How can they do that without your authorization???
What about charging your credit card ... will they go there?? And if they did couldn't you just dispute it with your credit card company (or bank) as an unauthorized charge??
?
TheJollyGreenGiant
Senior Member - 10K
posted: Jul. 30, 2003 @ 9:35a
yes, they can and will. combine that with them being under the control of the crooks from flea-bay now and i'd say anyone with a paypal account linked to a bank account they keep more than $5 in is crazy.
slinkydooky
Senior Member - 2K
posted: Jul. 30, 2003 @ 9:40a
They will give you warning though if they are going to take money out. They only did it to me when some jerk on eBay said I never sent the merchandise. Good thing it was only $15. Now I've gotten wiser and use delivery confirmation EVERY TIME.
Why would a $999-gazillion corporation do that to you?
miizzles said:
<< How can they do that without your authorization??? What about charging your credit card ... will they go there?? And if they did couldn't you just dispute it with your credit card company (or bank) as an unauthorized charge?? ? >>
They have the guts to run a bank without a license; they'd do anything they want even without your authorization.
Of course you can dispute it if they suck $$$ out of your cc; it's when they suck from a bank account that it becomes a problem.
Can BBallFan2003 or mikeb48 respond to this slander ?
Skizzo
Senior Member
posted: Jul. 30, 2003 @ 11:03a
Alcibiades said:
<< Can BBallFan2003 or mikeb48 respond to this slander ? >>
I didn't hear anything, did you? It would be libel, not slander, if it were anything at all.
SeattleNative
Senior Member - 1K
posted: Jul. 30, 2003 @ 11:12a
Mizzles asked:
<< Does paypal have the ability and will they take money from your bank account if someone tries to do a chargeback or files a complaint? >>
YES
roamerr
Senior Member
posted: Jul. 30, 2003 @ 1:52p
Most of the time Paypal will just give you a negative paypal balance. Any money in will then be taken to fill the negative balance. You also would not be able to send money without filling the negative balance first.
trifate
Senior Member - 2K
posted: Jul. 30, 2003 @ 2:02p
Every merchant account asks for a bank account. Paypal is no different from any other company that offers merchant accounts.
you DID AUTHORIZE THEM to take all your money when you signed up for Paypal...if you signed up very early before Paypal revised their user agreements, you have accepted the new terms by your continued use of their service
TheSexecutioner
Senior Member
posted: Jul. 30, 2003 @ 6:50p
is there really some kind of threat to my bank account if i give them my number? should i cancel my account or something?
Checking accounts can still go negative, even w/o overdraft protection. Banks do this as a "courtesy" for their customers. What is the trick to disallow this from happening ?
<< Checking accounts can still go negative, even w/o overdraft protection. Banks do this as a courtesy for their customers. >>
Well banks SAY its a "courtesy" to their customers, but what it really means is that its a great opportunity to earn FEES.
EricGo
Senior Member - 2K
posted: Jul. 30, 2003 @ 10:43p
I have a checking and savings account at my local credit union. It is used to hold my allowance, and the occasional eBay purchase. The savings account can _only_ be accessed by me, so I transfer money from the savings to the checking account as needed. Since it is the same bank, electronic transfers occur immediately.
If I sell on Ebay, I empty the checking account first.
<< I have a checking and savings account at my local credit union. It is used to hold my allowance, and the occasional eBay purchase. The savings account can _only_ be accessed by me, so I transfer money from the savings to the checking account as needed. Since it is the same bank, electronic transfers occur immediately.
If I sell on Ebay, I empty the checking account first. >>
Ah young jedi, the flaw in that logic shall be your downfall, yess..mmmmm
You may move all funds out of your checking and into the savings account (that PAPAL doesnt have access to) but what do you think happens when paypal overdraws your checking accoount?? Thats right, your credit union will use your SAVINGS ACCOUNT funds to make up the difference! Its called right of setoff.
You need to keep your deposit account at a separate instituion (like ING Direct's no minimum savings account) to keep it safe from paypals evil hands....
EricGo
Senior Member - 2K
posted: Jul. 30, 2003 @ 11:19p
Master SIS wrote
<< You may move all funds out of your checking and into the savings account (that PAPAL doesnt have access to) but what do you think happens when paypal overdraws your checking accoount?? Thats right, your credit union will use your SAVINGS ACCOUNT funds to make up the difference! Its called right of setoff. >>
hmm. I thought I had clarified with them that my checking account could not be overdrafted, but I'll have to double-check.
