Paypal Question re: Linking to Bank Account
brian26
Posts: 826
I've received a couple of notices recently that I'm coming up on my Paypal spending limit (through Ebay) of $10,000.
My question is twofold-
First, is it relatively safe now to link your Paypal account to your checking account? I've read some horror stories in the past, and I certainly would never want to do anything to jeopardize the security of my checking or savings account.
If I sell an item on Ebay, does the eventual payment go into Paypal account first and not directly into my checking account? I assume I can determine when I want to send my Paypal balance into my checking account (similarly to how you can decide when you want to have Paypal send you a check in the mail and clear out your balance). Or, does every transaction now directly debit or credit the checking account (this seems like it would be quite cumbersome to keep track of).
As a seller, if I have my paypal account linked to a bank account, does that paypal fee of 30 cents +/- become obsolete when buyers pay by credit card through paypal? That would certainly be an advantage to linking to a bank account.
Thanks in advance for the info...
My question is twofold-
First, is it relatively safe now to link your Paypal account to your checking account? I've read some horror stories in the past, and I certainly would never want to do anything to jeopardize the security of my checking or savings account.
If I sell an item on Ebay, does the eventual payment go into Paypal account first and not directly into my checking account? I assume I can determine when I want to send my Paypal balance into my checking account (similarly to how you can decide when you want to have Paypal send you a check in the mail and clear out your balance). Or, does every transaction now directly debit or credit the checking account (this seems like it would be quite cumbersome to keep track of).
As a seller, if I have my paypal account linked to a bank account, does that paypal fee of 30 cents +/- become obsolete when buyers pay by credit card through paypal? That would certainly be an advantage to linking to a bank account.
Thanks in advance for the info...
0
Comments
Is the limit 10,000/month you can spend using paypal? that seems unreasonable.
HOF SIGNED FOOTBALL RCS
Rodney
<< <i>I've received a couple of notices recently that I'm coming up on my Paypal spending limit (through Ebay) of $10,000.
First, is it relatively safe now to link your Paypal account to your checking account? I've read some horror stories in the past, and I certainly would never want to do anything to jeopardize the security of my checking or savings account. >>
I had an unauthorized charge in excess of $1400 pulled from my checking many years back. Was a bit of a headache to get squared up, but after a few days, all was fine. Only eventful issue that I've had with PP tied to my checking account.
<< <i>If I sell an item on Ebay, does the eventual payment go into Paypal account first and not directly into my checking account? I assume I can determine when I want to send my Paypal balance into my checking account (similarly to how you can decide when you want to have Paypal send you a check in the mail and clear out your balance). Or, does every transaction now directly debit or credit the checking account (this seems like it would be quite cumbersome to keep track of). >>
You can determine when you clear your PP account. It is not automatically applied to your checking.
<< <i>As a seller, if I have my paypal account linked to a bank account, does that paypal fee of 30 cents +/- become obsolete when buyers pay by credit card through paypal? That would certainly be an advantage to linking to a bank account. >>
You still pay a percentage fee for the transfer.
As a follow-up, is there any way to extend the Paypal limit without linking to a bank?
I remember the original limit was $500, and Paypal let you extend that many years ago (perhaps in 2006?).
Bob
email bcmiller7@comcast.net
<< <i>I opened a seperate checking account at a different bank than my regular bank to link my paypal with. Every so often I transfer my paypal balance to the checking and withdrawl the funds a few days later. There is never any link to my regular checking at my regular bank. I just feel its safer that way.
Bob >>
I do the same...I don't sell a lot, but I've heard enough nightmare stories regarding chargeback scams & PP siding with the scammer...STORM should have much to add on this topic.
Mike
<< <i>I opened a seperate checking account at a different bank than my regular bank to link my paypal with. Every so often I transfer my paypal balance to the checking and withdrawl the funds a few days later. There is never any link to my regular checking at my regular bank. I just feel its safer that way.
Bob >>
Same here - Doug
Doug
<< <i>I opened a seperate checking account at a different bank than my regular bank to link my paypal with. Every so often I transfer my paypal balance to the checking and withdrawl the funds a few days later. There is never any link to my regular checking at my regular bank. I just feel its safer that way.
Bob >>
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That is the correct/safest way to do it.
Now that EBAY is "resolving claims" through a process
duplicative to that of PayPal, there is heightened risk
that EBAY can/will piggyback listing/FVF fees with any
SNAD/INR-money they claim you owe IF PayPal is your
default payment method.
PP could then bypass operational consent-decrees to
pay EBAY from a checking account in your PP que.
It is prolly prudent to opt-out of the scheme allowing
EBAY to "resolve" your disputes. The process involves
being "interviewed" on the phone; they will usually try
to talk you out of it.
Best to just keep saying, "I would simply rather deal directly
with PayPal to resolve disputes and claims." (Don't tell them
you are afraid they will steal from you; they will be insulted.)
