It seems that when I make a payment through paypal it automatically defaults to taking it out of my checking account, I actually have to make a change to take it from my credit card, not sure if this was your experience or not. I will say that they (paypal) have never taken funds out of either account (checking or credit card) unless I instructed them to do so.
That is correct. They have changed the default and they actively discourage you from using your cc. I believe that they want you to establish an account with them, have the funds, and play the float. I just ignore their warnings about paying interest, and switch the account, and use the cc.
I don't like PayPal. They are really raking in the interest on our cash. Their disclaimer says you can't take out the money in more than $100 increments without paying a penalty. What a ripoff! Even a modestly priced amp could cost $1000. It could take a year to get the money out, and you're still out the interest. Maybe I read their instructions wrong, but I don't see the benefit. I know that some people are worried about getting ripped off during a purchase, but I think COD is better in the long run.
I have no clue what you're referring to. I have a Paypal account. I get interest on my cash. Not very different than my bank. I use my Paypal debit card and get 1.5% refunded to my account in cash for every use other than cash, which I don't do.
The problems I've experienced with Paypal have to do with the inability to obtain customer service. Also, they have taken the position that they are not a bank and are not subject to banking laws. This particularly affects fraud, theft and forgery. Banks are responsible for such to their customer's accounts.
The plusses are obvious... fast sure payment as long as it comes in payment by check, rather than when the buyer pays by credit card which has the possibility of charge backs.
Paypal lost access to my bank when it closed/merged and the account number changed. They won't get a new one.
The comments are interesting, but I have never had a problem with PayPal. It works just fine for me.
Good Luck Guys
>>>Argent said: <<
>>>Their disclaimer says you can't take out the money in more than $100 increments without paying a penalty. <<
No duh, paypal _wants_ you to keep money with them, so that they can use it to make money for them. Rather than take the penalty, I usually leave the money in. As much as I buy and sell computer equipment, I might as well leave when I get it, because it will be going back out eventually. ;-)
I think that's how Paypal want you to use their system. Receive paypal $$$ from a buyer, keep it with them, send paypal $$$ to a different seller, et infinitum.
I generally keep $300-500USD in their system at any one time. Maybe not the smartest move on my part, thought... (if they go under)
Paypal did not accept my bank information when I've tried to become "verified" and at the same time when I wanted to get cash the only way I could do is to get a physical printed check for which I had to pay extra $1.50
I use Paypal a great deal, pretty much from their inception, and they consider me a business member, so I think I write with a little authority. For some of you I will say you are reading the instructions wrong, because I know you can get all your cash transfered out electronically(to a verifed bank account) with ease,and as far as new banks and such, you have to register and verify them. You have to go throught the verification process, and it is not the easiest site to navigate or understand, but the verification systems pretty much protects all of us. And I like getting money back when I pay for things with the card, a nice incentive and you are credit card protected. Also, its easier to prevent things from getting mixed in in your "non audio related" checking account. In other words, you wife or you girlfriend never has to know what you paid for those mono blocks.
Now that I have defended them, I must also write this.They must rank amoung the worst customer service in the world. You can pretty much give up trying to talk to them, I have tried on a regular basis for months now. No problem is so large that it deserves a return phone call or God forbid a letter. BILL E. above is right on that one. Here is a most current example. I had a scam sent to me on a last week about having "won" a DVD player from Apex. Since I already own 1 Apex, I thought possibly true, warranty registration and all, but I will write them and verify. Apex wrote back immediately stating it was a scam. Now I send this to Paypal, as there is a link to Paypal in the body of the scam in order to pay the shipping and handling for the DVD player. Heard nothing else. I check the link day before yesterday, still good, write them again, still they don't get it. So there are people out there paying 19 dollars to a Paypal account that will soon dissapear for a DVD player they will never receive. That is scary, as it would take nothing for Paypal to stop it, just close that link.
So, in essense, keep as little money as you need in your Paypal account. Keep it linked to your credit card and not you bank account, they have clout if anything does happen to your funds. Transfer funds out on a regular basis if you are not using them. Paypal though, with all its faults, is a good idea, and I wish I had done it, just needs a lot of work still. They are going public here shortly as I got contacted about the IPO this week as well. Once they are trading stock, you will most see a dramatic change
in they way they do things because there will be a lot more people watching and that will bring them up to speed. Stockholders(and I will be one) and the SEC have a funny way of doing that.
Make sure that you accept Paypal's email updates. Don't rely on the email notification either so its a good idea to check your profile and preferences regularly. They change so often at Paypal its absolutely ridiculous. Shady operation. They are associated with Providian Bank (Visa Card), which is just as shady.
Here's a phone number you can use to contact the folks at PayPal: 402 935 7733
I enjoy the convenience of the service, but I agree that they're shady.
I have closed my account with paypal, but not without considerable difficulty. i did get hold of them on the phone, and after considerable attempts, did finally close the account..as for the reasons, mostly the difficulty in contacting them and getting simple answers to questions..
I too could offer specifics of another horrible story regarding my dealings with PayPal. I tried resolving it with the company but to no avail. I am currently filing a dispute with my credit card company and must await a verdict. The more I read about PayPal, I realize that my experience is not atypical. I also read that many people have successful experiences with this service. Obviously this must be true or they would be out of business by now. However, do take the complaints seriously as you may be the next one voicing your displeasure. Their customer service is atrocious. They hide their phone number on their site, and offer the typical mindless "I can't help you" responses if you do make phone contact. I requested to speak to a supervisor and was told that I could expect a return call within 48 hrs. I'm not holding my breath. I urge people to read some of the sites which report the abysmal practices of this company. Included are www.paypalwarning.com and www.paypalsucks.com. Beware!
You complain about PayPal, yet you continue to use it when it is completely your choice to use or not use PayPal.
As they say, "Fool me once, shame on you. Fool me twice, shame on me."
I have had great luck with paypal for over two years and
Last year I had a dispute with Paypal over an Ebay purchase. The item that was shipped was NOT as described, it was not packed in a fashion appropriate to delicate optics (a microscope, tossed into a box with 1 layer of bubble wrap) I think it was shipped badly to somehow cover the fact that the serial numbers had been GROUND off. It certainly looked like it might be stolen goods ;) When I complained to the seller I received an impolite response. Paypal's attitude was that IF ANYTHING AT ALL WAS shipped, they would protect the seller. My credit card company instructed me to return the item to the return address on the package (UPS with tracking #)and they would back me up. I did, they did, and Paypal never said anything at all. On a subsequent transaction they pulled from my bank instead of cc, I ACTUALLY found a phone number and SPOKE TO A PERSON. I was informed that even though the transaction not ten minutes distant, they could not modify or cancel the transaction. That was when I closed my paypal account!