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Thing is that setting up a paypal account and the verification is a pretty secure process.
Recently, I just changed addresses, and getting the new info verified at paypal was a major pain. They don't like changes!
That said, paypal is like a bank ...you can't find out much info about people's bank accounts either.
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Yup they are pretty secure and they do keep a lid on things.
Although one interesting thing to note is if you verify your account with a bank account and later close the bank account their system does not pick up on this.
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now that really seems silly. that means we must shift our verification from credit card to bank account
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eria Wrote:now that really seems silly. that means we must shift our verification from credit card to bank account
it is a flaw in their system, but if you are paranoid about something going wrong and paypal trying to take it out of your hide, it is not a bad idea. And it is easy to get a bank account today with no fees.
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I have heard nightmare stories about Paypal sucking money out of people's bank accounts.
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Oh really, did you know any one? I would like to listen one if they are real
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How would PayPal suck money out of someone's account unless there was a charge against that account?
That said, I am careful with my PayPal and eBay accounts. I have a free checking account at a separate bank that comes with a debit card. I only use that account for eBay and PayPal. There is never more than $5 in the account unless I am about to pay for a transaction. If I receive a payment to that account, I remove the funds immediately.
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I know a guy who had his paypal set up for instant pay to eBay. He sold someone a used camera that he stated in the auction "he did not know if it worked" and it was "for parts." The guy bought his and one from another seller that was cheaper the same week. Ten days later, the dude filed with paypal that the item was not as described. My friend assured the guy it was stated as-is. It went into dispute. The guy won. According to my friend paypal offered the money back but the dude never sent the camera back to my friend. His account became negative right away and then later, his bank was debited.
Similar stories can be read on
PayPalSucks.com is where you will learn about the PayPal Class Action Lawsuit, Abuse, Fraud & evil behind the PayPal system!. Of course, I have heard about people having their accounts frozen, money refunded for no reason, and the like. Another place to read paypal horror stories is
power sellers unite. I still use paypal, but it's not connected to the bank account I use regularly.
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My paypal is backed up by my amex card, and I did not have any claim yet(thank GOD), I think I better use the same way like many other are doing by having a debit card for withdrawing money from paypal. Can you guys suggest some debit card which I can use from ATM all over the globe?
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Ceruleah Wrote:How would PayPal suck money out of someone's account unless there was a charge against that account?
That said, I am careful with my PayPal and eBay accounts. I have a free checking account at a separate bank that comes with a debit card. I only use that account for eBay and PayPal. There is never more than $5 in the account unless I am about to pay for a transaction. If I receive a payment to that account, I remove the funds immediately.
That is the smart way to go. Free bank accounts are easy to get, so it does not make sense not to do this.
