[DeTomaso] Paypal/eBay

Tue Feb 16 20:09:57 EST 2010

I'm not PayPal 'verified' and I occasionally sell on eBay and sell
privately. When I sell an item on eBay or privately and accept PayPal, the
funds go into my PayPal account. If I want to transfer the funds from my
PayPal account to my credit card account I have to pay a transfer fee. If I
give PayPal access to my checking account and become 'verified' they'll
transfer the money for free to my checking account after a couple days. I
then use the money in my PayPal account to pay for any items I may buy. When
the PayPal account is drained, it defaults to use my credit card that's on
file with PayPal. 

When you make a purchase transaction using PayPal (eBay or privately) you
have an option of what account you want to use to make payment. In my case
it will default to my PayPal account and then to the credit card on file. If
you're 'verified' it defaults to your checking account if there are no funds
in your PayPal account.

The only advantage I can see to being 'verified' is if you have a high sales
volume it will transfer the money to your checking account.

-----Original Message-----
From: detomaso-bounces at realbig.com [mailto:detomaso-bounces at realbig.com] On
Behalf Of Asa Jay Laughton
Sent: Tuesday, February 16, 2010 18:16
To: detomaso at realbig.com
Subject: Re: [DeTomaso] Paypal/eBay

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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