PayPal Verification

[MadDuck]

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.

[He Man]

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.

[derby]

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

[The Bearded Duc]

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 

[ID_DUC_MON]

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.

[WarrenJ]

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. 

[cyrus buelton]

I am verified.

I slaved to the man.

They have my bank account info.

[Pip]

+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.

[Bun-bun]

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.

[teddy037.2]

i've been verifired for a long time, as well...

haven't had any problems

[cyrus buelton]

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.

[MadDuck]

Thanks guys. I'll just set up a separate account and go from there. Cheers!

[cyrus buelton]

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.

[WarrenJ]

http://www.paypalsucks.com/index.shtml

Some interesting stuff in here for what its worth.

[junior varsity]

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.