Getting Verified: Is it worth it?

DDR

Paypal has been bugging me for a while to get verified. Currently, I use Paypal about once or twice a month to pay for coins I buy on eBay and I pay via a credit card. I rarely sell anything on eBay or use Paypal to receive or send other payments. Paypal wants me to add and confirm a checking account. Are there any advantages to me, as a buyer, of this? Disadvantages? Dangers? Thanks for your advice.

BigD5

For the small number of transactions you are involved with via Paypal, it probably wouldn't be necessary. If you were selling more, or buying more, opening a seperate checking account to get verified would be ok.
A lot of sellers won't accept payments from buyers that aren't "confirmed" with paypal, which means their credit card and checking account are from the same address (I believe that's how it works, but could be mistaken). They put a little pressure on sellers to only accept payments this way, where they won't offer any seller protection against fraudulent transactions unless the items are shipped to a buyers "confirmed address".

UncleJoe

The problem I ran into was that I quickly reached the limit I could charge through PayPal WITHOUT becoming verified (I don't recall if the limit was $500. or $1,000.)

If you reach that limit (if it still exists for non-verified accounts) you will have to become verified or not be able to use PayPal any longer.

Joe.

Dog97

It's really handy because after you spend up all your money in your PayPal account you can still click on PayPal logos in auctions and pay make instant payments from your bank account.
And me being the sloppy accountant that I am this makes it easy to spend up all my money in my bank account without realizing it so then the check for my light bill bounces.
Oh yeah, and if you sell stuff and get paid thru PP and a buyer disputes it then PP can take money from your bank account without your approval. Actually you pre-approved this action when you agreed to their terms when you joined.

DDR

Wait a minute, how can Paypal take money out of my bank account without my approval? Does that happen if I am in a dispute with someone and I am the buyer or the seller? Or both? Under what scenario could that happen?

Dog97

When you agree to their terms you give them permission to do so.
If a seller says he didn't get his item from you and files a complaint then PP MIGHT give him his $$ back by taking it from your bank account. They MIGHT also freeze your PP account so you can't spend any money from it until the matter is resolved. And when they freeze your PP account people can still pay you so in other words $$ can still go into your PP account but you CAN"T GET IT!
Worst case scenerio but it can happen. I've never had any problems but then again I'm not a dealer or full time seller that has to deal with the eBay psychos all the time.