isn’t the only company to jump into the teen banking game. A few other banks have stepped up to help with student bank accounts.
The Best PayPal Alternatives for Teenagers Under 18
- Bank of America Student Banking: No monthly maintenance fee, online/mobile banking, and the ability to send and receive money via the Zelle online payment service.
- Alliant: Available for kids aged 13-17 years old, start a joint account for your child with no minimum balance, no monthly fees, online/mobile banking, and interest rates more than twice that of other teen bank accounts.
- Chase: A “high school checking” account is available for students 13-17 years old, without a monthly fee if linked to a parent’s bank account. Chase tends to have a lot of fees like ATM and overdraft fees, but this is a good opportunity to teach your teen how to avoid such “big bank” fees.
- Huntington Bank: Anyone under 18 can open a Huntington Bank student account so long as someone over 18 is willing to open it as a co-signer or as a joining account. Huntington Bank doesn’t provide account details online so make sure to read the fine print when you sign up.
- Wells Fargo: A teen account is available to any student aged 13-17, with a parent account, linked to the account. Parents can place limits on purchases, and students can bank from their mobile phones or online. You can avoid the monthly fee if you opt for online statements.
Not only do national banks offer student accounts. Chances are your local bank or credit union has options for students as well. So, check with your own local bank and ask if they offer free or no-cost checking accounts for students that parents can co-sign.
Conclusion
Let me clarify a couple of things here. According to the PayPal user agreement policy is that you are not allowed to have a PayPal account if you are under 18.
Even with your parent’s assistance and permission, PayPal will still not allow a minor to have a PayPal account. Please edit your post as not to confused other people.
In a letter, state that you were under 18 when you opened the PayPal account and no adults were or are associated with it. Provide proof of your age and attach it. Send the letter by registered mail, return receipt requested, which you do to your local post office.
According to the Fair Debt Collection Practices Act, a debt collector has 30 days to respond. The debt collector may drop the matter and stop contacting you.
If the debt collector chooses to force the case instead with a letter from their lawyers, you will still have the option of footing the bill and getting it over with.
Friends, If you are an individual, you must be at least 18 years old and have the full legal capacity to enter into a contract to open a PayPal account and use the PayPal services. If you owe, you should pay, even though PayPal restricts accounts to those under 18, unless authorized by a parent.
You can have one Personal account and one Premier or Business account. You can add more email addresses, debit or credit cards, and bank accounts to your account, but each account must have its own email address and financial information.
How old do you have to be to have a PayPal