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Old 01-05-2012, 05:52 PM   #1
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Default Paypal question

I have a paypal account but have never sold anything. I am thinking of selling my stamps and accepting payment through paypal. I went to register today and they want to link my paypal to my chequing account. Now I'm nervous to proceed. Paypal already has my credit card, now they would have my chequing account and I'm wondering how secure all of this is in the long run.
Any advice would be appreciated. I'm going to talk to my bank tomorrow.
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Old 01-05-2012, 06:08 PM   #2
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Hi Jen! They need that so they can transfer your money to you when you get paid

It's safe and I've used them for years. You just enter your routing info and they will make two small deposits. They ask you to check and verify the amounts to make sure they have your account info correct for deposits and then you're off to the races.
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Old 01-05-2012, 06:10 PM   #3
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You do not have to use you checking acount, but it is perfectly safe to do so...I accept payments into my checking, but pay for my purchases through my credit card...
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Old 01-05-2012, 06:13 PM   #4
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I have also had this type of Pay Pal account for years. It is safe and secure, and I've never had an issue or problem with it.

When I buy something online and use Pay Pal to pay, it first uses my Pay Pal balance if there is one, then goes to my checking account for the balance if needed. My backup is a credit card which can also be used if my account does not have sufficient funds.

It is very convenient and works very well.
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Old 01-05-2012, 09:24 PM   #5
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If I were going to link PayPal to a checking account, I would definitely open a new account specifically for PayPal transactions if for no other reason than to keep those transactions separate from personal banking.
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Old 01-06-2012, 03:33 AM   #6
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I've been using Paypal to buy and sell for over 10 years without a problem. They are just like any other bank except that they don't have brick and mortar locations. The most important things to remember to prevent your account from being stolen not only from Paypal but any bank:
NEVER click on any link from an email claiming to be from Paypal or any bank. It could look 100% legit, instead open a new browser window and type in the address manually.

Use a STRONG password. Lots of letters, upper and lower case and throw some random numbers in the mix.

These two things have kept me and my accounts problem free for many years.
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Old 01-06-2012, 05:25 AM   #7
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Quote:
Originally Posted by buggainok View Post
When I buy something online and use Pay Pal to pay, it first uses my Pay Pal balance if there is one, then goes to my checking account for the balance if needed. My backup is a credit card which can also be used if my account does not have sufficient funds.

It is very convenient and works very well.
That's what I thought too. But no... when I made a purchase and didn't have enough $$ in my checking account - I had to pay an overdraft fee. Trying to get this resolved through Paypal was a nightmare. My solution - I don't get anything without checking first that enough pennies are in my checking account! And - I have an account set up just for paypal transactions.
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Old 01-06-2012, 05:30 AM   #8
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I agree with all the above advice. PayPal saved me about 8 years ago when someone hacked into my eBay account and bought a bunch of stuff. PayPal did not put through the money and they contacted me right away about it because there were two factors that they thought were funny, 1. was all the transactions were in French and the 2. was that all the purchases were for footwear and all the transactions that I had made up to that time had been crafting supplies and in English. I have never had a problem since and I feel very secure in making transactions through PayPal. I do agree that you should set up a seperate chequing account just for PayPal transactions and just transfer money in and out on your end. My chequing account is my primary account and a credit card is the secondary, I don't like having to pay the extra interest and exchange fees on my credit card with the chequing account there is just the exchange amount that comes out nothing else. Good luck.
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Old 01-06-2012, 06:26 AM   #9
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I have no trouble with Paypal and have used it for years!

I have a bank account that I use only for Paypal and keep a very small balance in it, so I don't worry. Even the credit card I have associated with PP has a very small credit limit. They also instituted a security key device awhile back - don't know if it makes a difference, but I use it.

