[DeTomaso] Paypal/eBay

[Asa Jay Laughton]

Maybe this explains why they won't let me "sell" from my private  
account until I "get validated" with a real "checking" account.  I can  
buy all I want and they'll happily debit my credit card.  But they  
refuse to let me sell anything until I get validated, which I'm not  
doing.

I don't like the idea of Paypal being tied to my checking account.   
I've heard stories of folks having their entire account drained by  
Paypal and suddenly they can't buy groceries or pay bills.  I think it  
would be nice if you could go into a bank and say Paypal has no  
authority to withdraw from my account, and the bank has to honor that.  
  But instead, they'll take a check written on a napkin if it has all  
the proper numbers.

Asa Jay
<can't believe I let myself get dragged into this one>


Quoting detomasoregistry at gmail.com:

>
> I have used eBay (and thus Paypal) a lot.
>
> Paypal makes it seem like being "Verified" is so a buyer (or seller)  
>  will know you are
> a good guy, and can be trusted.  But this is not the case.
>
> Allowing Paypal access to your bank account (and they test it) is so  
>  they can withdrawal
> YOUR money at THEIR will.  I tested this.
>
> I create a Paypal account, linked it to a "sweep account" (one I   
> sweep empty regularly).
>
> I added money to the bank account, then transferred it to a Paypal   
> account and bought
> something.  I paid.  When the transaction was complete (and a few   
> months later) I
> disconnected my bank account from this "test" account.  I was no   
> longer verified, and
> the bank account did not show up as being associated with this   
> Paypal account.
> I later added a credit card (for the REAL buyer protection).
>
> I bought something, and naturally Paypal first sucked out the small   
> Paypal cash balance,
> and then I expected them to charge my credit card, as it was the   
> ONLY other source of
> funds.
>
> When the transaction completed, I found that they had drawn cash   
> from the BANK ACCOUNT!!!
>
> The same account that was no longer connected!!!!
>
> Now being that the bank balance was not sufficient, MY BANK charged   
> me an insufficient
> funds fee!!!!
>
> ONLY THEN did Paypal charge my credit card!!!
>
> So although you THINK they no longer have access, they do!
>
> When Paypal has a dispute with a seller, they will seize funds from   
> whatever source they
> can.
> They retain the money for as long as they like.
>
> REMEMBER Paypal in not a chartered bank, or ANY financial   
> institution, so NO RULES APPLY,
> You have NO PROTECTION, except what you set up.
>
> I have 100% feedback, and the only time I had a problem is when a   
> crook tried to cheat me
> using PAypal, and (thanks to me being paranoid) he was only   
> partially successful.  He
> stole $1,000.  Whereas HIS American Express tried to honestly   
> resolve it (he flaked on
> them and ran...) Paypal just gave him the money, and then charged me  
>  $35 (twice) for a
> "Charge Back" investigation, ending with them doing nothing, but   
> collecting fees from me.
>
> So if you allow them to connect to your bank account, you are at   
> risk, even if there is
> only a few bucks in the account, they can run up your tab with   
> withdrawal failure fees.
>
> With eBay and PAypal currently the only game in town we are   
> basically screwed.  Although I
> still
> occasionally sell on eBay and thus required to take money thru   
> Paypal and pay their
> fees... I am not the motivated seller I once was.
>
> eBay and Paypal typically make more money that I do on every sale,   
> so what is the point?
>
> So unless you have LARGE margins (profit) on what you sell and are   
> willing to accept all
> the risks, it is no longer the level playing field it once was.
>
>
>
>
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