PDA

View Full Version : PayPal question



QSIMDO
06-09-2016, 11:15 AM
When I use PayPal I normally switch from default bank to credit card for what I perceive to be greater security.

Lately I've been thinking it probably doesn't matter since the vendor never sees my internal account info and only knows
the money comes from PayPal, so if PayPal itself gets hacked I'm screwed regardless of which method I use to fund the transaction.

Correct?

pinstripe
06-09-2016, 11:42 AM
Probably. I'm pretty sure that I have never given PayPal authority to take money out of my bank account. I leave the money in my PayPal account and spend it. That may not be feasible if you do a lot of selling. Credit card is much safer than giving them access to your money.

Old School
06-09-2016, 12:56 PM
A few years back the bank I deal with had an option to open a checking acct. with no fees that was set up for just paying for things on line. I opened an account and use that for PayPal I just make sure I have funds available in it for purchases.

MaxHeadRoom
06-09-2016, 12:58 PM
That is what I do, just use my Paypal balance to pay, or if none in there, Paypal charges to Visa, this way if anything unauthorized gets charged you make a non-authorized claim to Visa.
Max.

Paul Alciatore
06-09-2016, 02:09 PM
Credit Card vs. Bank Account?

OK, the primary purpose for starting PayPal was to shield your financial information from the sellers on the internet and it does that no matter what method you use for financing the transaction. PayPal sees your information and the seller gets the money from them. Fine.

But, sad as it is, some sellers on the web are not honest. There have been many stories. So what do you do. If you use your bank account as the source of funds for a transaction, then your only recourse is to appeal to PayPal.

Ever try to dispute a check or a direct bill payment from your bank account? Good luck. On the other hand, I have disputed and successfully gotten refunds on a bunch of fraudulent charges on my credit cards. There are laws and regulations designed to protect the credit card user which do NOT apply to money that you authorize PayPal or anyone else to take out of your bank account. Once the funds are transferred from your account, you are going to have a tough time claiming fraud and getting a refund. You are going to have to convince both your bank and PayPal that the transaction was fraudulent.

For myself, I will continue to fund ALL PayPal transactions with a credit card. That provides another layer of protection for me. My CC company will reverse the transaction and then PayPal will be out of the money and will have to go and collect it from the seller.

Oh, and a DEBIT CARD is not the same as a credit card. It is just like using a check and the funds come directly from your account. The credit card protections do not apply with debit card transactions. So my advise is for credit cards ONLY. Debit cards are not included.

QSIMDO
06-09-2016, 03:12 PM
For myself, I will continue to fund ALL PayPal transactions with a credit card. That provides another layer of protection for me. My CC company will reverse the transaction and then PayPal will be out of the money and will have to go and collect it from the seller.

Thanks, that's what I wanted to know about others experience.

Hope there's no test 'cuz I slept through the rest of the lecture.
:p~~~~~

MyrtleLake
06-09-2016, 03:43 PM
Back when I signed up for PayPal, you had to authorize a bank account. Has that changed? There was always the option to use a credit card. In fact, they required one as a back-up payment source in case your bank account didn't have the funds.

GEP
06-09-2016, 04:08 PM
I do not let paypal get into the bank account, paypal does not have my account info. I have a credit card connected to paypal thats how i pay

MyrtleLake
06-09-2016, 04:39 PM
Then you must not be a member? A non-member can pay with a credit card, but you cannot receive funds for items sold. That's my understanding.

[edit] Ah. Just delved into the PayPal account types. Those didn't exist back when I joined. I must have been automatically upgraded to a 'Premeir' account when the changes happened. It also explains (possibly) why I have never had any of the funds holding issues people often complain about... or any other problems, for that matter.

Black_Moons
06-09-2016, 04:51 PM
when I talked to my bank about fraud and abuse, they basically told me that if I gave paypal my 'routing information', aka the numbers you find at the bottom of EVERY SINGLE CHEQUE, that they would be 100% authorized to withdraw any and all money they wished.

They could literally clean out my account, leave me with overdraft fees/insufficent fund fees, and all my bank would do is say "How would you like to pay those fees?"

Remove your bank account info entirely from paypal IMO, Iv heard stories about guy selling something, gets funds, with drawls funds, later paypal claims the account is suspicious, reverses transactions and *withdraws funds* from your bank account to make your paypal balance no longer negative and/or locks you out of your account for 6+ months if there was anything left in the account.