'clarifying" something with a 20 year old teller means nothing, the CU will take whatever action they are entitled to take. You need to read your deposit agreement with the credit union and see what it specifies.
paypaldamon
Member
posted: Jul. 31, 2003 @ 3:40p
Hi,
Recovery for a charge back is attempted from the PayPal account first. If it isn't recovered, then the user is sent an email on how they can resolve the negative balance with a check/money order. PayPal does have the right to attempt recovery from a bank account for an outstanding liability...but to be honest that is not how it works (it can go to collections).
Buyer Complaints (different than a charge back) DO NOT result in attempted recovery from the bank account/credit card on file.
<< Does that mean you can get verified by paypal with this account but only do 6 transactions a month ? >>
I don't know as I haven't tried cuz I park my cash there. But I've successfully done ACH in/out via PcBanker (in: verification deposit; out: ACH withdrawal).
i currently have a NetBank Money Market account linked to PayPal.
No inactivity fees.
There is a $10 fee for every withdrawal in excess of 6 per monthly statement cycle, or for every check and Point of Sale (POS) withdrawal after the first 3 per monthly statement cycle.
My NetBank Money Market account is linked to PayPal and I have a 0.00 balance in my PayPal account. I bought something now and instead of pulling $ from NetBank, it funded from the credit card on file instead. Is that b/c I have a PayPal status of "Unverified" ?
<< You can rest assured NetBank will provide you the overdrafting service as a "courtesy" and charge you $25 per transaction >>
So overdrafting is also a "courtesy" feature on Money Market accounts ? I thought that could only happen with checking accounts ? If so, time to leave NetBank. Only linked so I could drain my PayPal account for free.
Netbank prides itself on genersting the bulk of their profist through fees in financial statements....theyll be happy to assess the overdraft fee on a MM account
<< Would it not be the best to open a checking account at Netbank ? They only charge a inactive fee >>
Interesting thing with Netbank.....I have a checking account there and they will not allow PayPal to setup to debit against a Netbank account (PayPal Add and Confirm a Checking Account does not work).
Netbank would not tell my why this is the case...
<edit> Interesting that others in this thread have a Netbank MM account linked to PayPal. No idea why theirs was setup and mine was denied. But I am not complaining <endedit>
best thing is to open a checking account link it to paypal let tghem verify it and after that close that checking account They will never figure it out
Tealight
Senior Member - 1K
posted: Aug. 3, 2003 @ 12:22p
I simply opened a seperate savings account with my local credit union (the same bank as my home accounts). It is in no way attached to my home saving/checking accounts, but is entirely seperate. I have been assured by the bank that they will not, as a courtesy, withdraw any funds from my other accounts in the even PP should try to steal money. I have also been assured that no one can make a withdrawal from that account unless they have my password, which obviously, PP does not have.
You could also open a savings account at a seperate bank from your home accounts that is password protected against withdrawals, call around. I would never have it tied into a checking account, even indirectly.
anyone who is "assured" by a teller something wont happen may someday be very angry.
your paypal-linked account should be with a financial insitutin where you do NO OTHER BANKING. Anything else is asking for trouble
Janna
Member
posted: Aug. 4, 2003 @ 12:08p
I opened a checking account at Washington Mutual just for PayPal. It's completely free, no fees, and I keep $5 or less in it. My regular accounts are at HSBC so there's no way PayPal can touch them. If I get a payment via PayPal I withdraw it immediately. If I need to pay someone via PayPal I deposit that exact amount. Most areas have at least one bank that has free checking. I decided to open this useless, inconvenient account because I was strongly advised to do so by folks on the eBay boards. Better safe than sorry.
<< Unfortunately it was a virtual item. 100k platinum in everquest. Nothing shipped and a virtual item is not covered for protection. I will never sell a virtual item again. Next time it will be at minimum a secret code written on a paper sent with delivery confirmation to the confirmed address. The person will have to give me the code before I give them the virtual item.
Thanks for your help guys. If there is no way around the credit hit I guess the best thing to do is pay the $170 and count it as a lesson learned.
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