Is anyone here PayPal verified? I have hit the end of some limit that I'm allowed to spend using a personal credit card. The limit is a cumulative purchase amount and not the limit of the card. Now PayPal wants me to provide bank account information or to apply for their credit card. Looks like I'm going to have to do one or the other (maybe both?) so I was just wondering if anyone else went through the same deal and how it worked out.
im verified. they link you to a bank account..but be warned. use a seperate bank account for paypal. what you dont read is they ahve the ability to take everything from your bank account for any claims they have ag ainst you.
Quote from: He Man on March 03, 2010, 09:03:24 PM
im verified. they link you to a bank account..but be warned. use a seperate bank account for paypal. what you dont read is they ahve the ability to take everything from your bank account for any claims they have ag ainst you.
i'm pretty sure i read that here:
http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/terms-outside (http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/terms-outside)
Quote from: He Man on March 03, 2010, 09:03:24 PM
im verified. they link you to a bank account..but be warned. use a seperate bank account for paypal. what you dont read is they ahve the ability to take everything from your bank account for any claims they have ag ainst you.
If you pay for what you order you shouldn't have a problem with this....
I've been "verified" since I've had the account, somewhere around 5 or 6 years now, and I haven't had any problems. "Verification" means they link your PayPal account with a bank account and it is just a form of proof that you are indeed able to pay for said item because they have the option to take the funds right from your bank account, it also lets the seller know that buyer is legitimate. You can pay for the item with either your bank account or the credit card of your choice. Super simple and nothing to worry about.
Just don't try to not pay for anything you've ordered ;)
It also works the other way when sellers don't send the crap the buyer payed for. PayPal can go and get your funds back (I have had to do this twice). My only beef is their huge anti-gun stance.
I have had two instances where paypal tried to go into my bank account for money when I specified the purchase to be made on the credit card on file. I kept a very low amount of money in the account and was nailed for insufficient funds in the checking account twice. The Hindi speaking customer service rep gave me absolutely no satisfaction and I no longer use paypal.
I am verified.
I slaved to the man.
They have my bank account info.
+1
Caution is the word of the day with PayPal (and any online transaction.) Limit them as much as possible, separate bank account, and try to gauge the intentions of the other party.
I've been verified since 1999.
No problems.
I like that I can have Paypal transfer money directly into my account when I sell something.
i've been verifired for a long time, as well...
haven't had any problems
Quote from: Bun-bun on March 04, 2010, 05:15:10 AM
I've been verified since 1999.
No problems.
I like that I can have Paypal transfer money directly into my account when I sell something.
That's when I was verified as well.
I've had my checking account linked ever since.
Never once a breech, incident, etc.
Thanks guys. I'll just set up a separate account and go from there. Cheers!
Quote from: mac900 on March 04, 2010, 06:25:44 AM
Thanks guys. I'll just set up a separate account and go from there. Cheers!
Just make sure if you are selling, you keep money in that extra account or in your paypal account so you don't get dinged with overdraft fees when ebay debits each month, as it will eventually reach your account.
http://www.paypalsucks.com/index.shtml (http://www.paypalsucks.com/index.shtml)
Some interesting stuff in here for what its worth.
People People People.
Having paypal linked to your bank acct is no more dangerous than having a loan or mortgage at the same bank up have your checking/savings acct at. The contracts (and law) state that they can accelerate your loans upon delinquent payments and remove any and all funds to cover the debt from any account to which they have access. That's true of loans and banks at the same locale -- Paypal having access to cover transactions is no different, if you short them money, they can go get it. That's the principle.
If what you are worried about is an issue with a remote seller not sending goods and subsequently you having funds removed from your bank account, then i suggest using a credit card whenever possible. With a credit card, you can dispute up to 60 days after a transaction (TILA, Reg. Z) for failure to receive goods, billing errors, etc.
Some things to think about. The paranoia over paypal has been blown quite out of proportion. The worries existing over paypal is nothing compared to what banks/creditcard agreements allow those institutions to do. (Such as increase interest rates retroactively to balances already existing, modify agreement to add fees and interest adjustment triggers without the consent of the account holder, they must only disclose the changes now, and courts are interpreting lose credit cards / fraudulent charges - those problems which credit cards USED to offer the most protection for - under the UCC including the negligence standards applied to checking accounts as against the card holder).
