planetgrapefruit
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posted on January 9, 2004 10:13:21 PM new
I must have missed some previous discussions. Sorry if this is repetition.
Read some rumors of PayPal "horrors" but no details. I keep a PayPal account and don't move the funds. Is there a reason why I should?
Prefer to hear firsthand accounts.
Thanks.
-Robin
PLANET GRAPEFRUIT
"It's outta this world!"
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rarriffle
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posted on January 10, 2004 02:56:12 AM new
someone got hold of my Paypal account number and tried to use it on a porno site. because i keep the balance very low they were unsuccessful.
you should never keep a large amount in your account. if someone does a chargeback or pays you with a fraudulent credit card, they will freeze the whole account, not just the amount in question.
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vvalhalla
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posted on January 10, 2004 08:41:30 AM new
I just checked my account. Those rat bustards take a piece of the action every time someone sends me money! (insert smile)
dd
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stopwhining
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posted on January 10, 2004 09:57:44 AM new
are you earning huge interest on your paypal balance?or are you planning big purchase with your paypal debit card?
is this your account for selling on ebay or wherever??
there are people who keep large sum ,one reason is not to let their ex spouse or soon to be ex spouse or just plain spouse know ,or govt if they are collecting from uncle sam or whatever reason.
-sig file -------the lobster in the boiling pot of water who tries to prevent the others from climbing out.
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stonecold613
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posted on January 10, 2004 12:24:46 PM new
you should never keep a large amount in your account.
This is very good advice. You should get it into your bank account on a regular basis. You should be earning the interest, not PayPal.
if someone does a chargeback or pays you with a fraudulent credit card, they will freeze the whole account, not just the amount in question.
This is false. If you experience a PayPal letching (chargeback), only the funds in question will not be available. In these cases, the remove the funds right away and put them into escrow until the investigation is complete. I have had this happen twice and got screwed both times.
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stopwhining
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posted on January 10, 2004 03:19:32 PM new
it depends,paypal may freeze the entire account ,not just the amount in dispute,if it feels more complaints/chargebacks will be coming.this is common if seller dropship electronic goods.
-sig file -------the lobster in the boiling pot of water who tries to prevent the others from climbing out.
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planetgrapefruit
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posted on January 10, 2004 05:11:57 PM new
stonecold613:
You send you "got screwed both times" - what do you mean by that? Were the funds never removed from escrow?
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fenix03
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posted on January 10, 2004 07:50:36 PM new
Basically - if you follow PayPals regulations you should not have a problem. The one catch is that if you intend to sell large ticket items, you need to do a slow build. If a new account suddenly amasses a few thousand dollards in a just a couple weeks theamy freeze the account and ask you to send more involved information identifying yourself. It seems to be a two fold rationale. - 1) They want some proof that the account info is legit and 2 - during th time the account is frozen this gives a window to see if customer complaints start coming in. (If you intended to use the funds to pay for drop shipments they are going to come in so it ends up being a catch 22 situation). If you have been a couple hundred a month seller of $20 items and suddenly you make $5000 in two weeks selling $200 items- count on them freezing your account. Of course once your provide the neccessary info, and keep on them in a firm but very polite way, if no complaints start coming in they will release the funds back to you.
It's probably not a great idea to keep a great deal of funds in your account. Get the ATM card and withdraw cash daily (rather than waiting 3-5 days for a bank transfer). If you use the funds to make large inventory purchases it is still a good idea to go ahead and use a different credit card for the purchases (you can set up BillPay on your PayPal account to transfer funds to the credit card as sales come in.)
~~~ • ~~~ • ~~~ • ~~~ • ~~~
If it's really "common" sense, why do so few people actually have it?
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stonecold613
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posted on January 10, 2004 11:10:57 PM new
Yes, the funds were removed from escrow and given right back to the low lifes that ripped me off.
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sanmar
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posted on January 11, 2004 01:11:26 AM new
I have been with P/P since it started. IO never leave more than $200.00 in my account. I am never sure of the safety of an internet acct.
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auctionACE
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posted on January 11, 2004 09:36:29 AM new
interesting site
http://www.paypalwarning.com/
-------------- sig file ----------- *There is no conclusive evidence that life is serious*
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ebayvet
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posted on January 11, 2004 11:36:10 AM new
Nobody is earning interest in a bank account these days. A local bank just advertised a 3% rate for a 30 month CD - OUCH!!
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