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Tell me about PayPal......please
Posted: Sun Oct 19, 2008 1:40 pm
by blues2cruise
I am in the process of setting up a Pay Pal account and a have a question....
I already purchased a book online using PayPal because the vendor has PayPal....I used my Credit card. No problem there.
Now....to set up my own account it wants my bank account number.....I have a problem with that.
Does anyone else use paypal with their bank account number? Or did you set up a special account with a limited amount of funds in it?
Thanks for the info.
Posted: Sun Oct 19, 2008 1:50 pm
by Shorts
Blues, I use paypal. Knock on wood I haven't had trouble with it like others have.
The bank account is used for two things:
1. Transfer funds from so you can pay for things
2. Transfer funds to so you can move money from Paypal to your bank account.
If you are unsure about using your primary checking account for paypal, you certainly can open a second account to use strictly for your paypal transactions.
As for me and my PP account, I do not keep funds in there for long that I have received from a transaction. I leave my account empty unless it is a transaction I have yet to complete as far as shipping or communication. Paypal has a reputation for freezing accounts for no reason and thus freezing any money you have in there. Wit that, I don't leave anything in there and especially not in sufficient amounts.
Overall, I have had no trouble with Paypal, whatsoever. However, I have read other experiences that aren't as favorable. As with anything online and especially dealing with accounts, you must be vigilant.
Posted: Sun Oct 19, 2008 2:19 pm
by jonnythan
I've been using Paypal for about 5 or 6 years now.
They can't, and don't, simply remove money from your bank account. Paypal is owned by eBay and handles millions of customers and businesses. They are closely watched by the government. They don't steal money.
As Shorts says, the account info is used when you want to transfer Paypal funds into your account, or use your bank account to send money to someone else.
Posted: Sun Oct 19, 2008 2:41 pm
by Thumper
I've used Paypal for 8 years or so--they have 2 of my bank account numbers--and have never had a problem. It certainly makes a lot of online shopping easier when you don't want to use a credit card.
Posted: Sun Oct 19, 2008 2:52 pm
by dr_bar
I would do as shorts suggested and open a second account for using online...
Posted: Sun Oct 19, 2008 4:27 pm
by blues2cruise
Thank you everyone.
Posted: Sun Oct 19, 2008 8:38 pm
by ofblong
do realize that if you sell something on ebay they now hold the funds for
21 days after your paid from buyer
or
buyer leaves feedback
or
3 days after paypal confirmed item was recieved by buyer (which means you have to upload tracking info to paypal).
I am fighting with paypal to release my funds right now as it is now 6 days past the confirmed date the item I shipped was at the buyers door. I am now asking for a refund of paypal fees they charge you to accept money for things sold on ebay.
Posted: Sun Oct 19, 2008 9:29 pm
by Shorts
ofblong wrote:do realize that if you sell something on ebay they now hold the funds for
21 days after your paid from buyer
or
buyer leaves feedback
or
3 days after paypal confirmed item was recieved by buyer (which means you have to upload tracking info to paypal).
I am fighting with paypal to release my funds right now as it is now 6 days past the confirmed date the item I shipped was at the buyers door. I am now asking for a refund of paypal fees they charge you to accept money for things sold on ebay.
Yeah, I don't do much on ebay anymore, at least not selling. I'll buy from there though. Not only are they dipping into your pocket for ebay fees, but you get the whammy from PP as well. Forget that. If these two are going to double team you with these little mergers, then there should only be one fee.
Posted: Mon Oct 20, 2008 1:15 am
by ofblong
however the fees combined are still cheaper than what places like amazon charge to sell.
Posted: Mon Oct 20, 2008 3:40 am
by jonnythan
ofblong wrote:do realize that if you sell something on ebay they now hold the funds for
21 days after your paid from buyer
or
buyer leaves feedback
or
3 days after paypal confirmed item was recieved by buyer (which means you have to upload tracking info to paypal).
I am fighting with paypal to release my funds right now as it is now 6 days past the confirmed date the item I shipped was at the buyers door. I am now asking for a refund of paypal fees they charge you to accept money for things sold on ebay.
That is not true. I sell stuff on eBay all the time, including several items in the past month. On all occasions I have immediately withdrawn my money after payment with no issues.
Paypal has not turned into an escrow service.