posted on October 24, 2000 12:20:46 AM
Had an e-mail from PayPal saying they were
letting me know that I am approaching my
"spending limit", but it may be increased by
verifying my bank account. What? is this.
I spend out of my PayPal account only. Are they saying I'm not keeping enough in the account? I wrote them back, but it may take
a while for them to reply, so maybe somebody
out there can clue me in. Thanks.
posted on October 24, 2000 12:32:29 AM
From PayPal's Terms of Use:
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.
posted on October 24, 2000 02:21:23 PM
Please understand that PayPal doesn't just want verification when they ask for this. They also make you give them permission to withdraw money out of your bank account. This permission does not help them verify you.
They promise not to take money out of your account without another permission, but there have been several reports of this being abused.
Consider a company ethics that misleads you by not explaining that they don't need that permission for verification. Make an informed decision.
posted on October 24, 2000 02:48:09 PM
I have a verified account, PayPal has my bank account number...does this mean they can take money out of my checking account without my permission? It was my understanding that they would never take money out of my account without my express permission.
posted on October 24, 2000 04:46:37 PM
According to my bank, there could be no electronic withdrawal unless I have approved it at the bank first..paypal included.