Eventually, they will agree to your request.
PP UA: 10.1
Opt-Out. If you do not want to allow PayPal to reimburse eBay for your liability, you may opt-out by calling eBay at 1-866-643-0898. Your opt-out will be effective within 3 Business Days. If you opt-out then eBay will not use your PayPal Account to recover amounts that you owe due to an eBay claim that you lost. This opt-out will not affect other amounts that you pay to eBay using your PayPal Account (such as your eBay fees).
.............
I opened up a second checking account at my regular bank to use for paypal. Maybe that was a mistake. I need a separate bank all together.
Also, I had to make a payment to my Ebay Mastercard, so I did it via my regular checking account via Paypal. Now Paypal is asking me to verify this account. I don't want to verify this regular account, I just want to use it to make the ebay credit card payments. What should I do so my regular account is safe and I can still pay off my Ebay credit card?
BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
"...Second account same bank should be ok, as long as pp cant access both accounts, which would defeat the whole idea of another account...."
///////////////////////////////////////////////////
Generally, the problem with using "the same bank" is that
banks often try to be "helpful" when an unfunded payment
request comes in.
Thinking they are doing you a favor, they may want to fund
the request with another account.
Many banks will call you and ask if that is what you want them
to do; some don't call, they just pay from the account that has
sufficient funds in it.
Also, NEVER use a checking account that has "overdraft protection"
as a PP-linked account. PP can end up with your money AND you
can end up owing your bank both overdraft-fees AND the money
that was paid to PP.
...............................
None of these protocols are about trying to "cheat" EBAY/PP. They
are about protecting users from being ripped by EBAY/PP.
Once EBAY/PP have been paid for a bogus SNAD/INR-claim decided
against you, they will NOT help you resolve the inequity of the claim.
Keeping EBAY/PP on the hook to lose money on the claim is the best
way to assure that they act in good-faith to help resolve bogus claims.
Once EBAY/PP has your money, you will likely have to litigate to get it
back.
<< <i>"...Second account same bank should be ok, as long as pp cant access both accounts, which would defeat the whole idea of another account...."
///////////////////////////////////////////////////
Generally, the problem with using "the same bank" is that
banks often try to be "helpful" when an unfunded payment
request comes in.
Thinking they are doing you a favor, they may want to fund
the request with another account.
Many banks will call you and ask if that is what you want them
to do; some don't call, they just pay from the account that has
sufficient funds in it.
>>
If a bank withdrew funds out of a separate checking account without my permission, then that would be a unauthorize charge. And the bank would have to charge-back ebay/pp and the bank will win every time. At least this is what a bank manager told me when i opened up a different account.
"...If a bank withdrew funds out of a separate checking account without my permission, then that would be a unauthorize charge. And the bank would have to charge-back ebay/pp and the bank will win every time. At least this is what a bank manager told me when i opened up a different account. ..."
///////////////////////////////////////////
In most cases that SHOULD certainly be true.
The issue is: Do folks want to risk having to deal
with their banker regarding such circumstances?
And, some banking agreements provide that certain
accounts are "linked." This would further complicate
what could be an embarrassing situation.
My banks don't like ANY type of "controversy."
My credit union was AWESOME. They reversed the charges, had me sign an affidavit that I didn't authorize them, and basically told Paypal to get bent. They said they probably get one or two of those cases a month, and that Paypal's security is a joke.
They had me set up a separate account for Paypal. No checks, no debit card, no overdraft. I can transfer money back and forth between my primary account and this one. Paypal can only withdraw from that secondary account, and if the money isn't in there, Paypal is SOL.
I am MUCH happier with this arrangement.
Only an idiot would have a message board signature.
<< <i>I opened a seperate checking account at a different bank than my regular bank to link my paypal with. Every so often I transfer my paypal balance to the checking and withdrawl the funds a few days later. There is never any link to my regular checking at my regular bank. I just feel its safer that way.
Bob >>
Same here, I linked it to a checking account that I keep maybe $1000 in on a regular basis, not my home checking account with the bulk of our savings, etc...
Just got back from hobbling (Broken Leg/Ankle) down to my Bank that has my account attached to Paypal, I had a second account there before but got complacent because nothing had ever happened and closed it. Thanks to this thread and the one about the guy getting hit for 2K and then possibly his Overdraft, I took action before something hinky happened.
I Got off my ass and ended Credit Line on Paypal attached account, ended Over Draft protection on Paypal attached account and swept all funds except $1000 into new account.
Talked with Bank Manager and was told WITHOUT Exception NEVER would funds be taken fom any of my accounts and transfered to another with out my Permission ahead of time no matter what the circumstances...Period!!
Next I am calling E-Bay and Opting Out of allowing Paypal to Riumbursing E-Bay!!!
Thanks Again,
YeeHah
Neil