posted on May 16, 2001 12:05:34 PM new
What if I just want to let my funds accumulate, can I just leave my account alone or should I always have it transfered to my bank account? Will it misteriously disappear if I leave it alone? Has anyone had a problem like that? Basically i just want to know if it's safe to leave it alone.
What do all of you recommend?
posted on May 16, 2001 12:45:05 PM new
I use the PayPal/MasterCard debit card a lot, my wife uses it to the point that I don't transfer funds to my bank that often. Not sure what amount you are talking about. I leave a few hundred in my account to take care of USPS fees, eBay fees, gasoline purchases, and what ever my wife finds a necessity.
posted on May 16, 2001 12:55:48 PM new
I just leave it in there until the amount gets a little over what I figure we will spend in any given time. We have had our funds transferred to a checking account always within about 36 hours. Not bad at all!
Fortunetly one of our suppliers now accepts PP so we spend a bunch of it with him.
The only complaint that I have with PayPal is that I did not sign up earlier.
posted on May 16, 2001 09:00:30 PM new
I'd recommend signing up for the Money Market account. Besides earning interest, the money is registered in YOUR name with Barclay's, a well respected financial company. It's MUCH safer that way. If you don't have the money market, PayPal officially owns the money.
posted on May 17, 2001 03:58:22 AM new
I'd flush all your PayPal payments into your bank account as they come in. As long as your funds are in PayPal's "system" they are subject to being frozen at PayPal's whim. While Damon (the PayPal rep. on this forum) and others will tell you that this very rarely happens, the bottom line is that it DOES happen.
Remember, PayPal is NOT a bank and is therefore not subject to any State or Federal regulation. They set their own rules, and are in the habit of changing them frequently.
In contrast, it is essentially impossible for PayPal to restrict access to funds that you have successfully transferred to your bank. PayPal can attempt a "reverse deposit" on a transfer that is pending, but once the transfer to your bank is complete, they're S.O.L.
- Dan
This message has been modified from its original version. It has been formatted to fit your brain.
[ edited by dblumenfeld on May 17, 2001 03:59 AM ]
posted on May 17, 2001 08:49:50 PM new
I would have to agree. Keep it flushed out espically if you are going to use it to send money to someone else. Never use funds in your account. Have a credit card on file and make sure the funds come from that.
Trust me on that one. I have been taken by it.
Jim
Corrected a few mistakes
[ edited by lanefamily on May 17, 2001 10:27 PM ]
posted on May 18, 2001 08:51:19 AM new
Easy workaround if you wish to keep some funds in your Paypal balance and yet pay for something via credit card.
Send yourself a payment at an email address you have that is NOT registered with Paypal. Make it for the exact amount of your balance. It will show up as "pending" in your account, and bring your balance to 0. You can now send the payment via your credit card - and then cancel the "pending" payment to restore the funds to your account.
[ edited by lanefamily on May 17, 2001 10:27 PM ]