Big worries all around, and its all a bit of a gamble with an unknown seller (as in on eBay). If you get screwed on a transaction, you can still try to hammer the seller on an underlying contract - just know who you are dealing with.
So yes, verification is not as large a concern as some make it out to be. Its not substantially different than any other financial transaction or agreement you are already enrolled in.
Quote from: ato memphis on March 04, 2010, 02:36:24 PM
People People People.
Having paypal linked to your bank acct is no more dangerous than having a loan or mortgage at the same bank up have your checking/savings acct at. The contracts (and law) state that they can accelerate your loans upon delinquent payments and remove any and all funds to cover the debt from any account to which they have access. That's true of loans and banks at the same locale -- Paypal having access to cover transactions is no different, if you short them money, they can go get it. That's the principle.
If what you are worried about is an issue with a remote seller not sending goods and subsequently you having funds removed from your bank account, then i suggest using a credit card whenever possible. With a credit card, you can dispute up to 60 days after a transaction (TILA, Reg. Z) for failure to receive goods, billing errors, etc.
Some things to think about. The paranoia over paypal has been blown quite out of proportion. The worries existing over paypal is nothing compared to what banks/creditcard agreements allow those institutions to do. (Such as increase interest rates retroactively to balances already existing, modify agreement to add fees and interest adjustment triggers without the consent of the account holder, they must only disclose the changes now, and courts are interpreting lose credit cards / fraudulent charges - those problems which credit cards USED to offer the most protection for - under the UCC including the negligence standards applied to checking accounts as against the card holder).
Big worries all around, and its all a bit of a gamble with an unknown seller (as in on eBay). If you get screwed on a transaction, you can still try to hammer the seller on an underlying contract - just know who you are dealing with.
So yes, verification is not as large a concern as some make it out to be. Its not substantially different than any other financial transaction or agreement you are already enrolled in.
The question though is spending limits.
Paypal will require you to jump through certain hoops to eliminate those...
and yea i have been verified...
praise.... [laugh] [laugh] [laugh] [laugh]
I quite prefer the increase in spending limits be quite difficult to raise. That would help slow the issues related to predatory lending, and balance carriers.
For trivia night: in the financial world, a particular class of people are known as "deadbeats"... guesses?
Answer: Those who pay their balances in full every month, thus never carry a balance.
Quote from: ato memphis on March 04, 2010, 02:47:37 PM
I quite prefer the increase in spending limits be quite difficult to raise. That would help slow the issues related to predatory lending, and balance carriers.
For trivia night: in the financial world, a particular class of people are known as "deadbeats"... guesses?
us? ;D
My my...I'm a deadbeat :-[
I went with their credit card. Yes, I qualify as a deadbeat. :)
No way in hell those douchebags (or anyone outside my bank, for that matter) are getting personal bank account info. Call me paranoid.
What is a "deadbeat" then?
Quote from: Ghostly Pip on March 05, 2010, 04:29:40 AM
What is a "deadbeat" then?
a person that doesn't owe money...hence one who pays no interest.
Yep. They are deadbeats in the eyes of the banks/card issuers because they make no money off them.
Best Buy is the best.
If you spend over 1,000$ on certain items in one purchase, they will give you 36mons no interest with a minimum payment of 25$ a month or some stupid shit like that.
I abuse the make the beast with two backs out of this.
I take what I was going to buy, use my credit card accept the terms and then invest my money in CD's.
When they come due after a while, I pay off my balance, making a few points on Best Buy's money.
I guess I am a deadbeat as I pay them off, they are hoping I default on my balance at 36mons which could suck.
They charge you interest, back dated from purchase date + purchase price at 27.99%.
I guess it works for them...........but I'll take their float all day.
We've been verified for years, never a problem.
For the 'old schoolers' out there, what do think happens when you write a check?? The first bank that touches it, scans it, and then shreds it, from then on everything is done wirelessly. Gone are the days of getting all your canceled checks back, now you get a print out of the scans.