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Answers:
1. Yes minors allowed to own bank accounts but they have to have a legal guardian or parents as co-owner (signers)
2. Same as question 1's answer
3. They possibly could. Whenever you do business with anyone its possible they can find out more about you than you want them to know.
4. I believe it does. I do remember they actually called me once to verify the information provided and what not but not sure if they do that all the time now or not. With that said, I just opened another account for a different bank and the verification process was simply verifying my bank account with my personal information such as name etc. Can't remember if it asked me for a birth date or not.
And you are right. If PayPal finds out or even thinks you are doing something you shouldn't be doing they may freeze your account.
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