micmic66
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posted on September 17, 2002 03:52:05 PM new
My Paplal account is approaching $5000 after a nice summer of ebay sales. Do I pull the money out or do I trust it sitting with Paypal?? If I wire it all to my bank account I am afraid there will be a new snowmobile or a 69 Camaro sitting in the driveway. I have no Paypal card so this is a way for me to save $$$. My wife dosent even have my password after 18 months of asking!! I like having a chunk of change stashed but dont want any Paypal screw-up's I read about so frequently in these threads.
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dadofstickboy
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posted on September 17, 2002 03:55:17 PM new
Your going to get a lot of mixed comments on this one! You'll need in the end to use your own judgement!
If it was my money Id leave it right where it is till you need it.
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kiara
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posted on September 17, 2002 04:03:04 PM new
I would move it out of PayPal. Put it into a bank where you can earn some interest on it. I never leave much in my PayPal account and I transfer any money to one bank account and then to another.
Not sure what would happen if you tried to move it all at once, maybe smaller amounts over a certain time? PayPal is not a bank.
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sanmar
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posted on September 17, 2002 04:06:56 PM new
Although I hjave never had a problem with P.P, I have heard too many horror stories to risk a lage amnt being left in there. I have 2 checking accts in 2 different banks. One is strickly for business & the other is for personal bills. Because I do business other than eBay, I sometimes need the cash out of P/P to pay for purchases. I usulally keep less than $200.00 in that acct. I buy a lot of fine china & can sometimes spend over a thousand dollars for a set. I bought 2 sets this week end plus $400.00 on other things,for a total of $1600.00. I couldn't afford to leave the $$ sitting. Maybe you can.
[ edited by sanmar on Sep 17, 2002 04:08 PM ]
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awesomeagain1
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posted on September 17, 2002 04:07:38 PM new
I can't believe you have that much in there!!
I wouldn't trust paypal with holding my jockstrap...Bunch of screwups there!
I do not and will not accept paypal again.
They even have been suspending people's accounts for no reason...Get it out of there!
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micmic66
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posted on September 17, 2002 04:12:36 PM new
Keep em' comming. My decision will be based on your replies. Thanks everyone!!
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twelvepole
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posted on September 17, 2002 04:18:55 PM new
I would it and if serious about saving, buy a CD (Certificate of Deposit)
That way you can't spend the money and it will be there for you.
Ain't Life Grand... 
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kiara
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posted on September 17, 2002 04:19:08 PM new
If you are worried about your partner spending it why don't you open a bank account that she doesn't know about and transfer it to that?
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trai
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posted on September 17, 2002 04:22:58 PM new
Paypal is not a bank and it does not have the same protection and regulations that a real bank does. It is a great money transfer service and I use it but I move the money out as soon as it comes in.
Always clean out your account. Better to be safe than sorry.
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fluffythewondercat
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posted on September 17, 2002 04:24:57 PM new
Is this a trick question? You're borrowing trouble if you leave it with PayPal.
Used to be PayPal would cut you a check if you requested one. I got $4,000 - $6,000 a month out that way one summer; took a quite wonderful vacation in September on the proceeds. That was back when PayPal was free, fun, and easy to use. Remember when?
Request a check and use the check to open your own savings account. Or cash it at your current bank and stash the proceeds in a safe deposit box.
The older I get the more I believe that each partner in a relationship should have their own funds. You better believe I've got money put away he doesn't know about...and it's not community property.
Trust, but protect yourself.
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rarriffle
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posted on September 17, 2002 04:56:17 PM new
it would only take one charge back for paypal to freeze your account....I never keep any real amount of money in that account....too many nightmare stories here.
have them send you a check and open a special bank account or money market account with it.
if you decide to keep it there and something happens..you have only yourself to blame.
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micmic66
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posted on September 17, 2002 05:10:42 PM new
rarriffle,
I have heard of chargebacks but havent had one. Why would a chargeback freeze my acct??
Thanks
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Coonr
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posted on September 17, 2002 05:17:41 PM new
Sign up for the money market account and earn the highest money amrket rates around.
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gina50
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posted on September 17, 2002 05:33:14 PM new
No way ~ I never leave more than $300. in mine .. I don't trust Paypal even though I have never had any problems since day one .. knock on wood 
NOT gina50 on ebay
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slabholder
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posted on September 17, 2002 05:48:40 PM new
micmic66,
I would take a certain percentage of the funds and place it in a savings account. Give an x amount to your wife and reinvest the remaining funds.
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dadofstickboy
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posted on September 17, 2002 06:36:43 PM new
micmic66:
The wisest thing you could do is:
Get the cash in hand
Call: go-gogrrrl
And PARTY!!!
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twelvepole
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posted on September 17, 2002 06:38:26 PM new
ROFLMAO...
That was funny Dadofstickboy...
Ain't Life Grand...
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uaru
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posted on September 17, 2002 07:09:04 PM new
I wouldn't worry about my PayPal balance as long as I was using the money market fund.
If you know anything about money markets funds you'd be using the PayPal money market fund. The money market fund is probably the sweetest deal that PayPal has ever offered. If you don't know anything about money market funds you should learn.
Look at this money market ranking of 302 money market funds.
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capotasto
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posted on September 17, 2002 07:41:51 PM new
Micmic, interesting to hear you or your wife have no self-control and are asking us for suggestions on how to run your financial life.
So... just send it to me and I will "invest" it for you. LOL
Vinnie
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Roadsmith
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posted on September 17, 2002 10:53:57 PM new
Is this a generational thing??? Geez. His money, her money, not trusting each other. Get a new partner!
