Ebay users...

DAM · October 27, 2003 5:31AM

...is getting VERIFIED through Paypal a good idea?

Can you still put charges on your credit card, or are the funds taken out of your checking account?

Why do they ask for your checking account information?

Thanks for the information!!!

goose3 · October 27, 2003 5:33AM

I went to my bank and opened a separate additional checking account solely for paypal. There are many horror stories about how they will freeze your account up for days and days!!!!!!! I can't risk my house and truck payment money being frozen up much less grocery money for wife and kids.

I keep only a few bucks in that account at a time.

and yes,,,,,,,it pays to be verified. Most sellers will not permit you to use it unless you are verified.

Russ · October 27, 2003 5:42AM

<< <i>Can you still put charges on your credit card, or are the funds taken out of your checking account? >>

You still have the option of using your credit card. Like Goose, I also set up a dedicated checking account.

Russ, NCNE

Barry · October 27, 2003 5:51AM

Same here. Separate account for Paypal. As soon as the money hits the acct. after the transfer, I move it out.

beartracks42 · October 27, 2003 5:56AM

Ditto for me on the seperate checking account. I think that paypal is a plus if you are using ebay for both buying and selling.

Trooper · October 27, 2003 5:58AM

I agree!!
Seperate checking account for Ebay that's tied to Paypal!!!!
Tom

coinmickey · October 27, 2003 6:41AM

Take the advice above - use a separate checking account with only a few bucks in it.

However, know that I got into a HUGE argument with Paypal because the default payment option was the checking account and not the credit card. And I made the error of clicking through one day and using the default checknig account when I meant to use the CC. I got in trouble with the bank on that one. I then told Paypal the money was not going to be in the account and they charged it anyway (claiming company policy), causing a 2nd charge from my bank. After much back and forth with the threat of various action(s) on my part I got nowhere and dropped it.

Long story short- Paypal is the evil empire but as pointed out above, the verification helps you to bid on nicer items. Just be careful when you are making a payment.

Mikey · October 27, 2003 6:51AM

On this subject, does anyone know if a seller is allowed to specify bank-funded payments from paypals only? I guess a payment to a seller funded through a credit card is more expensive to the recipient.

DAM · October 27, 2003 7:30AM

Thanks for the information.

I'm still a little confused though. I want to be able to charge things to my credit card. Are you telling me Paypal forces you to use a checking account, or do you have an option. I'm asking from a "buyers" position. I'm not selling and really don't have any plans to.

cosmos66 · October 27, 2003 7:32AM

When buying through paypal you have the option to pay using either your checking account or a credit card. When checking out there will be a link that allows you to change your type of payment.

bigtonydallas · October 27, 2003 7:40AM

Don't set-up a checking account but set-up a new savings account that does not cost any money at most institutions.

ChodeLee · October 27, 2003 11:33AM

If you are a buyer, how can PayPal freeze your account?

Conder101 · October 27, 2003 10:10PM

Yes you have the option to pay from either your checking account or your credit card. But check and see if the seller will accept paypal payment from a credit card first, many don't because it forces them to upgrade their accounts and then have to pay fees on EVERY payment they receive not just the one from you.

If you dispute a payment, or do a chargeback you will find any money in your paypal account frozen and possibly even some siphoned out of your linked checking account.

RNCHSN · October 27, 2003 10:35PM

Sellers who accept Paypal CAN refuse to accept credit cards. I am one such seller. I clearly state in all my auctions that credit and debit cards are NOT accepted, only direct transfers. I put this information in capital letters so it jumps off the page at you a bit, and I STILL get people sending me credit card payments every week or two.

The reason behind this is that I have a "Personal Paypal account", not a "Premier Paypal Account." Personal accounts are free, but are NOT ALLOWED to accept credit or debit card payments. Only direct transfers from Paypal balances or checking account balances are allowed.

I would also be allowed to use a credit card to PAY for an item using my personal account, if I chose to do so.

I do have it set up as a separate account, away from my household account, but I find myself using this account more and more as my sales increase and I'm considering other options now.

Deadhorse · October 27, 2003 10:59PM

Agree with everbody here. You MUST have a separate account for Paypal if you want to keep your regular life in order.

Paypal can make your life pure Hell for virtually any reason if you let them get into your real world account.

My only problem is that my credit union only allows me 3 internet transfers per month, per account. No exceptions. So far it's been workable.

Paypal is indeed an evil group and they have almost zero concern for their customers. If there were another viable option, they would be belly up overnight.

Take a look at www.paypalsucks.com for starters on their tactics.

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