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(OT) Question for PayPal users on Ebay

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  • (OT) Question for PayPal users on Ebay

    I bought a dial indicator on Ebay and when I went to pay for it with PayPal I got this notice:
    "The amount of this transaction exceeds your remaining sending limit and cannot be processed at this time. You will need to add and confirm your bank account to remove this limit. Once your bank account has been added and confirmed, you can continue this payment. Add your bank account information below."

    I, like most everyone else, am not going to give out my bank account numbers to just anyone. So, would I be better off canceling out my PayPal account and starting a new one or just going to the Post Office and send a money order or does anyone have a better suggestion.
    I could just start another account at the bank just for this purpose with enough funds to cover any transaction that I may do on Ebay.

    Thanks for any help.


  • #2

    You should confirm your bank account. If you're concerned, just open another account like you mentioned.

    I use PayPal to buy almost everything I get on Ebay, and PayPal just takes the money from my checking account. Also, when I sell something on Ebay, PayPal just deposts the money into my checking account.

    You should be more concerned about paying someone using PayPal that is not confirmed.



    • #3
      Did you use the quick link from the win ebay notice? If so then I would try logging on to PayPal directly and sending the money using the info from the win invoice to fill in the blanks. If it still will not go through then it is up to you if you want to give PayPal your bank info. NEVER trust those links it could be sending you to one of those Phishing places.



      • #4
        I've been in the same quandry about paypal. Haven't yet encountered the initial spending limit, but have been sending checks when possible. (Just bought a small item from a seller who listed no other payment options.)

        I have a few direct monthly payments (life insurance, etc.) coming from my checking act., but I'm also leary of giving paypal my info. I've intended to consult my bank for their recommendations/advice, but haven't yet.


        • #5
          When I reached my spending limit ($2000) I created a new PAYPAL identity seperate from my ebay identity. When paying for an auction, just log in to paypal as your second identity and you get another $2000.



          • #6
            I use paypal for selling and buying and have given my bank account info to them. Been that way for years with no problems.

            You give your bank account info to everyone you write a check to and everywhere you use an ATM card.

            My old yahoo group. Bridgeport Mill Group



            • #7
              So you'll give them a credit card but dont trust them with a bank account?

              I'm the exact opposite. Trust my bank more than a credit card company...they are people. Credit card is just a machine.

              The question is, which is going to look worse on your perm credit record? A maxed out CC or an empty bank account? Both have fraud is brick and mortar, much easier for me to work things out with them.


              [This message has been edited by snowman (edited 01-19-2005).]


              • #8
                I'm going through the same thing...up here my limit is $1000. I haven't had any response from paypal to answer my questions. I wheel and deal a lot in hotrod parts and keep a lot of cash around and do a lot of business with my CC. Usually have 2 to 4 thousand available on it. I don't keep much in my chequing account. Lately I've been paying with money orders but that is a pain. Is that the only option they have...taking money out of a bank account? Thanks.
                I have tools I don't even know I own...


                • #9
                  Make sure this is not a scam.


                  • #10
                    You can setup a Paypal account and link your checking and/or credit card to it.

                    They initiate a verification by depositing two small amounts to your checking account. If it goes through and you enter the amounts correctly, your Paypal account becomes Verified and your selling limit is removed.

                    For credit card(s), They submit a one-time charge as a fee for Verification. I think it was $5 when I did it. Your buying limit is then removed and you can pay using a credit card. This is MY perfered way of paying. It gives you a second level of security.

                    Paypal is now regulated under State (California) and Federal Banking laws. They must opperate like any other bank. If you trust YOUR bank then Paypal is no different.


                    • #11
                      In my opinion it is counterproductive to open a Paypal account and not confirm it with a bank account. Paypal is not a fly by night company that is going to rip you off, although you definitely need to watch out for the fake scammer emails. Deciding to not confirm your account and simply starting a new one when you reach the sending limit is OK I guess, but you will run into problems if you ever use your Paypal account to receive money (say, from eBay auctions for example), and reach your sending limit before your account balance is zero. If you have not confirmed your account and reach your sending limit you cannot send anymore money even if you have $500 sitting in your Paypal account. How do you get the money out without confirming a bank account and having it transferred? It is better to get confirmed and then if you do decide to sell stuff on eBay you can easily have the proceeds transferred to your bank account if you need the $$$.

                      The other reason Paypal wants you to confirm with a bank account is that once you confirm the account Paypal makes the bank account the default funding source when you pay for something, even if you have a credit card listed. You can still choose to use the credit card instead of the bank account, but next time you go to pay the bank account is the default again. This is no big deal as long as you pay attention. My guess is that Paypal must pay less fees if they take the money from your bank account instead of a credit card, which is why they default to your bank account.


                      • #12
                        I wanted to add one thing. I don't ever click on a "paypal" link other than one displayed in ebay and only when it concerns an auction (pay now button).

                        I go directly to their site and make sure the little yellow padlock is at the bottom of your browser (secure site).

                        Also paypal is (I believe) part of ebay now so using a link from ebay should not concern you. Never click on a link that was sent to you via email though. JRouche

                        [This message has been edited by JRouche (edited 01-19-2005).]
                        My old yahoo group. Bridgeport Mill Group



                        • #13
                          mrennie..thanks for the explanation. That's what I've been waiting for Paypal to tell me for nearly two weeks. I am going to get verified though. a couple of things I really wanted where Paypal verified bidders only. Thanks again!
                          I have tools I don't even know I own...


                          • #14
                            <font face="Verdana, Arial" size="2">How do you get the money out without confirming a bank account and having it transferred? </font>
                            Go to Paypal site and withdrawl funds. Then request a "Check". This method takes about 14 days to get the check by mail. Better to have a bank account linked. The money is there within 1-2 business days via an intrabank EFT.


                            • #15
                              If you do a websearch on paypal you will turn up some unpleasantries about the paypal system. I do not recommend getting verified if you are only a buyer. If you are a seller, like me, it is hard to avoid verification, but you should set up a seperate bank account with a minimum balance for the verification process.

                              Here's why. When you get verified, the fine print gives Paypal access to your bank account. There's two problems with this, 1) if you get in a dispute over a paypal transaction, which is not unheard even for honest sellers, Paypal may seize the assets of your bank account. Internet buzz has it that Paypal is quick to seize the account and very slow to give it back -- I haven't had this experience myself, just heard a lot of stories, and 2) there are rumors that unscrupulous Paypal employees or ex-employees have been known to use or sell your bank acount information. Last year my bank account was emptied of nearly $2000 by someone in Romania. We never identified how the Romainan got my account information, but Paypal is a prime suspect, since no one else had access to that information (I wasn't stupid enough to respond to phishing emails). Of course, this is a concern with any company that handles your credit card or bank account information, not just Paypal.

                              A while back Paypal sent me a notification saying that my customers can use Paypal to pay with a credit card without even setting up a Paypal account, much less getting verified. If this is true, it is all the more reason not to bother getting verified.