Hi xchaosx674! Glad to see another Paypal user! I've looked into this, but haven't found any evidence that Verizon would in anyway prevent you from getting messages from tha source. When you contacted with Paypal about this, were they able to send you a test message? If not, I would recommend this to see if this is a specific Paypal to your number issue.
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Sorry, I forgot to check back here. I contacted PayPal and they were able to determine that the text message was being successfully sent out, I just never receive it. It gets lost out there somewhere. I tried requesting another code today and I still am not receiving anything.
Do you have premium blocked and PayPal needs them unblocked to get the message to your phone?
I'm not sure, how would I go about checking this? I have unlimited texting and data on my plan but I haven't heard of premium texting before; also I've never had problems receiving security texts and other key codes sent to my phone from other services.
According to PayPals page "There is no fee to use your mobile phone as your PayPal Security Key. Standard text messaging rates apply when you receive a security code by SMS", makes no mention of premium, but it might be the issue.
You can certainly call customer service and ask if you have that feature. I know I have it, and if I am remembering correctly from the last time I looked at it on my account, I could see it listed with all my features.