PayPal Verification

[ducpainter]

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....

[junior varsity]

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?

[junior varsity]

Answer: Those who pay their balances in full every month, thus never carry a balance.

[ducpainter]

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?

[Howie]

My my...I'm a deadbeat

[Speedbag]

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.

[junior varsity]

My my...I'm a deadbeat

This is a good thing!

[Pip]

What is a "deadbeat" then?

[ducpainter]

What is a "deadbeat" then?

a person that doesn't owe money...hence one who pays no interest.

[junior varsity]

Yep. They are deadbeats in the eyes of the banks/card issuers because they make no money off them.

[cyrus buelton]

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.

[sno_duc]

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.