posted on June 29, 2001 08:34:31 AM new
Anyone out there use Wells Fargo Bank and Paypal. I have been using Compubank and when Netbank bought them I thought that might help get back my "verified" status. They still didn't accept them either so will try someone else.
Now that I am getting ready to list heavily again I need to have that taken care of and don't want to continue opening accounts Paypal won't accept so thought I would check with you all.
posted on June 29, 2001 08:45:34 AM new
This is my understanding of the process, and others may provide their take on it.
There is no reason that your bank(s) are not eligible for use with Paypal. All banks participate in electronic transfers these days as far as I know.
Paypal doesn't "verify" banks, it verifies that it has the correct account information from you and that electronic fund transfers will get to you.
When you "verify" a bank with paypal, you give them the account number and routing information, and they make two small deposits. You check with your bank (or monthly statement) to see the deposits arrived, report back to Paypal confirming the two amount, and you are verified.
It is a complicated procedure, but one that pretty much guarantees that when you send money from your account to Paypal through electronic transfer, that they have all the correct information.
posted on June 29, 2001 08:50:46 AM new...and don't want to continue opening accounts Paypal won't accept
Unfortunately, that appears to be the way PayPal wants you to do it. People have asked for a list of verified banks before. The response from PayPal is "If the bank you want to use doesn't work, try another one."
edited to add...
itsmylife posted on June 14, 2001 05:22:10 AM
Can you tell me where on the TOU for Paypal there is a list of approved banks for verification? Or a list for banks that can not be verified?
paypaldamon posted on June 14, 2001 11:16:14 AM
I don't have a list of banks that can't be used for verification. Certain institutions do not meet our criteria and they can't be used for verification. A user needs to try a different bank if they get that message.
posted on June 29, 2001 09:19:41 AM new
Just a word of caution. Wells Fargo has TERRIBLE customer service. Please look for another bank. You can do a search on Wells and I know there used to be several sites listing many many complaints about them.
posted on June 29, 2001 09:23:21 AM new
I use Wells Fargo and they work fine for both Billpoint and Paypal - I do agree the customer services leaves a BIT to be desired, but I do like the online banking options - especially nice when I'm watching for a transfer or my half.com payment to come in.
posted on June 29, 2001 11:41:19 AM new
What is the customer service problems with Wells Fargo? I will only be opening it to run the Paypal deposits through and won't be keeping much money in it. Don't want any bells and whistles but don't want any problems with "lost" deposits etc. or with overseas checks.
I was only considering them because they are free regardless of balance and I don't want Paypal to have my personal checking account numbers.
Thanks
[ edited by lindajean on Jun 29, 2001 11:46 AM ]
posted on June 29, 2001 12:18:29 PM new
I don't want to go into a lot of detail, but I had a lot of problems with them. In short we had a unauthorized charge of many hundreds of dollars go through and they would not help us stop it. Even after the company who took the money out of our account credited it back (thus admitting they had no right to take it in the first place), Wells would not waieve any overdraft fees. I tried to get them to just close it (both in person and many many many times over the phone) and they would not do it until I brought it up into the positive even though it was their fees that brought it so far in the hole. I called their "customer service" so many times that is was almost comical, but it was a huge waste of time. It also put a huge strain on my family financially as this happened just a few days before christmas.
Please save yourself a headache and try another bank. There are many large ones which I hope treat their customers better than Wells Fargo treated me.
"I think it pi**** off god if you walk by the color purple in a field somewhere and don't notice it." Alice Walker
posted on June 29, 2001 01:03:51 PM new
I had the opposite experience as Ashlandtrader with Wells Fargo and an unauthorized charge. Mine too happened right around Christmas, but for a smaller amount (under $20). But it still caused a few bounced payments. They refunded the unauthorized amount and all of my NSF fees. I wonder what the difference was?
Hippy wannabe 
~^~