With MoneyPool, PayPal users can collect and donate money together with others. But the financial service will be discontinued this fall. What does this mean for customers?
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Stuttgart - Anyone who collects money for a birthday present or wants to collect donations for victims of natural disasters can use PayPal's MoneyPool financial service. However, that should soon be over. Customers of the US company recently received an email stating that MoneyPool will be discontinued in the fall.
Where can I find MoneyPool?
The online financial service can be accessed on the PayPal website directly under your own balance. In the app you can find it under "More" and then in the "Open MoneyPool with friends" area.
How does MoneyPool work?
You can create a MoneyPool with just a few clicks. You assign a name, optionally specify a target amount that is to be collected together and a period of time within which the money must be collected. The latter is limited to a maximum of 30 days. An anonymous donation is also possible. You can then share the MoneyPool with friends or acquaintances via a link and invite them to collect money together.
When does the financial service end?
The Californian company says it will shut down the service on November 8, 2021. However, a few weeks earlier, starting September 30th, the function for creating new MoneyPools will be deactivated. According to PayPal, however, MoneyPools created on or before September 30 will remain available for up to 30 days as usual. So you can only use the money collection function until October 30th.
Will I lose my money in MoneyPool if the service is discontinued?
No. The company recommends its customers to independently transfer the money from the pools to their own PayPal account. Otherwise, this will happen automatically on November 15th. With the end of the MoneyPools, the information on who donated how much in detail will also be deleted.
Why is the service being discontinued?
The US company only says that it wants to offer more specialized money-raising services in the future.
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