Paypal issue
Morgan13
Posts: 1,901 ✭✭✭✭✭
I use PayPal to purchase coins amongst other items, many of us do.
I recently ran into an issue with them.
I'll try to keep this brief.
I would add money to my account using my checking account debit to pay for purchases and pay off my credit card.
This month I noticed that every time I used my PayPal account and dropped down to below $300 that $300 more was transfered into my account.
After research I located the "auto reload" was turned on and found a selection of the dollar amount to be brought into the account could be chosen. Somehow and I do not know how a selection in the amount of $300 would be added automatically. You could choose as little as $25.
I did not do this.
I would never.
I am trying to make everyone aware of this so you dont run into this issue.
I hope this post is not out of line on this forum.
If it is I will delete it and that will be that.
Any questions I will be happy to help.
It was a stressful day learning that for the month of November $1700 was transferred to my account until the alarm bells rang.
Student of numismatics and collector of Morgan dollars
Successful BST transactions with: Namvet Justindan Mattniss RWW olah_in_MA
Dantheman984 Toyz4geo SurfinxHI greencopper RWW bigjpst bretsan MWallace logger7
Comments
I've noticed, in general terms, it is probably a good idea to read the terms and conditions of online financial services, such as Paypal.
I agree with @sanddollar. There is fine print that you need to know.
Lesson learned. I was just shocked. My intention was to make everyone aware so they could avoid this type of mishap. My intention are for the greater good.
Student of numismatics and collector of Morgan dollars
Successful BST transactions with: Namvet Justindan Mattniss RWW olah_in_MA
Dantheman984 Toyz4geo SurfinxHI greencopper RWW bigjpst bretsan MWallace logger7
Thanks for the heads-up. You could easily overdraw your checking account if not aware and wrote a check. Opened my Paypal account 15 years ago & this was not a feature. Haven't used in a long time, wonder if they set up some auto-transfer feature. Paypal loves float interest.
Thank you for the PSA (public service announcement). Most people don't fully read or understand the "fine print" which is sometimes lengthy and written in legal jargon.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Had PayPal since the beginning when eBay required and not once transferred cash into the account. Always used PayPal to transact outgoing credit card payments and all incoming cash immediately transferred to a standalone bank account without overdraft protection. Money in standalone acct transfers automatically to different account.
Would protect me from any auto payment reversal. Easier to contest when PayPal does not have their money. Less worries on acct number hacking. I work for the bank and would be involved if needed and deal with NSF from my end.
Paypal like many organizations want to hold other peoples money. They are not a bank. At any moment can freeze any cash balances for “suspicious activity review” Would never trust them to hold cash nor free discretion to access away cash balances.
Paypal has their best interest in mind and I will value my interests before theirs.
A rule of thumb that I use is to simply avoid any automatic withdrawal link to my checking account. All automatic charges are linked to a credit card. Thanks for the PayPal heads up. 100% cc.
luckily and happily mine is not set up
I'll have to check the PayPal site.
I had someone send money that way and when checking out on an eBay purchase it took all the PayPal money first.
That was before I could get it transferred out of PP to another account.
Not a big deal but I did lose a few cents on CC rebate money.
I am guilty of this.