The convenience and ease of use of Paypal make opening the separate account well worth it.
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Old 01-06-2012, 08:24 AM   #10
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Wow great advice. I am meeting with the bank today to open a separate account just for Paypal. I can't thank you ladies enough for this.
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Old 01-06-2012, 08:37 AM   #11
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Best wishes to you prairiejen - and I hope you have great luck with your sales! I've had very good experiences using the BST forum here on SCS.
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Old 01-06-2012, 10:27 AM   #12
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No problems with paypal here either. I also have a fob that generates random additional passwords to make my account that much more "locked". I think it was $5, and if you don't have it on you when you need to make a transaction, they just ask you the security questions you set up instead.
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Old 01-06-2012, 10:44 AM   #13
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I have had Paypal for 8 years or so...never a problem. It is easy to pay and get paid that way.
blessings.
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Old 01-06-2012, 12:07 PM   #14
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I also have used paypal for selling & purchasing items. Never any problems! Good luck to you!
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Old 01-06-2012, 03:48 PM   #15
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Well I set up my new account today. I just don't know how to make a paypal request if I sell an item. lol
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Old 01-06-2012, 04:40 PM   #16
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If you sell an item and want them to pay via paypal. give them the email address that you have for that account.
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Old 01-06-2012, 06:04 PM   #17
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To request a payment click on the tab near the top it says something like request money.

It is very easy to navigate.
Blessings
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Old 01-10-2012, 04:07 PM   #18
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I agree with the gals who use a separate checking account for PayPal. I opened a small account at a different bank just for that purpose. I a hacker gets into PayPal, they will only find a couple hundred in there, not my entire month's income.
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Old 01-10-2012, 11:30 PM   #19
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Unfortunately, I was not satisfied with paypal and no longer have an account. I may open one if I decide to sell some of my stamps and then close it again.

I was hacked by someone who used it to buy internationally and paypal refused to reimburse me the exchange rate fees (not sure that is the right word). I wasn't out a lot of money but I was miffed enough to walk away from the service.
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Old 01-11-2012, 06:57 AM   #20
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Quote:
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Unfortunately, I was not satisfied with paypal and no longer have an account. I may open one if I decide to sell some of my stamps and then close it again.

I was hacked by someone who used it to buy internationally and paypal refused to reimburse me the exchange rate fees (not sure that is the right word). I wasn't out a lot of money but I was miffed enough to walk away from the service.
I've stopped using it as well - if I'm buying from someone who requires paypal payment, I use the option where you just pay with a credit card and don't log in thru a paypal account. My account was also hacked, and because it was linked to a bank account that I only added funds to when I ordered, I was hit with bank fees for the overdraft. Even though I told paypal it was a fraudulent transaction, they put thru a second attempt to withdraw the funds - which would have resulted in a second overdraft charge, if my bank hadn't been so awesome. Honestly, the bank was much more helpful than paypal with the situation. They had me put money in the account so that it didn't overdraft the second time, then fill out a form that it was an unauthorized electronic transfer so that they could return the money to the account AND they refunded the first overdraft fee. At which point, paypal accused ME of wrongdoing because of reversing the payment and they locked my account.

I've heard about too many people being put thru the wringer with paypal locking their accounts - and because paypal isn't an actual bank, they are not regulated like a bank would be. If someone tries to pay you with a fraudulent credit card, paypal locks YOUR account. And not just for the amount of that transaction - you can't get at any of the money in the account (not the bank account that's linked to it, but any money that you have in the paypal account that you haven't transferred.)
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Old 01-11-2012, 05:52 PM   #21
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I really appreciate all of your advice, cautions, and words of wisdom. Thanks everyone.
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Old 01-12-2012, 03:25 PM   #22
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Quote:
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If I were going to link PayPal to a checking account, I would definitely open a new account specifically for PayPal transactions if for no other reason than to keep those transactions separate from personal banking.
I have done this as well...I opened a free account online,separate from my main account and deposited a small amount into it in case I needed to refund someone or had a dispute. Never any problems with it at all!
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Old 01-12-2012, 04:09 PM   #23
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Quote:
Originally Posted by La Fonz View Post
If I were going to link PayPal to a checking account, I would definitely open a new account specifically for PayPal transactions if for no other reason than to keep those transactions separate from personal banking.
GREAT advice !!! I have done this and consider it a prudent precaution
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Old 01-12-2012, 10:15 PM   #24
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I have used Paypal for years BUT have never linked them to any checking account. I can still accept payments (I've accepted about three payments); it just stays in my Paypal account, for me to use the next time I pay with Paypal.

I know there is a sending (and receiving) limit, so when I actually approach that amount, I have an account all set up to link to them. BUT I not only opened a different account, I went to an entirely different credit union (where I have absolutely NO accounts) to open an account. I guess I don't trust Paypal all that much, although I have never had any SERIOUS problems (just minor ones) with them.
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