ONLY fund paypal with a credit card because credit card companies will $@#% over paypal to get you your money back, while your bank will just tell you to buy lube next time paypal wants to screw you.

PERSONAL story about how paypal screwed me once:
They told me to fund it from bank because it would be 'instant', so I was like yea whatever lets try it just this once.
No response from seller after I sent funds.. that is weird... check paypal account. 'Funds pending'. errrr...

Google what that means. "Paypal: Funds pending means the transaction has not yet cleared and under NO CIRCUMSTANCE is the seller to send the item until the funds clear in 3~7 business days"

Yeaaa, Apparently paypal has a entirely different meaning to the words 'instant' then.. everyone else on earth.

http://www.paypalsucks.com/

"Today without warning Paypal "closed" my account with $5,772.91 dollars in it. They say on the website and in several calls I made to them that they will not release the money due to a routine credit scan they made and didn't like what they read in my equifax credit report. "

Paypal just look for any excuse they can find to steal peoples money.

Paul Alciatore
06-09-2016, 08:56 PM
Do not get me wrong, I have never had any problems with PayPal. But I always fund purchases with a credit card and I always withdraw any funds from sales I make as soon as I possibly can. I never leave more than $5 in my PayPal account for longer than a day or two. Why should I lend them my money without any interest?

I can not understand why they would deny you access to the funds in your account for something in your credit report. My banks do not do that. What gives PayPal that right?

lugnut
06-09-2016, 09:23 PM
I stopped using E bay and PayPal about 3 years ago and although I never had any problems with either of them, I have found that I really have not missed either one. Well I have to make a little change to that statement, My neighbor bought me a E bay gift card for my birthday this year, and because I did not have a Pay Pal account any more, I could not use it. But I sold it to a person I know who uses both and returned the money to my generous neighbor. :)

Black_Moons
06-09-2016, 09:40 PM
Back when I signed up for PayPal, you had to authorize a bank account. Has that changed? There was always the option to use a credit card. In fact, they required one as a back-up payment source in case your bank account didn't have the funds.

You may need a bank account to make a paypal account but you can remove your bank account information as a payment source afterwards.

Black_Moons
06-09-2016, 09:41 PM
Do not get me wrong, I have never had any problems with PayPal. But I always fund purchases with a credit card and I always withdraw any funds from sales I make as soon as I possibly can. I never leave more than $5 in my PayPal account for longer than a day or two. Why should I lend them my money without any interest?

I can not understand why they would deny you access to the funds in your account for something in your credit report. My banks do not do that. What gives PayPal that right?

The fact they are not a bank and may freeze your account for any reason they want, since they are not a bank they basically have 0 regulation.

aribert
06-13-2016, 12:43 PM
Paul (and anyone else that has the answer):

How do you draw down your PayPal account without spending the monies w/ PayPal via purchases? Years ago I wanted to do so but reading thru the PayPal web pages could never figure out how to do so.



[QUOTE=Paul Alciatore;1053905]...and I always withdraw any funds from sales I make as soon as I possibly can. I never leave more than $5 in my PayPal account for longer than a day or two....

dave_r
06-13-2016, 01:47 PM
Paul (and anyone else that has the answer):

How do you draw down your PayPal account without spending the monies w/ PayPal via purchases? Years ago I wanted to do so but reading thru the PayPal web pages could never figure out how to do so.




...and I always withdraw any funds from sales I make as soon as I possibly can. I never leave more than $5 in my PayPal account for longer than a day or two....

For that you need to link it to a bank account. So far, the best way I've heard to do this is to have:

1) Bank Account A, with all your money
2) Bank Account B, with no money in it for any length of time, no overdraft privileges or anything else.
3) Paypal Account

You ONLY link Paypal Account with Bank Account B. You can leave it linked as long as you want.

When you want to transfer money to paypal, you transfer money from Acct A to Acct B, then transfer from Acct B to Paypal.
When you want to transfer money from paypal, you transfer money from Paypal to Acct B, THEN IMMEDIATELY transfer the money from Acct B to Acct A.

