Re: protecting oneself from paypal



#6

Sometimes, there is no money in the seller's account and nothing for Paypal to recover from them.

This seems to be when they do nothing.

After all, they aren't going to pay you out of THEIR monies.

If a seller is stupid enough to give paypal a checking account link, then paypal can always recover money because they will take it from your checking account.

Even if you get a chargeback from a buyer that is fraudulent. A quick check of google will turn up cases where paypal has frozen funds in sellers accounts for months with little explanation, where paypal gave a refund to a buyer with no requirement for the buyer to send back the goods - they end up with your product AND their money back, etc.

Hearing from people who say "I've used paypal for years without any problems" doesn't really address the poor people's plight who get hit by this buzzsaw.

And, if you sell and take paypal, you could be next. You have little to no protection.

If you buy and use paypal, use funds from a credit card. It's the only real protection you have.


#7

I agree completely -- use a credit card. My one instance of ebay fraud, in over 900 transactions almost all of which were via Paypal, ended with a full refund from my credit card company. I never even filed a Paypal complaint just made one phone call to American Express and they took care of it. It took about 6 weeks but they told me it would take some time up front and they informed me in writing of their progress in getting my refund.


#8

Agreed. NEVER give paypal your bank account information. Period.


#9

Remove Bank Account Confirmation
Back to Profile Summary
You are about to remove the following bank account from your PayPal account:


Bank Account Name:
Bank Name:
Bank Account Number:

This is your only confirmed bank account on file. If you remove it
now, your account status will instantly become unverified. Becoming
unverified means you can no longer add funds via electronic funds
transfer, your credit card charge limit is reinstated, and you lose
protections safeguarded under PayPal's Buyer and Seller Protection Policies.

Are you sure you want to remove this bank account from your PayPal
Profile?

Note: After removing this bank account it will no longer be possible
to complete PayPal payments by bank transfer or by Direct Debit or
Bank Funding. If you add this bank account to your PayPal account
again, you'll need to repeat confirmation and authorization to use
these payment methods.

And here are the differences in fees for various withdrawals. Note
that bank transfers are free.

Options Processing Time Cost
Transfer funds to your bank account 3-4 Business Days Free!
Request a check from PayPal 1-2 Weeks $1.50

Shop with a PayPal debit card Instant (once you get a card) Get cashback!
Get cash out of an ATM Instant $1.00

Buy from over 42,000 PayPal Shops Instant Free!

Add Funds
You can transfer funds from your checking or savings account to your
PayPal account using Electronic Funds Transfer.

Transfer money into your PayPal Money Market account and earn a
competitive return. As of 1/3/2007, you would be earning 5.02
percent on your PayPal balance!*

Options Processing Time Cost

Transfer Funds From a Bank Account in the United States 3-4 Business
Days Free!

Edited: 22 Feb 2007, 1:35 p.m.


#10

When they can come take funds from my bank account when a fraudulent buyer says he/she didn't receive an item, that is too much of a disadvantage.

If that means I can't pay because of a limit, whatever.

Do a google search where people report the things paypal has done.

Let the user beware.


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