reamond
|
posted on December 2, 2000 02:08:58 PM new
Better think twice about leaving a significant amount of funds in your PayPal account.
PayPal is NOT FDIC insured. You would be well advised to read the terms of the private "insurance" it does offer.
It is also uncertain what would happen if there is data destruction or mix up, or any of the miriad things that could go wrong and wipe out data on your account.
Be forewarned rather than sorry later.
|
kidsfeet
|
posted on December 2, 2000 02:37:30 PM new
Paypal account? What paypal account? Mine has been closed for a while now 
|
dman3
|
posted on December 2, 2000 02:43:31 PM new
If paypal Was going to run off with your money or anyone else’s I believe they would have been gone by now.
Since back about May-June paypal was at its peek in popularity with anyone who was anyone in on line selling pushing for all to register for paypal.
The Paypal pockets then were probably at peek fullness before they started changing the way they work with high volume sellers.
Peoples biggest fear with paypal is not losing there balance its giving paypal information about them selves to make paypal and its users not only a safer faster way to do online trading but more valid in the business world.
Changes are good in business it means its growing mistakes happen when you change but the business and people that stop changing are the ones on there way out.
Some sellers have a problem with change at paypal, they said their peace and made changes them selves.
Some don’t mind the change in paypal and will continue with this service as it changes they will stay and deal through the good changes and the bad.
But the sellers who just #*!@ and moan over these things and do nothing but more bitching and moaning by spring will be no more.
The time for warning and complaining is over at this point if you are a seller still sitting on the fence still broadcasting doom and gloom to all who use this service you will more then likely be just a memory by the time the robins return north here in NY.
Not just my opinion but also a sad fact of life.
Thing in the economy are slowing down it more then likely wont stay this way for long but the people that will survive this will be the ones that saved some of the money they have earned at this point for harder days, these people have been and will continue to bend every which way to do all they can for the buyer they do have to keep things moving.
It is my opinion that the sellers who offer what there buyers want and not just what they like will be the survivers in this.
Do what you like when buying, do what the buyers like and want when selling.
IN the 70s I was a DJ at a local radio station I learned fast when On the radio you play what the listerns want. when your home you play what you like this keep the advertizer that pay the bills happy good rule in any business.
http://www.Dman-N-Company.com
|
Freddy57
|
posted on December 2, 2000 03:02:10 PM new
I keep only small amounts at a time in my account on Paypal, primarily the money that I am spending back when I buy things on Ebay or when the money is coming in from my sales.
That said, I love Paypal. It is a darn good service at a low cost and makes it easy to buy and sell online.
I have a very good job here in Las Vegas as a computer professional. Rather than throwing money away in a casino like many that I work with do, I take my hobby money and gamble it on Ebay. Sometimes I win sometimes I lose, no big deal. I would never be silly enough to play with the money that I need to pay my bills, I just take my profits and use it to support my continuing education or buy something that I want.
If Paypal died today and I lost a hundred or two, I would cry a little, but I would get over it and go on. I don't understand the mentality of people who run around prophecying doom and gloom because you use Paypal. There are risks in doing any kind of business, whether it be in brick and mortar businesses or online. Either way, if you can't accept a little risk, you had better find another game to play. This is where the hard core gamblers like to play, somethimes they make millions sometimes they lose millions. They accept the risks. That is just the nature of business.
|
Brooklynguy-07
|
posted on December 2, 2000 03:13:49 PM new
deman3 and Freddy - You are both the voice of reason and I commend you both.
|
Freddy57
|
posted on December 2, 2000 04:04:43 PM new
Thanks, Brooklynguy...
|
kathyg
|
posted on December 2, 2000 08:26:17 PM new
Hey Freddy57: What a fascinating contrast. I am a computer professional in the Midwest, and eBay is a hobby for me too.
But what I do is take a large percentage of my eBay profits to Las Vegas about 4 times a year, and loose it on the tables. Mind you, my goal is to win and sometimes I do, but I go there for primarily for entertainment and as a stress reliever - I get such a kick out of it.
I never leave more than $100 in my PayPal account. It's just too easy to transfer it into another account that earns higher interest. They aren't insured, and considering the fate of so many dot.coms these days, I would rather gamble at Binion's than with PayPal.
Edited to add:
I've always thought that the analogy between gambling in general, and eBay, was a good one. I also get quite a kick from listing valuable items for $1, no reserve.
[ edited by kathyg on Dec 2, 2000 08:38 PM ]
|
hardoutfit
|
posted on December 2, 2000 08:45:06 PM new
Not one red cent !!!
|
mzalez
|
posted on December 2, 2000 08:49:53 PM new
Just enough to cover my own eBay purchases...
|
rkflower
|
posted on December 3, 2000 12:06:05 AM new
I am also a computer professional in the Northwest - I leave $100 that's all in my account. I just don't trust Paypal that much although they are a great service. Ebay is my hobby - lots of fun to buy and sell. Also you do meet some relly nice people along the way.
|
starrr222
|
posted on December 3, 2000 12:42:54 AM new
Freddy, I agree! I used to have 2 stores, do art shows and pay CC fees. Paypal is very inexpensive for the liberty of sending funds in minutes! I do not leave alot in my PP account but transfer it to my net bank account where I can withdraw cash at any hrs and pay my vendors. But I do like the ease and am willing to pay the small amount they charge, Nothing in life is free!!!!
|
vargas
|
posted on December 3, 2000 08:52:50 AM new
[i] If paypal Was going to run off with your money or anyone else’s I believe they would
have been gone by now. [/i]
I started out leaving no more than $50 in my PayPal account, then $100. Most recently, I transferred money out as soon as it came in.
