chas010
Permanently Banned
Question to those of you that use paypal, it seems I just hit my initial spending limit and now need to either link my bank account or sign up for there credit card, which is the preffered way to go(safest )?
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I linked my Paypal account to a savings account that I don't keep much money in. You really don't want to give Paypal the ability to take money or overdraw your real checking account. Sometimes for no apparent reason they will start an "investigation" on a transaction and if you have pulled the money out of your Paypal account they will freeze your Paypal account for weeks on end till the end the investigation. If they find against you in the investigation, they will withdraw the money from your bank account.
As soon as my Paypal account gets over a few hundred bucks, I flush the account to this checking account, withdraw the money, and keep it out.
There's no way Paypal can touch my money this way. Bastards.
I'm a little confused here. Explain. Are you talking about your balance from the money you made on sales? Why would they touch the money?
I'm a little confused here. Explain. Are you talking about your balance from the money you made on sales? Why would they touch the money?
I'm a little confused here. Explain. Are you talking about your balance from the money you made on sales? Why would they touch the money?
If PayPal decides that you owe them money for something (which they are accused of doing without rhyme nor reason quite regularly), they will go to any linked funding source to get it. This is especially nasty when the funding source is your bank account, because they'll just withdraw the cash and you're just out of luck until and unless they decide they were wrong and refund your money.
Remember that PayPal, while it kind of looks and acts like a bank in many ways is NOT a regulated financial institution of any kind. They make their own rules to a large degree, and those rules are not favorable to you.
Beacuse they are not FDIC insured, so they arent obligated to follow the same rules as your bank. If a buyer wants to make a claim, PayPal can do basically whatever they damn well please with your account, even if they eventually find in your favor.
As Encom said, if you sell something, receive the money, there is a dispute, and Paypal decides you're at fault, they TAKE THE MONEY BACK OUT. You don't get to prevent or appeal this short of straight-up suing them -- oh wait, that's right, there's this thing called mandatory binding arbitration..... basically, if they decide you did something bad, they take your money and you can't get it back.