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The clause establishes procedural requirements for business account termination and specifies conditions under which PayPal may restrict how funds are accessed or withdrawn, contingent on completion of identity verification procedures.
Business account holders must complete identity verification steps and execute a transfer or withdrawal action before closing their account. Accounts with unverified information have restricted withdrawal options limited to linked bank accounts or debit cards rather than other potential transfer methods.
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"If you have a business account, you must withdraw or transfer any balance from your business account before closing it, and if you have not provided the required identifying information to us, or if we are unable to verify the required identifying information you provide, you must transfer any balance in your business account to a linked bank account or debit card.— Excerpt from PayPal's PayPal User Agreement
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The clause establishes procedural requirements for business account termination and specifies conditions under which PayPal may restrict how funds are accessed or withdrawn, contingent on completion of identity verification procedures.
Business account holders must complete identity verification steps and execute a transfer or withdrawal action before closing their account. Accounts with unverified information have restricted withdrawal options limited to linked bank accounts or debit cards rather than other potential transfer methods.
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