Do I want (need) to get verified by Paypal?

laurentyvan

I'm only a couple of hundred dollars away from some (arbitrary?) spending limit imposed by paypal and they want me to get verified.

I have to add a bank account-what are the ramifications?

MacCrimmon

Well, it gives sellers to whom you are unknown a warm, fuzzy feeling.

Of course, I would never question your financial probity.

I've never had any problems with PP, but I am opening a secondary checking account to be sure some scammer (who may happen along anytime), doesn't try a chargeback in a fraudulent manner.

You might read up on some users experiences here.

Here's a link from the link above. Haven't read the whole bit, but it may be good for all of us to do so. Cheers.

topstuf

I keep a separate bank account for ALL VISA access. When I want to purchase something, I do an electronic transfer from my regular account WHICH HAS NO VISA access.

That way I can keep the whole account fairly risk free. At least up to whatever scam amt would be involved.

Wait till Paypal unilaterally decides to "restrict" your account. Then you can fax them your driver's license, AND a ....letter..... from your bank to get the restriction lifted. That's what I had the fun of doing.

However, it only cost me a $1.95 charge against my account to get the $500 limit removed.

Wasn't that nice of them?

I have no paypal acct anymore.

Avarel

I've actually cancelled my Paypal recently. Their security I've grown increasingly concerned about, especially their ability to post against the credit card and accounts on a whim. I personally didnt have any problems, like the link to the website you list, rather just strong concern and a motivation to keep my money around. Ultimately most of the paypal'esque companies have similar problems I would imagine. Pity those poor souls who get held on the 180 days bit the link talks about.

I admit I like your idea though Mac of a different account to use. Would significant limit the exposure.

Av

Bruce

I don't use paypal much at all. The only thing I have had is some bogus scammer posing as paypal asking me to "verify" my credit card number, PIN and password. AS IF!

0john0

That link was insightful. I think I am going to go back to being "unverified" and take all my info off of Paypal. I'll just maintain a balance from selling stuff.
That may have just saved me a lot of hastle in the future.
thanks,
-john

ColinCMR

A seperate bank account is a safe bet, that way you can control the amount in it and it is not linked to other accounts.

wybrit

Great thread. Gives me some food for thought.