My concern was not that PayPal would run off with the money. I've been much more concerned it would go out of business with my money.
Reamond has a very good point about FDIC insurance. If PayPal goes under, accountholders are at the very bottom of the list of creditors in a bankruptcy proceeding.
With many dot coms falling on hard times, there's nothing wrong with being cautious.
|
maggiesmom
|
posted on December 3, 2000 09:13:31 AM new
As a new seller I want to offer what is most convenient for my buyers. Paypal seems to be very popular. However, after reading horror stories I am concerned. But the above posts by deman3 and Freddy are encouraging. My question is - when Paypal freezes money is it your paypal account or your checking account that is on their records? If it is the paypal account then I plan on keeping limited funds in there. But if it's my own personal checking account--that's a whole different matter. I also wonder if I am an honest seller how could paypal take my money anyway? Any insight would be welcome. Thanks.
|
bennybbb
|
posted on December 3, 2000 10:02:15 AM new
I believe Paypal freezes only the Paypal account when they suspect fraudulent activity. If you are verified (which I did with apprehension) I think they can "dip" into your checking account if they deem it necessary.
It should be of comfort to learn that any electronic withdrawls can [and will] be easily reversed if you inform your bank it was unauthorized - at least that is what I was told by my bank.
I too was very skeptical as to why Paypal wanted this information since it already had my address verified.
I move my money out every time it hits $50.00. Why take chances?
|
dman3
|
posted on December 3, 2000 10:03:30 AM new
When PayPal Freezes your money its money in your PayPal account they Can not freeze money in your checking account.
This is why it is recomened to only keep small amounts in your paypal acount for personel buying needs since as of this time they dont just freeze the Payment amount in question they freeze all funds in the acount and allow people to continue paying in to the frozen acount.
Two Reason they Freeze your acount is buyer pays with stolen credit card or buy starts a charge back on your acount claiming you frauded them on an Item.
How Ever even though PayPal cant freeze money in a checking account if you have a verifide checking acount with them and no money in the paypal acount they can withdrawal the amount of money from the credit card charge back or funds used from a stolen credit card if there investigation find that you were at fault in the matter such as not sending the Item to the buyer or knowingly or unknowingly helping someone get a cash advance on a credit card money laundering ECT.
You can avoid paypal withdrawing from your checking after verifiying by going to your bank and filling out papers with the bank putting a stop to all withdrawals from xcom paypal , many banks are already doing this on there own due to the amount of fraud complaint about paypal and other third party merchants.
http://www.Dman-N-Company.com
|
pickersangel
|
posted on December 3, 2000 10:29:48 AM new
I leave less than $50 in my account, not because I don't trust PayPal, but I need it in my checking account. I try to leave at least $25 to cover my Ebay purchases.
always pickersangel everywhere
|
kimbo
|
posted on December 3, 2000 10:41:13 AM new
when I get a "you've got cash" email I run over to paypal to verify the payment and at the same time, I withdrawal the entire balance to my checking account.
My paypal balance is always zero unless I have just been paid.
If I wanted to make a purchase with paypal I would use my cc to put in just the amount needed.
works for me and they better not ever try to reverse any deposits made to my checking.
|
Freddy57
|
posted on December 3, 2000 02:56:01 PM new
KathyG,
I think the big difference between you and me is that I live in Las Vegas and can't afford to get myself hooked on casino gambling. I love nothing better than to list an item at $1 with no reserve and watch it go...kind of like betting on a craps table...only you win more often...
|
nofishing
|
posted on December 3, 2000 10:29:13 PM new
Not one red cent.
I want to close account, but they won't let me, so I closed the credit card I used.
Anyone have an idea how I can close the account for good?
|
reamond
|
posted on December 4, 2000 10:55:30 AM new
...."running off with your money" is an extremely remote possibility.
The "what ifs" as to what can happen to your funds is huge. Paypal is not FDIC insured, nor is it regulated as a bank.
With this said, it begs the question of - what is the status of funds in a Paypal account ?
Who owns the account ? Who has legal possession and control of the account ?
As I alluded to earlier, Paypal is not a regulated bank. All or any of your rights to "your" money in the account are bound under private contract. The interpretation and fine print of that "contract" will determin your rights in the property of the account.
The money in your account is not a "demand" deposit account passbook in which you have statutory rights in.
It has already been demonstrated that Paypal can seize account balances at will.
Be forewarned - it may be wise not to keep more in the account than you can afford to lose.
[ edited by reamond on Dec 4, 2000 11:03 AM ]
|
Pocono
|
posted on December 4, 2000 11:22:30 AM new
Look...
