Is This A Good Idea?
ElvisP
Posts: 1,066 ✭✭✭
I have built up a nice little nest egg(at least for me) in my Paypal account. I like having it there as I know it is there and can use it for collecting if need be and it doesn't get used for everyday expenses. I have always assumed PP is safe and if anything did happen they would replace anything lost. Is this the case? Anyone have any bad experiences with PP? Is keeping $$ in a PP account OK?
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You might already have 2-Step Verification turned on. But in case you do not, I would make sure to have that turned on. Basically, they send you a text with a generated 6-digit code in order to continue logging in to your account.
==> Settings / Security / 2-Step verification
Thanks I have it for ebay but was wondering if Paypal had it. Thanks much!
I got this set up. Thanks again!!
Keep in mind if you use PayPal for your eBay purchases, the next time you try to use PayPal for payment, eBay might prompt you to log in to your PayPal (because the 2-Step Verification was turned on). This happened to me, but I only had to log into PayPal from eBay the FIRST time after turning on 2-Step Verification.
Gotcha, there are so many thieves out there you can't be too careful these days. Last week some low-life got into my Fandango account and bought 50 dollars worth of movie tickets.
After adding the 2 step login to my PP account when I Iogin from ebay into my PP account after entering my password it knocks me off line. I was trying to pay an invoice. Anyone have this problem or know how to fix?
I try not let my money sit too long. Maybe I'm paranoid someone is going to hack my account and steal it. I usually wait until my higher end sales clear with the buyers (meaning item arrived safely, the customer is happy and there is no return issues). Basically I wait a couple of weeks and then withdraw 75% of my balance. I leave enough to pay my monthly eBay fees and a little extra. I repeat this process twice a month.
Are you doing this on your desktop/laptop or from your phone? Once you get it to work you shouldn't have to log into PP again (from eBay).
PP is not covered by FDIC, if that matters to you. Also, large sum transfers from PP to other bank accounts are monitored closely per the Patriot Act and IRS policies, so if you attempt a mass liquidation, expect the Gov't to ask questions that may be administratively painful defend.
Paypal is safe.
It’s safe and the government is super overstretched and not auditing much these days. Everyone has their own comfort levels but I’d be fine keeping mid 4 figures there.
Thanks all!!