peddler11
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posted on October 10, 2000 04:08:08 PM
I've bought and sold on Ebay for 3 yrs now. And thought that paypal sounded great in the beginning. But just won't give up my bank account. This summer I signed up to use the service to buy items and gave them my credit card. I can see why buyers like the ease of paying with a couple of clicks. BUTTTT then comes the message "You are nearing the end of your $500. limit, to raise this limit you must become verified. Now they have my credit card, have made many charges against it, but won't let me spend more money without giving up my bank acount. I even had one payment of over $100. in my account and was not allowed to use this money to pay for auctions. This $500. limit is not once a month, but a FOREVER limit, unless you give up your bank account. This is black mail to me. I have a good credit card that I pay off monthly, a hundred dollars in my account, but I'm not permitted to pay for an auction. Why on earth could it be so important for them to have my bank account as a buyer with a good credit card on file. I wish someone could give me one good logical explaination as to why they would need to have my bank account to make a payment from my credit card. Does this sound SHADY to you? It sure does to me and has made me all that more firm about not giving it out! So I am not going to except paypal. Why should I pay all that money to get payments, and not be allowed to even spend it or make a charge to my credit card. Forget that!
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gc2
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posted on October 10, 2000 04:20:38 PM
"Does this sound SHADY to you? It sure does to me and has made me all that more firm about not giving it out!"
Perhaps you have answered your own question?
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dman3
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posted on October 10, 2000 04:45:24 PM
Hey if you are newly Registered user the verification they want is not bank account to let you charge over $500 it is address verfication they send to you a few weeks after you sign up papers in the mail on this paper is a number you go to paypal site and type in the number.
This verifys to them you live at the address you gave them when you frist signed up after you do this your limit is incressed.
This is to garentee the billing address on your credit card and your mailing address match.
bank verification is different and isnt nessary till after you verfiy your mailing address for your credit card.
Bank verification is for the $5000 yearly fraud protection Paypal is now provideing bank verifide users.
Two different verification for two different reasons.
SO There is your answer address verification help prevent use of stolen CC Numbers through paypal.
And yes your account has a $500 life time cap till you verifiy your address check the papers paypal sent you for the address verification number its in there.
WWW.dman-n-company.com
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violetta
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posted on October 10, 2000 05:05:05 PM
My spending limit is still over $500, but when it is depleted or if new changes in terms make continuing to use PayPal (only to pay for auctions) unacceptable, then I will cancel my account -- because I refuse to get verified, too.
PayPal originally had a good idea, and they used to be our "pal," but x.com ruined them. I have been prepared to bail out ever since x.com took over. I still can't understand why AW supported and promoted x.com.
Violetta
(Not known by this nickname anywhere but here.)
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dman3
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posted on October 10, 2000 05:11:25 PM
I wouldnt worry pay pal conciders people who use this just to buy as personal use they cant demand more for you to pay with CC the credit card companys dont allow it .
the bank verify is for sellers only so arent the business accounts. master card and visa dont allow merchant to charge card users at all I dont think they want the law suits from thee two monster companys over that 
WWW.dman-n-company.com
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violetta
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posted on October 10, 2000 05:11:43 PM
dman3 - I just went and checked my account (my address was verified months ago and my original spending limit was fairly high). Just to check what peddler11 said, I clicked on "raise limit" and it does indeed say you have to become verified by giving your checking account info in order to raise your spending limit.
Violetta
(Not known by this nickname anywhere but here.)
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coonr
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posted on October 10, 2000 05:26:49 PM
I still don't understand the concern. The information you give to PayPal is printed on the bottom of every check you write. To keep this information private, you would never be able to write a check.
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dman3
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posted on October 10, 2000 05:28:03 PM
Right But after you verify your address your limit is like $1000 or $2000 every 6 month the $500 cap is only for the ones who didnt verify mailing address .
all this paypal insanity has to stop nothing has changed that much I have read all there tos over and over.
bank verification is there so all can get $5000 yearly protection against buyer seller fraud it freeeeeeee Insurance they are not chargeing no one a nickle for it.
only asking you for a sewcond form of IDenification. for them proof of a bank account will work.
WWW.dman-n-company.com
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violetta
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posted on October 10, 2000 05:44:45 PM
Except in rare circumstances I don't give two accounts information to a company -- they get either my credit card OR my checking account -- not both. PayPal has my credit card info. So they don't get any other account info from me. (Also I don't trust them to not take money from my checking account. I feel better protected with my CC -- if they tried to make unauthorized charges I can challenge that (i.e. charge back) with my CC company.) Also it's just plain stupidity on their part to make this requirement -- my credit card account is just as valid as my checking account, and actually required more authentification of my ID, checking of my credit history and etc. to get it. The fact that they won't accept it for verificaton just screams "scam" to me!
Violetta
(Not known by this nickname anywhere but here.)
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toollady
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posted on October 10, 2000 06:09:01 PM
dman~~ Address verification is no longer done. They stopped it several months ago.
Originally, address verification was all that was needed to "UP" your limit. Not any longer.
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vargas
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posted on October 10, 2000 06:32:35 PM
dman3-
Here's what the PayPal TOU says --- well, today anyway --- about spending limits:
"Spending Limits. Each User will be limited to $250.00 of spending until confirmation of email and bank account has been completed. Users who are paying with a credit card and signing up through a Web Accept or Instant Purchase transaction will be limited to $500.00 of spending until confirmation of email and bank account has been completed. Upon confirmation of both email and bank account, the credit card charge limit for each User will increase to $1,000.00 over a 6-month period, subject to credit availability from the User's credit card issuer. Payments to a Premier or Business Account will not count toward the User's charge limit. This limit is subject to change."
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granee
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posted on October 10, 2000 10:06:01 PM
vargas,
"Payments to a Premier or Business Account will not count toward the User's charge limit."
So the "fully confirmed" buyer can charge an UNLIMITED AMOUNT OF MONEY to his CC if he's paying upgraded accountholders, but can only charge $1000 every 6 months if he's paying personal accountholders.
Not only is the personal accountholder limited to *receiving* $500 MAX. every 6 months, but the BUYER is also limited in how much he can *send* to personal accountholders.
They're putting the squeeze on personal accounts from BOTH ends in order to FORCE us to upgrade, something they said they'd never do two months ago.
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peddler11
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posted on October 11, 2000 04:12:11 AM
I was told that the only way I could ever be allowed to charge any more to my credit card was to verify my bank account. I know that when I give some one a check, they see my account number, but I checked with my bank and when you give some one permission to make deposits to your account, that automatically gives them the right to take money out. No way to stop them from doing both. I really checked because of the selling point. I still am asking WHY I need to verify my bank account to continue to use credit card-they won't even let me use funds that some one transfered into my account. That's crazy! They are pushing for bank account numbers for some other reason! I have used the credit card for 3 mos now, if I was a fraud they certainly would know by now. Please beware of giving them access to your bank account!
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