Your PayPal account will be deleted if you are a minor. PayPal used to have student accounts that allow minors to have their account. However, this was already phased out in 2016.
PayPal phased out the student account because upon registration a user must agree to a legal binding agreement. In accordance with the US law, one must be 18 and above to sign those contracts.
Consequences of having Paypal accounts as minors
Once PayPal verified and finds out that you are under 18, they will hold the remaining funds in your account. They will consider your account as limited and will no longer be accessible. What’s worse is that you can get permanently banned to use PayPal if you attempt to register as minor in the past.
If you managed to register as a minor, withdraw your PayPal funds now. It’s because it won’t be long until your account will be considered as “limited“.
What are other legit ways to transfer money online as a minor?
Capital One is an online savings platform that has no monthly fees and maintaining balance. Your money can also have 1% annual percentage yield. To open an account, parents should register their kid for the account.
However, fund transfers may require a parent’s consent. Kids can also do the deposit themselves by uploading a picture of the check or mailing it to Capital One branch.
Greenlight is one of the emerging startups that allow minors at all ages to have their own account. A kid must be 13 years old if he wants to sign up his own account before his parents.
This app helps you and your parents manage your spending. They can deposit your money then set what amount can be spent and how much should be saved.
The Current card is owned by Metropolitan Commercial Bank and aims to help parents and teens manage their money early on. The card itself works like a regular savings card and can be availed by the consent of parents. Unlike Capital One, Current has $64 annual fee per teen.
goHenry is an online baking system that comes with a debit card and an app. Kids ages 6 to 11 can now have the financial control of their money. Their company allows 1-month free trial which is a great way to experience the product. Kids can also customize their own cards according to their style. Sounds cool right?
We hope that information above can save you from being banned in PayPal. If you know other money transfer apps that accept minors, please let us know in the comments down below.