Have your Paypal account checked off to sweep your funds daily into your bank account.
Setup a seperate bank account SPECIFICALLY for the reason of accepting these funds..
Have THAT bank account sweep your funds daily to your regular bank account.
Takes 1 day longer to use your funds, but you are SAFE.
It works perfectly.
|
barbarawv
|
posted on December 4, 2000 02:09:42 PM new
I do not leave one red cent in my Paypal account any longer than it takes me to type in my password and transfer it out! I have to use them as it seems to be what my customers want but they 1. Are Not Insured 2. Seem to be down alot (they are as I type this).
|
THENAILBITER
|
posted on December 4, 2000 08:41:23 PM new
Star 222, or anyone else who may know?
With a net bank, which atms can you use for free?
I also thought that I read that Paypal, would be offering atm cards for premier users.
Any thoughts on this? Anyone?
[ edited by THENAILBITER on Dec 4, 2000 08:43 PM ]
|
pahighlander
|
posted on December 4, 2000 11:12:00 PM new
PayPal has been a perfect tool to go along with my part-time auction dabbling! In 6+ months I have NEVER been cheated out of a cent! Sometimes when funds are close I use Auto-Sweep to transfer my funds to my personal bank account, but most of the time I let my funds accumulate. I upgraded to a Premier account to "play fair" when I felt my sales had surpassed reasonable "beginners" status. I find their fees to be tolerable, and their service MORE than adequate! I will recommend them highly until proven otherwise! Steve
|
nycrocker
|
posted on December 4, 2000 11:44:05 PM new
Uh Oh :-/ I feel pretty dumb. What is this fee for Paypal? I thought it was a free service. Did it used to be free and they changed it when I wasn't looking? By the way, I accept payments with Paypal but I don't pay with Paypal anymore because I use a debit card and they put a "hold" on the amount... and I get charged twice! Then in about 7 days the hold comes off. For example, if I pay $50 for an item with Paypal, my checking account has $100 LESS in it for a week, then the amount of $50 comes back into my account. I can't afford to lose money like that for a week with the amount of buying I do!!! Does anyone understand this process? Please 'splain, Lucy. I really don't get it. I called Paypal about it, and they gave me some crazy answer that Paypal can't tell the difference between a debit card and a credit card so it puts a hold on it. I didn't feel I was getting a straight answer at all, we went around in circles until I gave up and said goodbye. That was when I decided NO MORE PAYING with Paypal. I will accept payments with it, but I DON'T leave funds in the Paypal account, I transer it to my checking account right away ... where it is usually desperately needed anyway.  By the way I'm kinda new here. You can tell huh :-/ Nice to meet you all
|
marcirp
|
posted on December 5, 2000 03:15:43 AM new
No. We just closed our account and I wrote a letter to our bank saying Paypal has no more authority to go into our account.
The reason is you have given them permission to go into your account. If they decide to remove money from your account, the bank says that you have approved it and it would take a lawsuit to get your money back.
It just happened a few months ago to someone I know. It was not pay pal but her employer took back almost $300 in "disputed" over time. Basically, the guy and she had a fight and he decided to screw her. The bank told her she had given permission to the company to her account, and they would not get involved. Nice,huh? And perfectly legal.
It's up to you, the consumer, to prove legally that it was a fraudulant withdrawl. And considering Paypal is not FDIC insured, they are not governed or under the authority of the banking industry.
I feel with the fact that they dropped X.com, I don't think they are stable. And instablity could lead to them handing over my account information or misusing it. Privacy is a joke, as we all know, and if they do hit hard times, I don't know what they may try.
So, we decided to be safe rather than sorry.
|
toyhunter
|
posted on December 5, 2000 04:02:12 AM new
HI
I am trying to shut my paypal account down. I have 2 payments I am waiting on to clear out of there and then I will close it.
But I was just reading on their site and I cannot see where you shut it down or close it. Do you have to email them ?
I set up a separate saving account for them and never got verifed with them. I did it as a convenience for my bidders. Lately after some of the horror stories, I have become uncomfortable and just want to end it. I have not been leaving any money in the account. It has been out of my auctions for quite some time now. Bidders put their payments in there without my permission. Some ask if I take it and I say no longer as I am trying to close it down and they still put the money in..*sigh*..
I had to stop posting auctions for about a week and hopefully now I can clear this account and end it...
Toyhunter
|
jlb444
|
posted on December 5, 2000 06:38:54 AM new
I might if they would enter my valid credit card on their system! There system has blocked my perfectly good credit card. My bank says it is there problem no my bank.
|
vargas
|
posted on December 5, 2000 07:09:41 AM new
Toyhunter
Click on "profile" in PayPal and there's a button to close your account.
In the meantime, remove your eBay e-mail address from PayPal and use a substitute free e-mail address (hotmail or yahoo) that your buyers don't know. That way, no one can successfully put money in your account.
|
reamond
|
posted on December 5, 2000 09:22:45 AM new
Paypal works great for me as a sales transaction tool.
My comments are strictly in regards to using Paypal as a savings account.
They offer a good interest rate, but so did the uninsured Savings and Loans in the 80's.
|