We've been married 43 years and have shared every cent that came in.
By the way, I wouldn't trust a large amount in PayPal, either. A CD sounds like a good way to go.
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tooltimes
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posted on September 17, 2002 11:05:10 PM new
This must be part of the new generation of hyphenated last names. Helen Jones-Sanchez
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thchaser200
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posted on September 18, 2002 04:58:46 AM new
Pull it out of there and put in an account that you have full control over.
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seyms
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posted on September 18, 2002 04:59:40 AM new
I consider PP an acceptable transfer service. They are not a bank and their screwup horror record is well documented here. I would consider you brain damaged if you continue to leave 5 large with them.
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nharmon
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posted on September 18, 2002 05:02:51 AM new
What does your wife think you do with the money? The money I make from Paypal is just as fair game as the money my husband makes from working a 12 hour day when it comes to paying bills like the phone, house payment etc... I think there must be some lack of trust issue here on your part. Do you have kids? who pays for school clothes etc...If paypal and selling on Ebay is just a sideline for both your jobs and she does help with it she should be entitled to some of it. Do you do Ebay full time?
As for leaving your money on Paypal- I would not do it. I have heard too many horror stories about people getting a large amount in their accounts and having paypal freeze them over a chargeback from a customer from months before. From what I have heard they freeze your account and ask questions later- some of the stories I have heard people don't get their money back. I know there is a lawasuit against paypal from many of these people. I don't know the site or link you go to and find out about how it is going. Paypal hasn't screwed me yet but I am sure the day is coming.
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micmic66
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posted on September 18, 2002 05:32:05 AM new
nharmon,
I should clear the air on this. My wife and I have no children. We both have jobs for the state, NY state. I have been there 16yrs, ironic, today is my anniversery. My job is blue collar. She has a higher paying job and is in the process of earning her masters degree in social work so her salary will eventually run away from mine (more than it already has!) I do ebay as a hobby, weekend garage sales and a daily run to the Salvation Army thrift store. I work 3rd shift, 4-10's so I have time to pack, ship and play golf. Even though ebay is a hobby, I have done hours and hours of "homework" so I rarely get burned and most of what I buy is in the $1-$20 range. I consider myself a good ebayer and an expert at leftovers, things I can find walking in the footprints of an antique dealer. So yes, my hobby as become a steady income at the very least even with minimal time and money invested. DO NOT feel sory for my wife. She drives a 2002 Nissan Xtara! If she had the Paypal password this thread would not exist!! I think 200 pairs of shoes is enough for one woman don't you??
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stopwhining
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posted on September 18, 2002 05:49:14 AM new
imelda marcos has more shoes than your wife,so your wife has some catching up to do!!
if you are still selling on ebay ,your account could risk restriction if there is a chargeback.
i bot a house recently and transfered 5000 dolars to my paypal account and i spent it with my paypal debit card,getting a 1 1/2% rebate.that 5000 is pretty much gone now.
it is up to you,if you dont feel comfortable or cant sleep at nite,then take that money out and put it somewhere else.
if you have a brokerage account,you can park that money in a money market account and earn some interest.does your wife read your brokerage account statement??
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nharmon
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posted on September 18, 2002 06:15:08 AM new
thanks for shedding some light on the subject. If you made that much on Ebay as just a hobby- good for you! Just be very careful leaving that much on the Paypal. I did find that paypal bad story site. I typed in "paypal wall of shame" on my search engine and came up with the site. It might be worth taking a look at. Jacoby & meyers are heading the case as far as I can tell. It is is huge site- worth a look.
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mrfoxy76
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posted on September 18, 2002 06:28:56 AM new
i would advise to take it out and put it somewhere else
simply because IF there is a problem of any sort there is a strong chance your account could be frozen and you will have to wait until all is sorted until you get your money back.....
obviously if you have managed to accumulate 5k already the chance of a problem is pretty unlikely however its not a chance i would recommend taking
i had a small problem not my fault i had 2800 frozen for 2-1/2 months until i got it back with no interest
put it in the stock market lol buy ebay
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fluffythewondercat
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posted on September 18, 2002 06:48:41 AM new
That's wonderful if anyone can make it to 43 years.
The law of averages, however, is against you. One of every two marriages ends in divorce. Who knows how many non-marital relationships split every year?
We bought our dream house seven years ago. It had been the dream house as well of the childless couple who spent five long years building it. Their dream ended when the wife ran off with one of the carpenters. The hubby "got" to finish the house, put it on the market and split the proceeds with his ex-wife. They didn't live here a single day.
The place is full of loving touches he put in before she R-U-N-N-O-F-T. The lawn in back is shaped like a heart. The bedroom suite has a balcony overlooking the heart lawn, perfect for an intimate Sunday morning with coffee and newspaper. The countertop in the other upstairs bath was originally designed for two sinks (they planned to have a boy and a girl), then converted to one after their dream fell to earth with a thud. There's a weird-looking Japanese pine in a place of honor in back that was a sentimental gift from one to the other.
micmic66: I have a suggestion different from most of the conventional ones you're getting: Consider buying precious metals. Even U.S. savings bonds have a higher yield than some investments these days. (Scary, huh?)
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Coonr
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posted on September 18, 2002 07:35:07 AM new
Some of you are demonstrating you do not know or understand what a money market fund is. How many are operated by a bank?
http://www.ibcdata.com/mfs/topper.htm#gp
Of the top 27? NONE.
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