No more $500.00 account limit, transfer to bank account, faster support. PayPal also tends to favor with people who have verified accounts in disputes.
Unverified Accounts are not supposed to be permanent status but rather it is a short term membership while you wait to receive your bank statement or credit card statement to complete the verification process. Thus there is nothing stopping an unverified account to receive any incoming payments or would there by any said receiving limits at this stage. Thus unverified accounts do not have any form of credibility and the account holder is both not trusted by Paypal and by the other account holders that deals with them. Thus long term unverified accounts tend to be limited or been deemed suspicious. Verified accounts are accounts which have been verified and determined that the account holder provided real information and not out to cheat. Thus once verified, you will no longer have spending or withdrawal limits. The big difference between a verified and unverified account is the issue of trust and authenticity.
I mean, say if someone sent me $1,500 with a Unverified it would not allow it, yet with a verified would it allow it?>
Yes, the person would mostly likely not be able to send you $1,500 via an unverified account since it would exit most limits. The likelihood of chargeback due to stolen credit cards may be more likely in such instant and thus paypal wants to minimize their risk since in the end, they may be the one who absorb the loss. A person with a verified account would have his bank account or credit card to be determined to be his and the risk of fraud is less likely.
Anyone can sign up for a paypal account and can use all fake information or use it for illegal purposes and thus Paypal required you to verify your account so that they can be sure that you do not give fake information. Of course, there is no limits to what a Verified member can send or receive since their details are verified and they can be determined to provide real information. Yes, in short, yes a Verified member can receive that amount. Of course that is provided the one receiving the money uses a Premier or Business account as a Personal account is not met for merely spending money.