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Old 07-18-2006, 10:35 PM   #1
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Tell me about Paypal

I dont have a paypall account. How does it work? Are there fee's involved when transferring funds?

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Old 07-18-2006, 11:46 PM   #2
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I don't know much about it so I googled 'what is paypal' and found a lot of info-both positive and negative.
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Old 07-19-2006, 12:39 AM   #3
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Here's my experience with it:

I had my own account for gosh like 6 years I'd guess. Then several Christmas' ago my DH wanted to get me the Kitchen Aide Mixer that I saw on Ebay. Well we set up his account and won the auction and went through paypal to pay for the item. DH had more than adequate funds in his checking account to accomodate the withdraw. Well PayPal withdrew alright.......one time then the next day they tried again but of course then there wasn't enough to cover that large sum again only about 3/4 of that amount. This resulted in our bank saying that they were going to charge us $20 for insufficiant funds. I contacted PayPal and they refused to remedy the situation by refunding our $20 we had to pay to the bank. Well then to add more fuel to our fire a few days later they tried to withdraw the amount again and caused another $20. We were furious by this point. They had no business trying to withdraw money after the first attempt. So needless to say I closed his PayPal account and closed mine also. We had to cancel that checking account that my husband had for many, many years, open new account and order new checks. So suffice to say I am very anti PayPal. If I can't pay with a check or money order then I don't order anything on Ebay. But with my great feedback I can usually email someone that only lists they accept PayPal and they agree to take my check but hold the item for so many days for the check to clear.....which is no biggie to me.
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Old 07-19-2006, 02:50 AM   #4
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I too have used PayPal for 6 years now and I've never had a bad experience with it.

First and foremost! - The first thing you should do is go to your bank and open a seperate bank account, and tell your bank that you do not WANT the new acount linked in any way to any of your other accounts, and make sure that your bank knows that your using it for a cyber account and the bank will flag it as a cyber account and take special security precautions.

This way if anyone ever hacks the PayPal database, or if PayPal ever loses a laptop, your household account is never at risk and no one can come in through your cyber-account and sweep all your other accounts.

Also sign up for your banks Online Banking option so you can manage how much you have in that account. You can check your balance, transfer money from one account to the other, and all from the comfort of your living room. :D

Once you set up this account you will need the bank name, account number and routing number to provide to PayPal to get a verified account. Once your PayPal account is verified, you can buy or sell on Ebay with no problem. You can keep a certain amount of money in the account (say $100.00) and sweep the rest into your household account where it's safe, then if it's ever hacked, you will only lose what is in the cyber account and not your life savings.

We have what we call an "E-Bay account" with a debit card. It's great because if we have any special banking needs (like a vacation) we can set aside just the money we want to spend and use that account.

When you pay for something you also have the option to use a direct draft (out of your verified bank account) OR use your credit or debit card. That way if there is not enough money in your cyber account to pay for a purchase, you can use your credit card to pay it and not overdraw your cyber-account.

Like I said, I've used my PayPal account extensivly for 6 years now and have never had a problem. I did overdraw my cyber account by 3 cents one time and my bank covered it without an additional charge but that's the only problem, and that was my fault.

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Old 07-19-2006, 09:03 AM   #5
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I've never had a Paypal account, so I would really know how it works. However, I usually get one email each month or so that states my Paypal account has been frozen. I always delete that email, as it's fraud, and most likely, is someone fishing for account info to hack that account.
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Old 07-19-2006, 09:06 AM   #6
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I have had a palpay account for many years. I used it for eBay only. I have probably only used it 6 or 6 times, but never had a problem with it.
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Old 07-19-2006, 10:18 AM   #7
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Quote:
Originally Posted by amber
I dont have a paypall account. How does it work? Are there fee's involved when transferring funds?
I've had paypal for a few years, but only use it for ebay purchases. There are no fees (to buyers), and monies/payment is tranferred immediately from the account of your choice. I've never had a problem with paypal. The only 'con' is, do not click on a link in an email for a bogus purchase (purchase you did not make), or asks you to confirm your credit card #s, personal info etc. Type palpal in your browser, and view your paypal account. Whenever I receive these fraudulent emails, I report them.
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Old 07-19-2006, 10:22 AM   #8
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I have paypal. I have never had any problems. It's not a bad idea to just use your credit card and not your bank account. That way things won't get taken out of your account, and with your credit card company you have some recourse if something goes wrong. One time I bought something on ebay from a guy in Canada and things went awry. I reported him to paypal, and since he had a paypal visa he HAD to resolve the issue with me to unlock his visa account. I have used paypal for over 60 transactions without any problems that were caused by paypal.
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Old 07-19-2006, 10:34 AM   #9
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I've had paypal for a while now and have used it to send and receive funds from ebay purchases and sales, and never had a problem.

It's like anything, there are going to be bad experiences and good. I do like the idea of having a seperate bank account not linked to any others for it to draw from. I am in the lucky/unlucky position that I have no money, so if someone is trying to defraud my bank account, they'll be lucky to get 20 cents!
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Old 07-19-2006, 10:51 AM   #10
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Quote:
Originally Posted by kyles
I've had paypal for a while now and have used it to send and receive funds from ebay purchases and sales, and never had a problem.

It's like anything, there are going to be bad experiences and good. I do like the idea of having a seperate bank account not linked to any others for it to draw from. I am in the lucky/unlucky position that I have no money, so if someone is trying to defraud my bank account, they'll be lucky to get 20 cents!
Yes but if they attempt to withdraw funds they've already withdrew and you don't have the funds to cover the additional withdrawal attempt will your bank charge you a fee for NSF for the attempt? If so, rest assured PayPal is not going to reimburse you for that NSF even though they had no business trying to withdrawal again. So for those setting up a seperate account for just PayPal.....I'd check with the back to see what you need to do to prevent this problem if the situation arises.
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