This prevents paypal from doing "takebacks", where they decide they want some money from you and try to directly remove it from your bank account without your knowledge or permission [they believe you gave them permission to do this when you signed up for paypal]. You still are subject to paypal deciding to hold/freeze your funds for whatever time period they feel like, but at least once you get your money out, it remains yours.

flylo
06-13-2016, 02:13 PM
I do mine exactly like Dave R above.

Seastar
06-13-2016, 05:41 PM
For that you need to link it to a bank account. So far, the best way I've heard to do this is to have:

1) Bank Account A, with all your money
2) Bank Account B, with no money in it for any length of time, no overdraft privileges or anything else.
3) Paypal Account

You ONLY link Paypal Account with Bank Account B. You can leave it linked as long as you want.

When you want to transfer money to paypal, you transfer money from Acct A to Acct B, then transfer from Acct B to Paypal.
When you want to transfer money from paypal, you transfer money from Paypal to Acct B, THEN IMMEDIATELY transfer the money from Acct B to Acct A.

This prevents paypal from doing "takebacks", where they decide they want some money from you and try to directly remove it from your bank account without your knowledge or permission [they believe you gave them permission to do this when you signed up for paypal]. You still are subject to paypal deciding to hold/freeze your funds for whatever time period they feel like, but at least once you get your money out, it remains yours.
For the life of me I can't understand why anyone would deal with crooks like PayPal if you have to do all this crap to protect yourself.
If all I am reading here is true then I don't want anything to do with them!
Bill

Black_Moons
06-13-2016, 10:15 PM
For the life of me I can't understand why anyone would deal with crooks like PayPal if you have to do all this crap to protect yourself.
If all I am reading here is true then I don't want anything to do with them!
Bill

Simple. Because the banks want $20~60 for a 'bank transfer' to another country. Aka they are not interested in the slightest at getting a piece of a multi billion dollar a year transaction market that paypal pretty much owns with its 3%+ fees. They would rather repo your house after selling you investment bonds based on the mortgage they sold to you (and thousands of others) who where basically guaranteed to default, because that makes more money for them with such little effort it should be criminal. Literally criminal.

So paypal is often the only option when buying stuff from a lot of places... Or receiving money if you happen to work for anyone online.

AydenWilliam
06-14-2016, 01:22 AM
PayPal, howsoever is secure. But if PayPal gets hacked then it will be really a big problem as I have connected my bank account with PayPal for any transaction.

dave_r
06-14-2016, 01:30 AM
PayPal, howsoever is secure. But if PayPal gets hacked then it will be really a big problem as I have connected my bank account with PayPal for any transaction.

That would be another good reason why you use an intermediate bank account with $0 in it unless you are transferring money in or out of paypal...

Black_Moons
06-14-2016, 01:42 AM
PayPal, howsoever is secure. But if PayPal gets hacked then it will be really a big problem as I have connected my bank account with PayPal for any transaction.

Or if your computer gets hacked. Trust me, from the conversation I had with my bank, they won't care how/why your bank account was drained, they won't refund a dime, they will say file a report with the police and wash there hands of it. And no the police won't refund your money either lol.

I wonder how long till 'Hacking insurance' becomes a thing? For people that is.. im sure corporations already have something like.

grzdomagala
06-14-2016, 02:38 AM
Every month i get email with "you have money on your PayPal account. Click here to get more information". I always thought "clear case of scam. Every bank warns against such emails" so they always landaed in trash. At one boring day i decided to investigate who is such stubborn scammer and analysed the links. They were leading to legitimate paypal servers. A bit confused i send a email to paypal support asking if they know what sort of scam is this. And they answered that thier marketing team does this, and thats secure because in the email they use my real name and not generic "dear customer" so i can easily see they are legutimate... They have really strange ideas about security :)
I use paypal for small purchases only - the account has no cc or bank account connected. I simply refill the paypal account with wire transfers when needed. I somebody hack my paypal account all they get is 50$ balance. Theoretically they can get my bank information from wire transfer info and retrieve some casch but my bank says such transfers (not initiated from my side) can be easily reversed

Wysłane z mojego GT-N7100 przy użyciu Tapatalka

Noitoen
06-14-2016, 03:00 AM
In Portugal we have a system that generates a unique credit card for one time use only. It can't be copied because once used, it does not work anymore. Paypal always try to convince me to sign up but I never felt the need to. One thing I never do is use the home computer to do any bank transaction. If the computer gets hacked, there should not be any sensible information.