Customer-friendly fee structure
There are no fees to open, fund, or maintain a PayPal Student Account. If your teen loses their Student Card, we’ll replace it free of charge. Lastly, there are no idle-account fees or fees for closing a Student Account. Charges that may apply are listed below.
ATM Withdrawals
$1 for each, plus any fees charged by the ATM operator
Foreign ATM
1% for each cash withdrawal outside the United States
Currency Exchange
Currency exchange rate, plus 2.5% when PayPal performs the currency conversion
Bank Withdrawals
$3 for each, where a signature is required
Foreign Purchases
1% for purchases made outside the United States
Sending and Receiving
For fees related to sending and receiving money with PayPal, click
here [paypal.com].
See
https://www.paypal.com/us/cgi-bin...eMicrosite
Information needed to create a student account:
Child's legal first and last name
Child's email address
Password
Child's date of birth (
Child must be 13 years or older.)
For other questions, please see the
PayPal Student Account Agreement [paypal.com]
Part of the agreement is below:
PLEASE READ THIS AGREEMENT CAREFULLY. BY ACCEPTING THIS AGREEMENT AND OPENING A STUDENT ACCOUNT, YOU AGREE TO BE FULLY LIABLE AND RESPONSIBLE FOR ALL OF THE CHILD'S ACTIONS, OBLIGATIONS, AND LIABILITY RELATED TO THE STUDENT ACCOUNT AND THE PAYPAL SERVICES. IN ORDER TO OPEN A STUDENT ACCOUNT FOR A MINOR, YOU MUST BE THE MINOR'S LEGAL GUARDIAN, PARENT,
OR RELATIVE.
Repeated: "In order to open a student account for a minor, you must be the
minor's legal guardian,
parent, or
relative."
Definitions (according to the PayPal Student Account Agreement):
"Child" means a person that is age 13 or older.
"Student Account" means a PayPal Account for a Child that is age 13 or older.
"Parent" means the Master Account holder and person responsible for the Child's actions.
"Relative" is not defined in the PayPal Student Account Agreement.
Liability. The Parent is liable and responsible for all of the Child's actions, obligations, and liability related to the Student Account and the PayPal Services. For liability purposes, the Master Account and any attached Student Accounts are considered one account for which the Master Account holder is responsible. Any action taken by PayPal on the Master Account may also apply to the Student Account(s) and any action taken by PayPal on the Student Account(s) may also apply to the Master Account. The Master Account holder agrees to be liable for a negative Student Account Balance should one occur. PayPal may recover amounts held in a Student Account if the Master Account holder owes any amounts to PayPal even if such liability is unrelated to the Student Account. Should a Student Account hold a negative balance for a period of 30 days or more, and/or if any other liabilities are charged to the Student Account, any such amounts past due may be taken from the Parent Account or other Student Accounts linked to the Master Account. Any online agreements that are accepted by the Child are accepted by the Parent as if the Parent had taken the action. The Parent is responsible for educating the Child on internet safety.
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Note: To those who are thinking about making fictitious accounts:
The
PayPal User Agreement [paypal.com] states under
Restricted Activities:
f. Provide false, inaccurate or misleading Information;
10.4 Actions by PayPal. If we have reason to believe that you have engaged in any Restricted Activities, we may take various actions to protect PayPal, eBay, a User, a third party, or you from Reversals, Chargebacks, Claims, fees, fines, penalties and any other liability. The actions we may take include but are not limited to the following:
1. We may close, suspend, or limit your access to your Account or the Services (such as limiting access to any of your Payment Methods, and your ability to send money, make withdrawals, or remove financial Information);
2. We may contact buyers who have purchased goods or services from you, contact your bank or credit card issuer, and warn other Users, law enforcement, or impacted third parties of your actions;
3. We may update inaccurate Information you provided us;
4. We may refuse to provide our Services to you in the future;
5. We may hold your funds for up to 180 Days if reasonably needed to protect against the risk of liability; and
6. We may take legal action against you.
...
10.8 Acceptable Use Policy Violation - User Fines. If you violate the Acceptable Use Policy then we may hold your funds up to 180 Days, fine you up to $2,500.00 USD for each such violation and take legal action against you to recover additional losses we incur. You acknowledge and agree that a fine up to $2,500.00 USD is presently a reasonable minimum estimate of PayPal's damages, considering all currently existing circumstances, including the relationship of the sum to the range of harm to PayPal that reasonably could be anticipated and the anticipation that proof of actual damages may be impractical or extremely difficult. PayPal may deduct such fines directly from any existing Balance in the offending Account, or any other PayPal Account you control.
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Specific information about the Student Accounts can be found at PayPal's Help Center -
https://www.paypal.com/helpcenter...gTbD3Ep9oA
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